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Money Smart Press Releases

Federal Deposit Insurance Corporation Welcomes Iowa Bankers Association to Money Smart Alliance Program

(MS-07-2004) (2-12-2004)
Media Contacts:
Kansas City: Elizabeth Kelderhouse (816) 234-8151
Washington: Rosemary George (202) 898-6530

The Federal Deposit Insurance Corporation (FDIC) today announced that the Iowa Bankers Association (IBA) has joined its Money Smart Alliance Program. Ronald F. Bieker, Regional Director, FDIC Kansas City Region, and John K. Sorensen, President of the Iowa Bankers Association (IBA), signed a partnership agreement in Des Moines, Iowa. They were joined by 200 attendees, including state legislators and bank CEOs who were present at the signing ceremony during the IBA Bank Management Conference's Legislative Reception.

As a Money Smart Alliance Partner, the IBA will assist banks that would like to offer financial education classes. The FDIC/IBA partnership will also help banks offer services to the state's growing immigrant population, including Hispanic workers. Between 1990 and 2000, the Hispanic population grew more than fourfold in 14 Iowa counties, and expanded more than tenfold in seven. IBA will host classes for bankers wishing to teach the Spanish version of Money Smart, and will offer educational conferences for bankers seeking guidance on effectively reaching Iowa's Latino community. Together with another key partner, Iowa Workforce Development (IWD), the FDIC/IBA collaboration will launch a model site for the computer based interactive (CBI) version of Spanish Money Smart, due out later this year. Immigrants and other IWD clients will use the CBI version at the Muscatine New Iowan Center. The New Iowan Centers, a branch of IWD, offer Money Smartclasses and other relocation services to Iowa newcomers.

"The Iowa Bankers Association's efforts will bring financial education to Iowa's newest Americans," said FDIC Chairman Don Powell. "We are honored to help Iowa's banks reach a significant market."

"Iowa banks believe it is important to work hand-in-hand with the FDIC to better serve customers, especially new Iowans who may need help understanding financial services," said John K. Sorensen, President of the IBA. "A well-informed consumer makes for a better customer. Financial education is vital to making smarter consumer decisions. Iowa bankers and their state association are proud of our alliance with the FDIC's Money Smart program."

During its 116-year history, the IBA has dedicated itself to serving Iowa banks and their employees. Today, 403 banks and savings institutions, or 93 percent of Iowa financial institutions, belong to the IBA. At its formation, the primary purpose of the IBA was to provide representation of Iowa banks before the legislature, and to provide a forum for individual bankers to gather and exchange ideas on the banking business. The IBA continues to look for ways to serve bankers through learning opportunities, legislative and regulatory representation, industry communications, forums for peer communication and enhancement of the image of banking. The IBA staff strives to improve the banking industry and serve the needs of Iowa bankers.

The FDIC developed the Money Smart program to help low- and moderate-income individuals understand basic financial services, develop money management skills, and learn how to use banking services effectively. Money Smart is available from the FDIC in English, Spanish, Chinese, Korean and Vietnamese and is free of charge to the user.

Instructions for obtaining copies of the curriculum can be found by clicking on the Money Smart link at www.fdic.gov or by calling (202) 942-3404.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,237 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.

FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (877-275-3342 or 202-416-6940).

Last Updated 02/12/2004 communications@fdic.gov

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