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Money Smart Press Releases

FDIC Welcomes National Congress for Community Economic Development to Money Smart Alliance Program

MS-14-2004 (10-14-04)
Media Contact:
Motty Bradshaw (202-898-8680)

The Federal Deposit Insurance Corporation (FDIC) has announced that the National Congress For Community Economic Development (NCCED) has joined its Money Smart Alliance Program. NCCED is the national trade association of the community economic development industry and represents over 3,600 community development corporations across America.

NCCED will promote its partnership with the FDIC by encouraging its affiliate network to adopt the Money Smart curriculum. NCCED will identify the affiliates that will initially participate in the Money Smart initiative, then follow with a rolling implementation of the initiative to their affiliates nationwide. The FDIC and NCCED agree that asset-building and self-sufficiency begin with a basic understanding of the U.S. banking system. Both parties will work together to provide a quality financial education program to help community members enhance their money-management skills and create positive banking relationships.

“Financial education is the key to helping people achieve their economic dreams,” said Lee Bowman, FDIC’s Chief of Community Affairs. “Reaching out to those in need of financial education is an important effort in helping consumers into the financial mainstream. We welcome NCCED as our newest Money Smart Alliance Partner.”

“I am very pleased with the FDIC Money Smart Partnership,” said Marva Smith Battle-Bey, Chair of the NCCED Board. “It’s so important because it provides a learning tool for financial literacy which is critical to keep individuals who are less fortunate from being victimized by those predatory lenders and others. Information is power and this tool empowers our community residents to stay Money Smart.”

The FDIC developed the Money Smart financial education program to help low- and moderate-income adults 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 9,079 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).

Last Updated 10/14/2004 communications@fdic.gov

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