News Release 2012-27 | February 17, 2012
Acting Comptroller Walsh Supports America Saves Week, February 19 - 25, 2012
WASHINGTON—Acting Comptroller of the Currency John G. Walsh today issued the following statement in recognition of America Saves Week, February 19-25, 2012:
The Office of the Comptroller of the Currency is pleased to support the activities of America Saves Week, which encourages individuals to increase their saving. National banks and federal savings associations contribute to this effort by offering products and services that help consumers save and increase their financial literacy.
Consumers and financial institutions recognize the importance of having access to a savings account to create the foundation for a sound financial future. Opening a savings account is an important step in helping a consumer achieve his or her financial goals, such as purchasing a home, creating a college or emergency fund, or retirement.
The Consumer Federation of America and the American Savings Education Council should be commended for their ongoing leadership and work with the America Saves Week campaign. Additionally, national banks and federal savings associations across the country are commended for their continued commitment to this campaign by engaging with community partners to encourage saving as a way to create economic stability and to expand financial services in their communities through initiatives, such as:
- Partnering with local America Saves campaigns during America Saves Week, and throughout the year to open savings accounts.
- Implementing school-based savings programs to help students learn about the importance of saving money and other money management skills.
- Sponsoring financial literacy programs that focus on basic financial services, asset building and credit management.
- Offering bank-sponsored savings match programs, also known as Individual Development Accounts (IDA).
- Promoting the use of the Earned Income Tax Credit by encouraging employees to participate in Volunteer Tax Assistance efforts and opening accounts for consumers to receive their income tax refunds.
The OCC offers a wide range of resources on saving and financial literacy to consumers and financial institutions at its website at www.occ.gov. The OCC's District Community Affairs Officers are available nationwide to provide information about programs banks can initiate to promote savings by their customers.
- OCC's Financial Literacy Resource Directory
- Bank Savings Incentive Programs Fact Sheet
- School-Based Bank Savings Programs: Bringing Financial Education to Students
- Individual Development Accounts: An Asset Building Product for Lower-Income Consumers (PDF)
- Leveraging Earned Income Tax Credits To Reach New Bank Customers Fact Sheet