Money Smart

In 2001, the US Federal Deposit Insurance Corporation (FDIC) started a national financial education curriculum by launching Money Smart, a comprehensive financial education curriculum designed to help low- and moderate-income individuals outside the financial mainstream enhance their financial skills and create positive banking relationships. The FDIC has reached over 2.5 million consumers since 2001.

The Money Smart program is used by financial institutions and other organizations interested in sponsoring financial education workshops. FDIC has encouraged banks to deliver financial education and appropriate financial services in their communities, including to individuals who may not have a relationship with an insured depository institution.

The Money Smart program can help banks fulfill part of their Community Reinvestment Act obligations. The Community Reinvestment Act of 1977 (CRA) encourages federally insured banks and thrifts to help meet the credit needs of their entire community, including areas of low-and moderate-income. When a bank's CRA performance is reviewed, the institution's efforts to provide financial education and other retail services are a positive consideration.

References

• "FDIC: Money Smart - A Financial Education Program". 11 April 2011. http://www.fdic.gov/consumers/consumer/moneysmart/index.html. Retrieved 21 November 2011.   This article incorporates text from this source, which is in the public domain.