Citywide joint program kicks off in Queens today

New York City Comptroller William C. Thompson, Jr. and the Federal Deposit Insurance Corporation (FDIC) Chairman Don Powell today unveiled a citywide consumer education initiative primarily for faith-based organizations to give thousands of New York City residents the opportunity to enhance their financial knowledge and improve their use of banking services.

The Comptroller’s office, which is co-sponsoring the event with North Fork Bank, is bringing the FDIC’s Money Smart financial education curriculum to faith-based organizations in New York City, starting in Queens today. Money Smart is a training program created to help adults who want to develop their money skills and create positive banking relationships.

“Financial literacy is crucial to the economic well-being of New Yorkers and their communities,” Comptroller Thompson said. “I am pleased that my office will be working with the Federal Deposit Insurance Corporation to help our City’s residents make informed financial decisions, and at the same time improve the relationship that communities have with their area banks.”

“Faith-based organizations have been some of our strongest partners since we launched Money Smart nearly two years ago,” FDIC Chairman Don Powell said. “They touch every corner of America and, as President Bush has said, rally the armies of compassion to change lives one at a time. I am delighted the Comptroller’s office, working with faith-based organizations, will help people learn how to manage money, build assets and move toward financial freedom.”

The Money Smart curriculum is comprised of 10 comprehensive, instructor-led modules covering basic financial topics, including an introduction to bank services, and tips on obtaining credit and buying a home. Money Smart can be taught in its entirety, or specific modules can be used to fill in the gaps in other financial programs. It can easily be reproduced for wide dissemination and has no copyright restrictions.

“Faith-based community development initiatives are very dear to my heart,” said the Rev. Floyd Flake, Senior Pastor and CEO of Allen A.M.E. Church in Queens. “I have seen first-hand how faith-based institutions can change the dynamics of the community and spur new housing and economic development projects in places others have given up on as ‘blighted’ and ‘unstable’. Financial education gives an added dimension to efforts to strengthen communities.”

Today, the Comptroller and the FDIC brought together a number of volunteers at York College in Jamaica, Queens. Volunteers signed up to learn the Money Smart program, and will then return to their religious institutions and other community centers to teach New Yorkers the benefits of making knowledgeable financial choices.

Clarence Bulluck, Executive Director of the Faith Fellowship Community Development Corporation, a faith-based and community initiative corporation, has had great success in implementing the Money Smart program in New Jersey. He said the FDIC’s partnership with the Comptroller’s Office’s will yield worthwhile results.

“As a faith-based organization, we are committed to helping individuals and families improve their quality of life both spiritually and economically,” Rev. Bulluck said. “Given today’s economic climate, financial fitness education is a critical need for residents in our communities - regardless of their incomes. Financial education is key to building personal wealth, fostering financial stability, and promoting stable neighborhoods.”

Anyone who wants to volunteer to learn how to teach the Money Smart program to members of their community can contact Linwood Smith in the Comptroller’s office at (212) 669-3078 or Valerie Williams at the FDIC at (917) 320-2621.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation’s banking system. The FDIC insures deposits at the nation’s 9,415 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring, and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

The New York City Comptroller, an independently elected official, is the Chief Financial Officer of the City of New York. The mission of the office is to ensure the financial health of New York City by advising the Mayor, the City Council, and the public of the City's financial condition. The Comptroller also makes recommendations on City programs and operations, fiscal policies, and financial transactions. In addition, the Comptroller manages more than $69 billion in pension funds, performs budgetary analysis, audits city agencies, registers proposed contracts, oversees budget authorization, determines credit needs, terms and conditions, prepares warrants for payment and issues and sells City obligations. His office employs a workforce of more than 700 professional staff members.