Banker Testifies for Financial Literacy Education
Isabella Bank’s Mary Olivieri appeared before the Michigan Senate Banking and Financial Institutions Committee last week to testify in support of financial literacy and SB 0267. If enacted, the bill would require students to complete a half-credit course in financial literacy in order to receive a high school diploma.
Mary emphasized the value of adding financial literacy education into the Michigan Merit Curriculum and the continuing efforts banks play in their community.
In her testimony, Mary highlighted various financial literacy programs Isabella Bank coordinates for their customers and community. As part of one program, Isabella Bank created a budgeting game in which bank employees teach students about budgeting and needs vs. wants, how to make housing decisions, food, transportation, family size and to plan for the unexpected.
At this time, the committee recommended this legislation be passed on to the Michigan Senate Education Committee for further review. Stay tuned for more information on SB 0267.
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Each year, the MBA solicits entries for the MBA Financial Literacy Awards. This year the program went statewide and banks were divided in three groups by their asset size. One winner was selected from each class and the coveted crystal apple was presented to the winning bank at the MBA BEST Conference this past April in Traverse City.
Congratulations to Bay Port State Bank, Thumb National Bank & Trust Company and Isabella Bank for their exceptional financial literacy efforts. Read more.
The MBA encourages Michigan banks involved in their community financial literacy efforts to engage your local legislators. Invite them to your local financial literacy events. Not only does it allow for greater development of the bank-legislator relationship, puts local faces to banking, and strengthens the commitment of the bank to individuals’ financial education and the community as a whole. Contact the MBA advocacy department at (517) 485-3600 if you would like assistance setting up a meeting with your local representative.
Thursday, October 17, 2013
The Get Smart About Credit program -- sponsored by the ABA -- is a national campaign of volunteer bankers who work with young people to raise awareness about the importance of using credit wisely. This year Get Smart About Credit is celebrated on October 17. Bankers will connect with young people to provide credit education lessons. Learn more.
Friday, April 11, 2014
Teach Children to Save (TCTS) is a national program that organizes banker volunteers to help young people develop a savings habit early in life. Since the program started in 1997, some 130,500 bankers have taught savings skills to 6 millions students. Learn more.
Lights Camera Save! is a video contest that engages teens in educating themselves and their peers about the value of saving and using money wisely. Banks host the local level of the competition and select a winner to compete on the national level. Learn more.
EverFi is the leading education technology platform to teach, assess, and certify students in critical skills including Financial Literacy, Student Loan Management, Digital Literacy, Substance Abuse, and additional product areas to be announced in 2011. The company is already powering a national movement in 50 states that enables students to learn using the latest technology, including rich media, high-definition video, diagrams and avatars. EverFi’s current products include The EverFi Financial Literacy Platform™, Buttonwood™ for Student Loan Management, AlcoholEdu®, and the Ignition™ Digital Literacy Platform.
The FDIC announced the release of an enhanced version of its instructor-led Money Smart financial education curriculum for adults.
The enhanced curriculum incorporates changes in the law and industry practices that have occurred since Money Smart was revised in 2006. For example, the curriculum reflects recent amendments to the rules pertaining to credit cards as well as the new overdraft opt-in rule. A new module, Financial Recovery, provides an overview of the steps consumers can take to rebuild their finances after a financial setback.
To learn more about the FDIC's Money Smart program and to obtain free copies of the curriculum, visit the Money Smart page on the FDIC's website here.
Community Economic Development Association of Michigan (CEDAM)
CEDAM is a nonprofit tax-exempt organization established in 1998. It is a voluntary association of community development corporations (CDCs), individuals and other organizations interested in promoting and expanding community-based housing and economic developments across the state of Michigan. CEDAM also assists with the Bank On Program that helps unbanked families improve their financial well-being. For more information, click here. You can also visit www.CEDAM.info for more information or call Ross Yednock at 517-485-3588.
SeniorBrigade: a Michigan Seniors Initiative
The elderly are frequently targets of unscrupulous scam artists that prey upon this segment of our population. A free on-site seminar program has been developed to further enhance the awareness of Michigan's seniors and their families on scams. More information is available at www.seniorbrigade.com.
Make sure to send your bank's financial literacy stories and photos to Amy McCaffrey.