Money Smart News - Summer 2016
News and Information about Working Together with Money Smart
In This Issue
- Message From the FDIC
- Enhancements to Money Smart for Small Business, Plus Success Stories
- Applying to Join the FDIC’s Money Smart Alliance Is Made Easier
- FDIC Consumer News Offers Tips on Cybersecurity for Bank Customers
- FDIC Advisory Committee Discusses Mobile Banking and Modernization of the Payment System
- FLEC Discusses Leading Practices in Financial Education for Postsecondary Students
You — our Money Smart Alliance members and other financial educators — are the key players in bringing the Money Smart curriculum to consumers. As trainers, you use the Money Smart curriculum to enlighten and educate consumers. And for those of you who are bankers, you may help Money Smart students access deposit accounts or other banking services that support their needs. Along the way, many of you have shared ideas and success stories that others can learn from, some of which are featured in this edition of Money Smart News.
We want to tell you about some recent enhancements to our Money Smart program. Chief among them is a simplified process for prospective members to join the Alliance. The Money Smart Alliance is for federally insured financial institutions; tax-exempt nonprofit organizations; schools; and federal, state, and local government agencies that help deliver Money Smart. The Alliance offers a way for the members to easily reach out to an FDIC staffer for assistance and gain insights from practitioners on how to improve the curriculum.
Over the coming months, we plan to refresh our membership list, in part so that consumers who want Money Smart training can be better connected with organizations that can provide the training. We hope these updated and expanded lists will help foster more collaboration among our Alliance members. You can use our simple electronic forms to update your membership or join the Alliance. And, as an Alliance member, look forward to communications that are more tailored to your needs.
We plan to continue sharing Alliance members’ success stories in Money Smart News. Doing so will help give you ideas on how to link financial education to opportunities for consumers to act on their goals — for example, using safe, affordable bank products that can be opened with small sums and be a way to set money aside for savings on a regular basis.
Also, keep in mind the FDIC’s resources that parents and caregivers can use to help young people learn about money. The Parent/Caregiver Guides for Money Smart for Young People can give you ideas to improve a child’s financial knowledge.
Finally, we always want to hear from you about promising approaches or successful strategies involving Money Smart that we could share in our newsletter. We also welcome feedback on our Money Smart products, because your input helps us help you. Please send your suggestions to firstname.lastname@example.org.
Deputy Director, Consumer and Community Affairs
FDIC Division of Depositor and Consumer Protection
Learn about how this free educational resource was recently expanded, and how three organizations are successfully using the new version in their communities. One uses networking opportunities to help budding entrepreneurs connect with potential business partners at a graduation ceremony, another equips small farmers with key business practices, and the third is collaborating with partners to teach the FDIC curriculum in Spanish. (Read the stories)
Organizations can now use a short online form to determine if they are eligible to join the Alliance, and if so, submit their request for membership right away. Consumers can use the Alliance webpage to find organizations that may offer training, and banks and nonprofits can use it to identify potential partners. Learn more on the Money Smart Alliance page.
Read this special edition of the FDIC newsletter that includes a guide to safe online banking. It features precautions to take at home and when banking remotely (using laptop computers, smartphones and other mobile devices). Also included in the issue are tips for parents on protecting their children from online fraud and identity theft, cybersecurity strategies for small businesses, and information about how banks and banking regulators safeguard consumers’ money.
Among the topics discussed at the May 25, 2016, FDIC Advisory Committee on Economic Inclusion (ComE-IN) were updates on mobile banking research, payment system modernization, highlights from qualitative research efforts to serve the unbanked and underbanked, and opportunities to expand economic inclusion for persons with disabilities. To see the agenda or watch a video of the meeting, start here.
On February 4, 2016, the interagency Financial Literacy and Education Committee (FLEC), of which the FDIC is a member, held a public meeting focusing on leading practices to promote financial capability among young people seeking higher education. The FLEC also discussed the role of government agencies in promoting financial inclusion. Learn more about the meeting and watch a recorded video on Treasury’s website.
Find current and past issues of Money Smart News here