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FDIC Newsletter Spring 2012: CDs, Cars, Education


Is the recent FDIC newsletter that has great guidance for buying bank certificates of deposit, paying for education and financing a new car

FDIC MoneySmart Program – New Videos


MoneySmart is the Financial Education program of the Federal Deposit Insurance Corporation. It was started in 2001 and provides financial educators with substantial resources to provide financial education in their communities. See http://fdic.gov/consumers/education/

Money Smart Train-the-Trainer Videos: What’s New
The FDIC’s train-the-trainer videos for instructors who teach the Money Smart curriculum for adults have been updated and enhanced to align with recent revisions to the program. The videos are available in English and Spanish. In addition, the FDIC has released the first train-the-trainer video for instructors teaching the Money Smart for Young Adults curriculum. All the videos help instructors learn how to use the instructor guide, become familiar with the student materials, and employ effective strategies for teaching the curriculum. The videos also are excellent supplements to the Guide to Presenting the Money Smart Curriculum, which is on every instructor-led CD. The videos can be viewed at http://www.fdic.gov/consumers/consumer/moneysmart/trainthetrainer.html.

GAO Study Features Best Practices Reported in Financial Education
The U.S. Government Accountability Office (GAO), an independent agency working for the Congress, recently released a report that outlines the current body of knowledge relating to methods and strategies for improving financial education and discusses the feasibility of a process for certifying financial literacy providers. Financial educators may be especially interested in the report’s collection of viewpoints from experts and practitioners on best practices in financial literacy programs. View a summary or the full report at http://www.gao.gov/products/GAO-11-614.

Award Winners Announced for Excellence in Serving Low- and Moderate-Income Consumers
The FDIC has announced the recipients of the 2011 Chairman’s Award for Excellence, which recognizes individuals at FDIC-insured financial institutions who have worked creatively and responsibly to serve the credit and deposit needs of low- and moderate-income (LMI) consumers. To learn more about the recipients and the products and programs they are involved in, go to http://www.fdic.gov/about/comein/lmiaward.html.

FDIC Top 10 Online Resources for Consumers

FDIC Announces “Top 10″ List of Online Resources for Consumers
Services Highlighted in Conjunction With National Consumer Protection Week

March 7, 2011
Media Contact:
David Barr (202) 898-6993

Consumers of all ages are increasingly turning to the Internet for help with managing their finances, but knowing where to go online for reliable, practical money tips can be challenging. That’s why the Federal Deposit Insurance Corporation has compiled a “Top 10″ list of FDIC online resources for consumers on subjects ranging from deposit insurance to shopping for a bank account and avoiding financial fraud.

“FDIC.gov is a great starting point to learn about shopping for a bank account, maintaining a budget, building savings and avoiding financial scams,” said FDIC Chairman Sheila C. Bair. “We encourage everyone to check out our Top 10 list and the many other online resources for consumers from the FDIC.”

The FDIC’s Top 10 list was announced today in observance of National Consumer Protection Week 2011 (NCPW), which is March 6-12. The FDIC home page is www.fdic.gov, but the Top 10 list is featured on a special page for NCPW at www.fdic.gov/consumers/consumer/information/ncpw/index.html.

Chairman Bair added: “The FDIC also is proud to be one of the organizing partners of National Consumer Protection Week and to support this year’s theme of focusing on the importance of consumer access to practical financial information on the Internet.”

Here are the 10 FDIC online resources the agency is encouraging consumers to use:

  • “EDIE,” the FDIC’s Electronic Deposit Insurance Estimator: An online calculator that assists consumers and businesses in determining their deposit insurance coverage for each FDIC-insured bank where they have deposit accounts. EDIE also provides a printable report showing whether those deposits are fully protected or if some exceed the federal limits.
  • FDIC Consumer News: The FDIC’s quarterly publication for consumers offers information and tips on credit cards, bank accounts, loans, scams, money management, and much more. Consumers can also listen to articles anywhere, anytime online or by downloading to an MP3 player.
  • Bank Find: Our online directory that consumers can use to locate an FDIC-insured institution, learn what happened to a bank that changed names or no longer exists, and more.
  • Customer Assistance Form: An easy-to-use form to submit a question to the FDIC or a complaint regarding a financial institution. Of course, consumers with questions or concerns can also call the FDIC toll-free at 1-877-ASK-FDIC, which is 1-877-275-3342.
  • Consumer Alerts: Warnings about financial frauds and scams.
  • Small Business Web Page: Useful information for small businesses, especially regarding access to loans, plus an online form to ask the FDIC a question or register a concern.
  • The FDIC YouTube Channel: Videos on topics such as deposit insurance and Internet fraud and messages from FDIC Chairman Bair.
  • Money Smart: A financial education curriculum concentrating on the development of consumers’ financial skills and positive banking relationships.
  • Foreclosure Prevention Toolkit: A Web page that provides easy access to helpful information for homeowners on avoiding foreclosure and foreclosure “rescue” scams.
  • E-mail updates: Sign up to receive e-mail notices of each new issue of FDIC Consumer News, Consumer Alerts, and other announcements and publications from the FDIC. Consumers can also follow the FDIC on Twitter and Facebook.

Video Featuring FDIC Chair Sheila Bair on Savings

For a video featuring Chairman Bair discussing savings, go to http://www.youtube.com/watch?v=b-K5pciEJDw.

Treasury Offers Fin’l Education Toolkit, Online Exam for Hi Schl Students


High school teachers and other educators working with teen-age students are encouraged to register for the
High schoolNational Financial Capability Challenge for 2010-11, coordinated by the U.S. Departments of Education and Treasury. The Challenge features an online exam and a classroom toolkit that facilitates learning about critical financial literacy topics. Educators and students who score in the top 20 percent nationally and those who score highest in their school will receive award certificates. To learn more and register for the Challenge, visit http://www.challenge.treas.gov/.

FDIC Launches Spanish Language MP3 version of Money Smart


FDIC Launches Spanish-Language Podcast (MP3) Version Of Money Smart
The FDIC has released the Spanish-language version of the Money Smart Podcast Network to teach the Money Smart curriculum using MP3 players. “This new version of Money Smart will be particularly relevant for U.S. consumers who speak only Spanish at home,” said FDIC Chairman Sheila C. Bair. The results of an FDIC survey of the unbanked and underbanked show that about 36 percent of the households where Spanish is the only language spoken at home are unbanked, compared with only seven percent for households in which Spanish is not the only language spoken. This version of Money Smart is free and can be accessed at www.fdic.gov/consumers/consumer/moneysmart/audio/index.html.

FDIC Insurance for Checking Accounts Extended

FDIC Approves Temporary Unlimited Deposit Insurance Coverage for Noninterest-Bearing Transaction Accounts

November 9, 2010
Media Contact:
Greg Hernandez (202) 898-6984

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a final rule to implement section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 343 provides temporary unlimited coverage for noninterest-bearing transaction accounts. This separate coverage will become effective on December 31, 2010, and will end on December 31, 2012.

The final rule revises the FDIC’s deposit insurance regulations to include noninterest-bearing transaction accounts as a new temporary deposit insurance account category. All funds held in such accounts are fully insured, without limit, and this coverage is separate from, and in addition to, the coverage provided to depositors for other accounts at an insured depository institution.

Noninterest-bearing accounts, as defined in the Dodd-Frank Act, include only traditional, noninterest-bearing demand deposit (or checking) accounts that allow for an unlimited number of transfers and withdrawals at any time, whether held by a business, individual or other type of depositor.

The new temporary provision for unlimited coverage of deposit insurance for noninterest-bearing transaction accounts is similar to the FDIC’s Transaction Account Guarantee Program (TAGP) but differs significantly in the definition of “noninterest-bearing transaction account.” The TAGP, which expires December 31, 2010, includes low-interest NOW (negotiable order of withdrawal) accounts and Interest on Lawyer Trust Accounts (IOLTAs). The final rule expressly states that NOW and IOLTA accounts are not covered under the Dodd-Frank Act definition of noninterest-bearing transaction accounts and do not qualify for temporary unlimited coverage.

FDIC Updates its Money Smart Curriculum


The FDIC today announced the release of an enhanced version of its instructor-led Money Smart financial education curriculum for adults.

The enhanced curriculum incorporates changes in the law and industry practices that have occurred since Money Smart was revised in 2006. For example, the curriculum reflects recent amendments to the rules pertaining to credit cards as well as the new overdraft opt-in rule. A new module, Financial Recovery, provides an overview of the steps consumers can take to rebuild their finances after a financial setback.

“For almost a decade, the Money Smart program has helped more than 2.5 million people learn how to more effectively manage their money,” stated FDIC Chairman Sheila C. Bair. “Our enhanced Money Smart curriculum is a timely tool to educate those who want to manage their finances efficiently, including consumers without a banking relationship.”

Money Smart is the FDIC’s award-winning financial education curriculum designed to help consumers understand basic financial services, develop money-management skills and learn how to use banking services effectively. Findings from a longitudinal survey show that Money Smart can positively influence how people manage their finances, and these changes are sustainable in the months following the training.

To learn more about the FDIC’s Money Smart program and to obtain free copies of the curriculum, visit the Money Smart page on the FDIC’s Web site at www.fdic.gov/moneysmart.

The FDIC MoneySmart program is unrelated to www.getmoneysmart.info.

Spanish-Language Podcast of FDIC Finl Educ Curriculum

FDIC Launches Spanish-Language Podcast (MP3) Version of the Money Smart Financial Education Curriculum

October 14, 2010
Media Contact:
David Barr (202) 898-6992

The Federal Deposit Insurance Corporation (FDIC) today released the Spanish-language version of the Money Smart Podcast Network. The new audio version of the FDIC’s financial education curriculum is part of the Corporation’s continuing efforts to integrate the unbanked and underbanked into the financial mainstream.

“The Money Smart podcast is a self-teaching tool for consumers as well as for educators looking for more effective ways to supplement traditional classroom instruction,” said FDIC Chairman Sheila C. Bair. “This new version of Money Smart will be particularly relevant for U.S. consumers who only speak Spanish at home.”

The FDIC’s groundbreaking survey of the unbanked and underbanked, issued in December, showed that about 36 percent of the households where Spanish is the only language spoken at home were unbanked, compared with just seven percent for households in which Spanish is not the only language spoken at home.

Also, according to 2010 U.S. Census data, more than 34 million Spanish-speaking individuals live in the United States. Spanish was the native language of about 74 percent of the adults who did not speak English well or at all. Also, the last 30 years of Census data show that Spanish speakers accounted for the largest increase in the number of people who speak a language other than English at home.

“It is clear that the Spanish podcast version of Money Smart can help satisfy a growing demand for financial education resources,” Chairman Bair added.

The podcast (MP3) version can be used with virtually all MP3 players, making it possible for consumers of all ages to get their financial education “on the go.” This version of Money Smart is free, easily reproduced, and can be accessed at www.fdic.gov/consumers/consumer/moneysmart/audio/index.html.

The Money Smart curriculum brings proven results in terms of how individuals who complete the curriculum manage their finances. Through Money Smart, more than 2.5 million consumers have had the opportunity to learn how to better manage their finances and more effectively use mainstream banking services.

Kindergarten to College: EARN’s New Savings Program for Kids

Earned Asset Resource Network has announced a new program to incentivize kids and their parents to begin a savings program for college. See http://www.earn.org/site/index.php