HUD's Office of Public and Indian Housing (PIH) and FDIC Launch the Money Smart Program to over 4000 Public Housing Authorities

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On June 26, 2002, the Federal Deposit Insurance Corporation (FDIC) and Housing and Urban Development (HUD) signed a Memorandum of Understanding (MOU) to establish a national partnership to promote financial education using Money Smart, FDIC's financial education curriculum. As an introduction to Money Smart, FDIC is sending a package containing an English (CD ROM) and a Spanish (paper) version of the Money Smart curriculum to over 4000 public housing authorities across the United States, as well as HUD's PIH Directors and Coordinators. Enclosed with this package is a copy of the MOU, the press release, and a brochure describing FDIC's Money Smart program.

The FDIC created the Money Smart training program last year to help adults outside the financial mainstream enhance their money management skills and to develop positive relationships with financial institutions. Money Smart features a comprehensive guide for instructors and resource material for students. It includes ten instructor-led training modules covering basic financial topics. The modules increase in complexity; however, they may be presented in any order or in any combination, depending on the interests and knowledge of the targeted audience.

The FDIC Money Smart curriculum may be used in HUD sponsored programs such as Resident Opportunities and Self-Sufficiency (ROSS), Family Self-sufficiency (FSS) and Welfare-to-Work (WtW) vouchers. The curriculum will help build on WtW, ROSS and FSS program activities that include, but are not limited to, individual development accounts, homeownership counseling, entrepreneurship training, employment training, supportive child care services, services coordination and case-management.

FDIC and HUD staff stand ready to help communities implement this program. You may order additional Money Smart curricula from the FDIC web site at www.fdic.gov/consumers/consumer/moneysmart/. If you have questions, you may contact Community Affairs Specialist Elaine Drapeau at (202) 942-3270 in FDIC's Washington, D.C. office, or the appropriate regional FDIC Community Affairs Officer listed on the Money Smart order brochure on the FDIC web site.

Sincerely,

Donna Gambrell, Deputy Director
Division of Supervision and Consumer Protection
Federal Deposit Insurance Corporation

Michael Liu
Assistant Secretary
Public and Indian Housing (PIH)
Department of Housing and Urban Development