WASHINGTON –
Comptroller of the Currency John C. Dugan attended his inaugural meeting of the
Financial Literacy and Education Commission today and highlighted the
importance of educating consumers about financial products.
Financial literacy
programs, he said, can help individuals avoid falling victim to predatory or
abusive lenders, and can help households establish the kind of banking
relationships they need to achieve financial security.
“The OCC encourages
bank participation in financial literacy initiatives,” he said. “Involvement in these programs helps banks
develop new customers while enhancing their visibility in the communities they
serve.”
In addition, he added,
banks that participate in financial literacy programs may receive positive
consideration under the Community Reinvestment Act.
The Financial Literacy
and Education Commission, which meets quarterly, is chaired by the Secretary of
the Treasury. It was established in
December 2003 under Title V of the Fair and Accurate Credit Transactions Act of
2003 to improve financial literacy and education in the United States.
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The Office of the
Comptroller of the Currency was created by Congress to charter national banks,
to oversee a nationwide system of banking institutions, and to assure that
national banks are safe and sound, competitive and profitable, and capable of
serving in the best possible manner the banking needs of their customers.