What a week! Last week was Military Saves Week 2015. A week to kick-off the year-long campaign for Military Saves. Military installations, financial educators, military banks and credit unions, non-profit organizations, military service organizations and many, many others came together for the week to encourage the military community to save more successfully. Set a goal, make a plan and save automatically was the theme this year.
Coincidentally, it was also America Saves Week, and the discussion about the importance of saving was heard far and wide throughout the country. In addition, the Financial Literacy and Education Commission (FLEC) held its quarterly meeting. The FDIC, OCC, Department of the Treasury and many other government, public and private sector organizations, including the Department of Defense (21 total organizations) attended the FLEC meeting which focused on a new initiative; Starting Early for Financial Success. “The Commission will now focus on improving Americans’ financial capability in childhood, a critical time in an individual’s financial education.” Treasury’s Under Secretary for Domestic Finance, Mary Miller said in last week’s meeting.
Five of the agencies that are part of the Commission, including FDIC and OCC, put out joint guidance to encourage financial institutions’ youth savings programs coinciding with the FLEC meeting and Military/America Saves Week. The FDIC states in their summary of the guidance: The guidance provides principles that national banks and federal savings associations (collectively, banks) should consider and is intended to encourage them to develop and implement programs to expand the financial capability of youth and build opportunities for the financial inclusion of more families.
The resources below contain the information and guidance provided to financial institutions from the five agencies. The importance of youth savings programs, and this guidance, were a great way to kick off the year for both the America and Military Saves Campaigns.
OCC guidance and resources: http://www.occ.gov/news-issuances/bulletins/2015/bulletin-2015-16.html
Guidance to Encourage Financial Institutions’ Youth Savings Programs and Address Related Frequently Asked Questions: http://www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-27a.pdf