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Money Smart News - Winter/Spring 2016

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News and Information about Financial Education from the FDIC

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In This Issue

Message From the FDIC

Elizabeth Ortiz

Fifteen years ago, the FDIC launched the Money Smart program to help adults outside the financial mainstream build financial knowledge and develop positive relationships with financial institutions. We started with one instructor-led product in a single language for a single age group. We now have seven instructor-led curriculums and products in nine languages. Materials are available for pre-K children through older adults, as well as for prospective entrepreneurs and the visually impaired. In addition to tools for instructors, Money Smart resources are available for people to learn on their own.

The Money Smart program has grown in large part because of the commitment of our Alliance Members — such as financial institutions, non-profit organizations, schools and governmental agencies — that use the curriculum and offer ideas to make it better.  Along the way, these Alliance Members also continue to share their successes using Money Smart to help educate diverse groups and ages.  We feature success stories in every edition of Money Smart News. For the 15th anniversary of Money Smart, we revisit the first organization we featured in an early Money Smart News Success Story.  We also feature particular examples of Money Smart as an element of initiatives that promote financial capability, such as by improving access and use of basic deposit accounts at banks.

While Money Smart has grown over the past 15 years, we still have work ahead of us.  For example, teaching a series of workshops based on Money Smart for Adults may result in a person wanting to learn more about local homeownership programs, such as first-time homebuyer classes.  Teaching a middle-schooler lessons based on Money Smart for Young People may build an awareness of the need to continue learning years later — perhaps when the young adult is making choices about how to manage a family budget or shop for a car loan.

April is National Financial Capability Month.  Americans are encouraged that month to learn more about the basics of money management and how to improve their finances.  So, this time of year provides a good opportunity to refresh financial educators’ awareness of the FDIC’s Money Smart products and to consider using them as resources by starting at www.fdic.gov/consumers/education/index.html.

Let’s also continue to ensure that financial education is connected to opportunities for people to act on their goals, such as by connecting them to safe, affordable bank products that can be built with small sums on a regular basis.

Finally, we always want to hear from you at moneysmartnews@fdic.gov about promising approaches or successful strategies you use involving Money Smart that you’d be willing for us to share in our newsletter. We also welcome feedback on our Money Smart products, because your input helps us help you.

Elizabeth Ortiz
Deputy Director, Consumer and Community Affairs
FDIC Division of Depositor and Consumer Protection

Money Smart Materials Updated to Reflect New Mortgage Disclosures

Key Money Smart materials have been updated to reflect new disclosure rules for most closed-end residential mortgage applications.  The Consumer Financial Protection Bureau (CFPB) rules, which implement provisions of the 2010 Dodd-Frank financial reform law, took effect on October 3, 2015.  They require applicants to receive a “Loan Estimate” explaining the costs and terms of the proposed loan in one form instead of the two previously required, and a “Closing Disclosure” summarizing the key terms of the final loan contract in one document in place of two.  The changes to Money Smart were made for the Adults and Young Adults curriculums – the instructor-led and self-paced online versions – which can be found at www.fdic.gov/consumers/consumer/moneysmart/index.html.

New Spanish Money Smart Podcast Network Unveiled

The FDIC has released a Spanish language version of its Money Smart Podcast Network.  This audio version can be streamed online and is suitable for use with virtually all MP3 players. For more information, start at https://moneysmart.fdic.gov/es.

Money Smart for Small Business is Expanded: Spanish Version Also Added

Money Smart for Small Business was recently enhanced with three new modules, including one to help consumers assess their readiness to start a business.  It is now also available in Spanish.  To learn more, visit www.fdic.gov/consumers/consumer/moneysmart/business.html. Since 2012, the FDIC has offered this instructor-led curriculum created in partnership with the U.S. Small Business Administration. The curriculum helps prospective entrepreneurs and small business owners learn the basics of running a small business from a financial standpoint, including through tips for entrepreneurs as they prepare to approach a bank for financing.

Summer FDIC Newsletter Features Tips for Choosing and Using Bank “Rewards”

Bank reward programs can offer enticing advantages, but consumers need to make sure they don't overlook the costs and conditions of the rewards or other account features. The Summer 2015 issue of FDIC Consumer News features tips for maximizing the benefits and minimizing the mistakes when choosing a rewards program. The edition also has articles on mobile financial services, automated teller machines, credit scores, reverse mortgages, and deposit insurance. The “Establishing or Rebuilding Credit Scores — Options for Moving Forward” article offers suggestions for consumers with damaged credit scores or no credit record. The Summer issue is available at www.fdic.gov/consumers/consumer/news/cnsum15. Financial educators are encouraged to use FDIC Consumer News as a supplemental handout for students.


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Fall Issue of FDIC Consumer News Offers Shopping Tips for Loans and Credit Cards

Many people searching for a new loan or credit card may not be in the best position to get the right product for their needs and at the lowest possible cost. The Fall 2015 issue of FDIC Consumer News describes how to be better informed and better prepared before applying for credit while avoiding costly mistakes. The newsletter also provides simple banking strategies for small business owners, plus answers to questions from consumers about deposit insurance. The Fall 2015 edition can be read or printed at www.fdic.gov/consumers/consumer/news/cnfall15

America Saves Week: Another Successful Campaign

America Saves Week, held February 22–27, 2016, was an opportunity for organizations to encourage consumers to make savings commitments. Organizations that participated provided access to ideas, tools and other resources to help consumers develop a plan to achieve their goals. In particular, the event encouraged consumers to think about ways to automate savings, such as through prearranged electronic transfers into a savings account. To learn more about America Saves Week, including inspirational success stories and how to encourage saving, go to www.americasavesweek.org. For savings-related resources for educators and consumers from the FDIC, visit www.fdic.gov/deposit/deposits/savings.html.

New Federal Report on Financial Capability Efforts for Postsecondary Students

A report issued by the interagency Financial Literacy and Education Commission (FLEC), of which the FDIC is a member, describes efforts to help prospective and current students make financial decisions relating to postsecondary education.  The report, titled “Opportunities to Improve the Financial Well-being of Postsecondary Students,” also highlights strategies that colleges and universities can consider to enhance the financial capability of their students.  It also includes summaries of approaches used by several institutions of higher learning. Read or print the report at http://go.usa.gov/cyQpV.

FLEC Discusses Retirement Savings and Financial Security

The FLEC held a public meeting on November 18, 2015, to discuss preparing for financial security through saving and investing. In particular, the meeting focused on the U.S. Treasury Department’s MyRA (myRetirement) Account, which is a simple, safe and affordable savings program similar to a Roth IRA and designed for those who don’t have access to a workplace retirement savings plan.  To watch a video and learn more about the meeting, start at www.treasury.gov/resource-center/financial-education/Pages/flec11182015.aspx

Success Stories: Money Smart Educators Serving Their Communities Through Financial Education

In this edition, we share the stories of three nonprofits that use Money Smart to educate adults and young adults on the fundamentals of personal finance. We start with an update from an organization in Chicago’s Chinese-American community that was featured in our first edition of Money Smart News 13 years ago. Our second success story is about a women’s volunteer organization in New York that teaches young people how to make sound financial decisions. The third story is about a nonprofit that combines financial education with technology and entrepreneurship to help young men and women in one of America’s poorest cities. (Read the stories)

The Idea Exchange: Teaching Tips Based on 15 Years of Money Smart

In this edition of our Idea Exchange, Luke Reynolds, chief of the Outreach and Program Development Section at the FDIC, shares tips for financial educators based on the FDIC’s 15 years of Money Smart experience.  (Read the tips here.) If you have tips on any topics that you would like to share with other financial educators, send them to moneysmartnews@fdic.gov. Also, a special request: If you have used Money Smart for Small Business (either the original modules or new modules), please let us know about your success stories using our curriculum to help entrepreneurs.  Send your submissions to moneysmartnews@fdic.gov.


Find current and past issues of Money Smart News here


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