FIL-32-2018
Summary:
The FDIC has formed the new Money Smart Advance Team (MSAT). Banks that engage in financial education activities, or plan to do so, and who join the MSAT will get an early look at the updated instructor-led Money Smart for Adults curriculum, scheduled for release in September, and other benefits.
Statement of Applicability to Institutions with Total Assets Less Than $1 Billion: This Financial Institution Letter (FIL) applies to all FDIC-insured institutions.
Highlights:
- The Federal Deposit Insurance Corporation (FDIC) formed the Money Smart Advance Team (MSAT).
- The MSAT, a subset of the Money Smart Alliance, will operate through winter 2019.
- The benefits to joining the MSAT for banks and other eligible member organizations include:
- Advanced copies of the updated instructor-led Money Smart for Adults products;
- Training to orient their staff to the new materials prior to public offering; and
- Eligibility for recognition in a special edition of Money Smart News in 2019 that will highlight several noteworthy examples of curriculum implementation.
- To join the MSAT, current Money Smart Alliance members will need to add Money Smart for Adults to their member profile by August 1, 2018.
- To apply for Money Smart Alliance membership and join the MSAT, visit the website by July 1, 2018, and indicate your organization’s planned use of Money Smart for Adults during the enrollment process.
- The updated Money Smart for Adults, expected to be released in September of 2018, will feature new design, content, activities, and modules; modernized learning tools; and will incorporate instructional best practices and feedback from users.
- To learn more about Money Smart and other financial education resources from the FDIC, visit www.fdic.gov/education.
Printable Format:
Distribution:
- FDIC-Insured Institutions
Suggested Routing:
- Chief Executive Officer
- CRA Officer
- Chief Retail Officer
Contacts:
-
- Luke W. Reynolds, Chief, Outreach and Program Development, Division of Depositor and Consumer Protection, at lureynolds@fdic.gov or (202) 898-7164
- Bobbie Gray, Supervisory Community Affairs Specialist, Outreach and Program Development, Division of Depositor and Consumer Protection, at bgray@fdic.gov or (202) 898-7148
Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC’s website at https://www.fdic.gov/news/news/financial/2018/.
To receive FILs electronically, please visit https://www.fdic.gov/about/subscriptions/fil.html.
Paper copies may be obtained through the FDIC’s Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).