News and Information about Financial Education from the FDIC

In This Issue

• Message from the FDIC
• FDIC Web Site Features Resources on How and Why to Save Money
• Federal Programs Promoting Economic Recovery Via Financial Education
• Promoting Financial Education at IRS Tax-Preparation Sites: Success Stories
• FDIC Publication Helps Consumers Understand Changes in Deposit Insurance Coverage
• New Spanish-Language Web Site Helps Depositors Understand Their Money Is Federally Insured

Message from the FDIC

During our changing -- and challenging -- economic times, consumer financial education takes on added importance. This issue of Money Smart News provides timely resources for financial educators to use to help people of all ages and income levels understand how they can more effectively manage their money. You will find a discussion of federal programs and Web sites promoting financial education that can be particularly helpful in the current environment.

This issue presents resources that will help consumers understand their deposit insurance coverage. These include a new Spanish-language version of the FDIC’s online Electronic Deposit Insurance Estimator, which we call “EDIE.”

The 2009 tax season provides financial educators with an excellent opportunity to teach adult students how they can save money for the future. You will find “tax time” success stories for educators, including ways to partner with free IRS tax-preparation sites. In the process, educators can help low- and moderate-income individuals open and add to bank and savings accounts. Also on the topic of saving money, the third annual America Saves Week -- February 22 to March 1, 2009 -- is a time when many government agencies (including the FDIC), private companies, and non-profit organizations emphasize the importance of putting tax refunds and other money into savings.

We hope you will find useful information and resources in this issue of Money Smart News. As always, if you have questions or suggestions, contact your FDIC Regional Community Affairs Officer.

Sandra L. Thompson
Director
FDIC Division of Supervision and Consumer Protection

FDIC Web Site Features Resources on How and Why to Save Money
Savings are critical in helping consumers handle everything from surprise expenses to income disruptions to paying for a home or college education. A new FDIC Web page provides links to savings-related resources for financial institutions, community-based organizations, and others involved in financial education. Go to http://www.fdic.gov/deposit/deposits/savings.html

Federal Programs Promoting Economic Recovery Via Financial Education
The FDIC has partnered with the White House, the U.S. Department of the Treasury, the Commerce Department, and other federal offices to produce a Web site that focuses on how Americans can protect their savings. Financial educators and their students can learn more by visiting www.economicrecovery.gov. Also, given the current challenging economic situation and the need for financial education, the FDIC highlights the availability of grants for financial educators from two Money Smart partners in the federal government. One program, from the U.S. Department of Health and Human Services’ Assets for Independence, provides funds for financial education and asset building for low-income families. For more information, visit: http://www.acf.hhs.gov/programs/ocs/afi/. The other program, from the U.S. Department of Housing and Urban Development, offers grants for colleges and universities to work in the area of financial education in their local communities. To learn more, visit: http://www.oup.org/programs/programs.asp

Promoting Financial Education at IRS Tax-Preparation Sites: Success Stories
Money Smart partners are making a difference in local communities by helping to offer free tax help to eligible wage earners through IRS Volunteer Income Tax Assistance (VITA) sites. To read how Money Smart can be used with the VITA program to deliver financial education at a “teachable moment,” see the latest installment of our "Success Stories." (Read this story and tips.)

FDIC Publication Helps Consumers Understand Changes in Deposit Insurance Coverage
The Fall 2008 FDIC Consumer News explains recent changes in the deposit insurance rules -- primarily a temporary boost in the basic insurance limit from $100,000 to $250,000 through December 31, 2009 -- and provides other information to help bank customers understand how their deposits are protected. Educators and students can subscribe free to the online version of the newsletter. (See the latest newsletter and subscription information.)

New Spanish-Language Web Site Helps Depositors Understand Their Money Is Federally Insured
The FDIC has created a Web site devoted to material and information the agency makes available in Spanish on deposit insurance coverage. The site -- www.fdicseguro.gov -- features the FDIC’s new version of our Electronic Deposit Insurance Estimator (EDIE), as well as a Spanish public service announcement that encourages consumers to keep their funds in federally insured institutions where their money will be safe and can grow. Readers of the Fall 2008 Money Smart News may recall the FDIC launched a similar Web site -- www.myfdicinsurance.gov -- in English.