Money Smart
Encyclopedia
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.
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
(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
Community Reinvestment Act
The Community Reinvestment Act is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods...
(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.