April 20, 2009
OCC Publishes Newsletter Highlighting Financial Literacy
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today published Community Developments Investments, its on-line newsletter, which describes financial literacy initiatives that banks and their community partners are operating across the country.
"Financial literacy is the first step toward financial success for our kids and for many older consumers. These programs spread the word that financial knowledge can help them protect, manage, and invest their money better," said Comptroller of the Currency John C. Dugan. "For banks that means increased opportunities to expand their customer base and deposits, increase customer loyalty and satisfaction, and target initiatives to low- and moderate-income communities to earn positive CRA consideration."
This edition coincides with National Financial Literacy Month and highlights roles that banks can play in promoting financial stability through local partnership efforts. Its articles describe four programs that help banks and their community partners reach out to consumers to encourage better money management through savings and checking products: Bank on Cities, Operation Hope, America Saves, and the Department of the Treasury's Community Financial Access Pilot. It also includes a number of OCC on-line resources for bankers interested in expanding their financial literacy programs, including the Financial Literacy Update and the Financial Literacy Web Resource Directory.