An official website of the United States government
Spring 2025
Share This Page:
Collection: Financial Literacy Updates
Have a financial literacy event worth noting? Rolling out a new financial education initiative or product? Contact OCC Community Affairs.
The Office of the Comptroller of the Currency's (OCC) Financial Literacy Update is a quarterly e-newsletter that lists events, initiatives, and other resources offered by the OCC and other government agencies and organizations. (View disclaimer)
Generally, individuals are required to file a federal tax return for tax year 2024 by April 15, 2025. The Internal Revenue Service (IRS) provides a site where people can check to see if they need to file a tax return. The IRS also has published tax relief provisions for taxpayers affected by disaster situations. For example, people and businesses impacted by the wildfires in California will have until October 15, 2025, to file their tax return and pay any federal taxes due.
Tax return forms (electronic or paper) help taxpayers calculate their adjusted gross income (AGI) to determine an individual’s or household’s tax bracket and compute the amount of taxes they owe or the amount of a refund they will receive. The AGI is the total sum of an individual’s or household’s income (depending on whether a taxpayer files jointly or individually), less certain adjustments (e.g., deductible individual retirement account and health savings account contributions). Tax return forms also instruct taxpayers how to calculate qualifying exemptions, tax credits, and other deductions.
Tax credits can reduce the income tax bill, dollar-for-dollar, that a taxpayer owes. Some credits are refundable and may result in or increase a taxpayer’s refund. Some examples of tax credits that may assist individuals and families include the following:
Filing for all possible deductions and tax credits can amount to significant savings on tax payments and, if a credit is refundable, it may increase the amount of the taxpayer’s refund.
Avoiding Tax Scams – This IRS page provides tips on how to spot and avoid common tax scams and steps for individuals who were scammed.
Direct File – Taxpayers in 25 states can file their taxes directly to the IRS, online, for free.
Earned Income Tax Credit Fact Sheet – This OCC publication describes the EITC and provides examples of what national banks and federal savings associations (collectively, banks) can do to promote EITC awareness.
Free Tax Return Preparation for Qualified Individuals – The IRS's Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free basic tax return preparation to qualified individuals.
Free Tax Services for Military Members and Veterans – This page provides information on special situations that members of the military may encounter related to federal taxes.
How to File Your Federal Tax Return – This page provides IRS guidance on how to file a tax return.
Tax Relief in Disaster Situations – This IRS page provides the current and prior years’ list of IRS disaster relief guidance for eligible localities that were given extensions or other tax relief provisions because they experienced disasters.
Academy of Financial Education The Academy of Financial Education’s mission is to narrow the wealth gap for communities and individuals by providing activities, education, coaching, and instruction on a variety of financial literacy topics.
Digital Asset Frauds This Commodity Futures Trading Commission (CFTC) website contains resources for market participants and customers about digital assets and the CFTC's oversight role.
NEFE Strategic Partnership Initiative: Interim Report This research report by the National Endowment for Financial Education (NEFE) and the Appalachian College Association studies the financial habits that college students form and the decisions they make as they begin to live independently full-time.
New Infographic on Check Fraud In partnership with the United States Postal Inspection Service, the American Bankers Association Foundation released a new infographic to help businesses detect check fraud scams.
New Infographic on Money Mules In partnership with the United States Postal Inspection Service, the American Bankers Association Foundation released a new infographic to help individuals avoid falling victim to a money mule scam.
Personal Finance Ecosystem The Personal Finance Ecosystem created by NEFE is a research-informed framework that describes the factors influencing an individual’s state of financial well-being.
Protect Your Money: How to Avoid Investment Scams New and developing technologies like mobile trading apps and artificial intelligence can provide benefits to investors, but they also create opportunities for scammers. This U.S. Securities and Exchange Commission (SEC) publication describes some of the red flags of investment fraud and steps for how to avoid them.
Relationship Investment Scams—Protect Yourself Relationship investment scams can be devastating and cause investors to lose billions of dollars each year. This SEC publication explains how consumers can protect themselves.
Resources for Nonprofit Groups Starting Pro Bono Financial Planning Programs The Foundation for Financial Planning works with nonprofit groups to develop programs that use Certified Financial Planner (CFP) professional volunteers to provide free, high-quality financial guidance to clients. Resources such as Pro Bono Financial Planning: An Overview for Nonprofits and 7 Steps Nonprofits Can Use to Get Started can help nonprofit groups understand how CFP professionals can help their constituents.
Safe Money: Guarding Against Financial Frauds and Scams Safe Money is a series of informational fact sheets developed by the OCC to help consumers recognize and avoid common financial frauds and scams. Consumer fraud affects millions of Americans every year and often results in financial harm. These fact sheets describe the most common types of consumer fraud, how each type works, the warning signs, and how individuals can protect themselves and others.
Veterans Benefits Banking Program The Association of Military Banks of America and the U.S. Department of Veterans Affairs developed the Veterans Benefits Banking Program, which provides veterans with a safe, reliable, and low-cost way to receive and manage benefits by depositing funds directly into new or existing bank accounts offered by participating banks. The program offers veterans a free session of financial or credit counseling and access to financial education resources.
What to Know About Cryptocurrency and Scams This Federal Trade Commission website explains how cryptocurrency differs from other payment methods and describes the warning signs of compromised cryptocurrency accounts.
The information in the Financial Literacy Update was obtained from publicly available sources. Inclusion of a non-OCC event, activity, product, or hyperlink in this newsletter does not constitute an endorsement by the OCC. The OCC does not exercise editorial control over any of the information in non-OCC websites and cannot guarantee the accuracy of the information.
