January/February 2021

Financial Literacy Update: January/February 2021

This publication is a part of:

Collection: Financial Literacy Updates

The Office of the Comptroller of the Currency (OCC)'s Financial Literacy Update is a bimonthly e-newsletter that reports upcoming events, new initiatives, and related resources of the OCC and other government agencies and organizations. The Financial Literacy Update provides brief descriptions for upcoming events in chronological order. New initiatives and resources are listed in alphabetical order. Visit www.occ.gov/flu for more information. We welcome your feedback.


COVID-19 

America Saves COVID-19 Resources

American Bankers Association

Association for Financial Counseling & Planning Education

Commodity Futures Trading Commission

Consumer Financial Protection Bureau

Federal Communications Commission

Federal Deposit Insurance Corporation

Federal Trade Commission

Financial Health Network

Foundation for Financial Planning

George Washington University Global Financial Literacy Excellence Center

Internal Revenue Service

Military Saves COVID-19 Resources

National Community Reinvestment Coalition

National Credit Union Administration

National Disability Institute

National Foundation for Credit Counseling

National Housing Conference

Next Gen Personal Finance

OCC’s HelpWithMyBank

Operation HOPE

U.S. Consumer Product Safety Commission

U.S. Department of Defense

U.S. Department of Education

U.S. General Services Administration

U.S. Securities and Exchange Commission

Events 

Virtual Professional Development for Personal Finance Teachers
January–February 2021 (Online )
Next Gen Personal Finance offers interactive, collaborative professional development training, including personal finance content, strategies, and resources for the classroom.

Virtual Teacher Workshops in Southeastern U.S.
January–February 2021 (Online)
The Federal Reserve Bank of Atlanta sponsors teacher workshops and events online and in Alabama, Florida, Georgia, Louisiana, Mississippi, and Tennessee. These events cover a variety of financial capability and economics topics.

America Saves Week 2021 
February 22−26, 2021 (Nationwide)

This national event brings together organizations to encourage individuals and families from diverse economic backgrounds to successfully save. Participating organizations are provided with content, resources, and events to share with their respective communities.

Money Smart Week 
April 10−17, 2021 (Nationwide)

Money Smart Week is a public awareness campaign designed to help consumers better manage their personal finances. Hundreds of organizations across the country—including businesses, financial institutions, schools, libraries, nonprofit
groups, government agencies, and the media—come together to stress the importance of financial literacy.

Personal Finance Seminar for Professionals 
May 13, 2021 (Online)

The University of Maryland Extension presents the Personal Finance Seminar for Professionals. Participants learn about today’s most critical financial issues and how to turn information into consumer knowledge and action.

Initiatives 

1MMBB
Operation HOPE launched this initiative to create 1 million Black-owned businesses by 2030.

2020 U.S. National Strategy for Financial Literacy
The U.S. Financial Literacy and Education Commission’s report details the federal government’s financial literacy priorities and underscores the commission’s plan to collaborate with state, local, and tribal governments and the private sector to strengthen financial capability for all Americans.

2021 Financial Empowerment Center Planning Grant
The Cities for Financial Empowerment Fund is seeking applications for the 2021 Financial Empowerment Center Planning Cohort, which is for local governments looking to bring the Financial Empowerment Center model of free, professional, one-on-one financial counseling and coaching to their communities. Selected cities or counties will receive $20,000 and significant technical assistance for six to 12 months to design and prepare for the launch of a Financial Empowerment Center. Applications are due January 15, 2021.

2021–2022 Bank On Account Standards
The Cities for Financial Empowerment Fund has released its Bank On 2021-2022 Account Standards. The standards outline the characteristics of safe and affordable banking accounts.

Bank On Fellowship
The Cities for Financial Empowerment Fund is seeking applications for the Bank On Fellowship Program, which provides match funding of up to $45,000 to support Bank On coalitions in employing a full-time staff fellow to lead coalition strategy and operations. This grant opportunity is for one year of funding with the contingent eligibility to apply for a second year. Applications are due January 8, 2021.

Bankers Needed: Promote Socially Distanced Personal Finance with the 2021 Lights, Camera, Save! Video Contest
The American Bankers Association (ABA) Foundation is sponsoring its annual video contest for banks to encourage teenagers to educate themselves and their peers about the value of saving and using money wisely. Banks host local competitions and select winners to compete in a national competition for up to $5,000 toward their savings goals.

Communities of Color Initiative
The Foundation for Financial Planning is expanding grant funding for pro bono financial guidance programs in communities of color.

LifeSmarts Online Consumer Challenge
The National Consumers League hosts LifeSmarts, an online competition open to all students in grades 6–12. In September, LifeSmarts celebrated 27 years of empowering teens to become smart, savvy consumers. Each month, LifeSmarts focuses on a different category important to teen consumers: personal finance, health and safety, consumer rights, technology, and the environment. Students compete online and in person throughout the year to win scholarships and prizes. Experts in LifeSmarts subject areas are needed to serve as judges and officials at the state and national competitions.

Pro Bono Planner Match
This Foundation for Financial Planning program helps bring free financial advice and planning to people in need by matching certified financial planner professionals with volunteer opportunities nationwide.

Project REACh
The OCC has launched Project REACh (Roundtable for Economic Access and Change) to bring together leaders from the banking industry, national civil rights organizations, business, and technology to promote financial inclusion through greater access to credit and capital. The initiative seeks to reduce specific barriers that prevent full, equal, and fair participation in the nation’s economy.

Veterans Benefits Banking Program
The U.S. Department of Veterans Affairs (VA), in partnership with the Association of Military Banks of America, provide veterans and their beneficiaries the opportunity to safely, reliably, and inexpensively receive and manage their VA monetary benefits through financial services at participating banks.

Resources 

Building Blocks of Youth Financial Capability
The Consumer Financial Protection Bureau offers activities to teach youth financial literacy skills that are designed for use in a single class period for grade levels K-12 and can be integrated into a variety of subject areas.

Consumer.gov
This Federal Trade Commission website provides resources about credit, debt, identity theft, and avoiding scams, as well as budgeting, opening a bank account, shopping for prepaid cards, and managing money in general. The website is available in Spanish at www.consumidor.gov/.

Debt and Delinquency After Military Service: A Study of the Credit Records of Young Veterans in the First Year After Separation
This Consumer Financial Protection Bureau report examines the credit situation of young veterans in the first year after separation with the military. The findings help guide financial education efforts for service members transitioning back into civilian life.

Free Application for Federal Student Aid Updates
This U.S. Department of Education website offers the latest news and documents.

FDIC Deposit Insurance Education Materials
The Federal Deposit Insurance Corporation has made significant improvements to its deposit insurance education materials. The changes are designed to allow the public to quickly access basic information while still offering the traditional in-depth and comprehensive deposit insurance information.

Financial Aid Toolkit
The U.S. Department of Education provides tools and resources to help parents and students learn about financial aid.

Form CRS
Registered broker-dealers and registered investment advisers are now required to provide retail investors with a customer or client relationship summary, also called Form CRS. The U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy offers a video that explains the form and the information that it provides.

How America Banks
The Federal Deposit Insurance Corporation provides its seminal study of U.S. households’ participation in the banking system.

IdentityTheft.gov
This Federal Trade Commission website helps people report and recover from identity theft. It is available in Spanish at Robodeidentidad.gov.

Investor.gov
Investor.gov is the U.S. Securities and Exchange Commission’s resource to help investors make informed decisions and avoid fraud. The website includes information on investing and investment products, a glossary of investment terms, alerts and bulletins on frauds and current investment topics, publications, and free financial tools and calculators. Investor.gov also offers a free and simple tool to check the background of an investment professional.

MoneySkill
The American Financial Services Association Education Foundation offers this free, online personal finance curriculum. The curriculum has 37 modules focused on a variety of topics, including income, saving and investing, credit, and insurance. The curriculum is available in English and Spanish and is audio-equipped for English users.

MyCreditUnion.gov
The National Credit Union Administration’s official consumer protection website, MyCreditUnion.gov, offers educational information, resources, and articles designed to help individuals make smarter financial decisions and better choices with their money.

MyMoney.gov
This U.S. Department of the Treasury website provides financial education information and resources from across the federal government. The website highlights MyMoney Five (which provides links to resources and tools related to five principles for managing money), a research clearinghouse, games for youth focused on money, and a section on financial choices for major life events.

NGPF Video Library
Next Gen Personal Finance offers a library of personal finance videos.

Imposter Scams Infographic
The American Bankers Association Foundation and the Federal Trade Commission provide this new infographic to educate consumers about imposter scams.

OCC Financial Literacy Resource Directory
The resource directory provides information on financial literacy resources, issues, and events of importance to bankers, organizations, and consumers of all ages. The resource directory includes descriptions of, and contact information for, government programs on financial literacy education and capability. It also includes organizations whose missions are to support financial literacy through campaigns, fact sheets, newsletters, conference materials, publications, and websites.

Preparing for College
The U.S. Department of Education provides tips, tools, and a support system to increase the effectiveness of educators and counselors advising prospective college students.

ReportFraud.ftc.gov
The Federal Trade Commission’s website is designed to make it easier for people to report fraud, scams, and bad business practices.

Virtual Personal Finance Lessons Through Teach Children to Save
The American Bankers Association Foundation has e-learning tools at no cost to bring money smarts to students in grades K­8. The new suite of resources includes a Web Conferencing Guide, Student Engagement Guide, and multiple virtual lessons to get kids to start thinking about the importance of saving for the unexpected.