Money Smart Press Releases FDIC Welcomes the National Disability Institute
of The NCBDC to Money Smart Alliance Program
FOR IMMEDIATE RELEASE MS-08-2004 (4-9-2004)
Media Contact: Rosemary George (202) 898-6530
The Federal Deposit Insurance Corporation (FDIC) today announced that the National Disability Institute (NDI) has joined the Money Smart Alliance Program. A partnership agreement between the FDIC and the NDI was signed today in Washington, D.C. Under the terms of the agreement, the NDI will use the Money Smart financial education curriculum to reach out to persons with disabilities and help them build their money management skills.
The NDI is part of NCB Development Corporation (NCBDC), the non-profit, development finance affiliate of National Cooperative Bank (NCB). NCB was chartered by the U.S. Congress in 1978 as an independent financial services organization through the National Consumer Cooperative Bank Act, and subsequently privatized in 1981. NCBDC's primary mission is to provide solutions that empower underserved communities to address the problems poverty creates in America.
The NDI channels the financial, policy, and development experience of NCBDC to advance the social and economic independence of Americans with disabilities.
"The FDIC is very proud to partner with the NDI in making Money Smart accessible to people with disabilities," said FDIC Chairman Don Powell. "Today, there are 49 million Americans with disabilities-20 percent of the U.S. population. One in three persons with disabilities lives at or below the poverty level.
"Disability cuts across all geographic areas and demographic characteristics, making people with disabilities the largest and most diverse minority in the country," said Powell. "That is why President Bush launched his "New Freedom Initiative" to provide people with disabilities increased opportunities to lead more independent lives by expanding education and job
opportunities, and by ensuring that the latest technologies, which often make education and
employment possible, are readily available. I believe Money Smart can play a key role in attaining these objectives."
"For the first time many low-income persons with disabilities are beginning to save money and they need new information and new relationships in the financial services area," said Michael Morris, Director of the NDI. "Our partnership with the FDIC is the next step in the empowerment of persons with disabilities in asset development and financial education."
Under terms of the Partnership Agreement, the NDI will, among other things, review the Money Smart curriculum to identify areas in need of possible modification in order to be responsive to the challenges and concerns of persons with disabilities. In addition, the NDI will facilitate partnerships between the FDIC and disability-related organizations, and identify opportunities for public-private partnerships for outreach through public education, training, financial services, and Individual Development Accounts (IDA).
According to Terry Simonette, CEO of NCBDC, "our primary mission is to provide financial solutions to social and economic problems that plague underserved, low-income communities. Our partnership with the FDIC will provide millions of persons with disabilities the opportunity to learn about asset development, increase financial service relationships and expand individual choices for employment and affordable housing."
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 9,182 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. The FDIC receives no federal tax dollars - insured financial institutions fund its operations.
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).