In February 2015, the members of the FLEC (Financial Literacy and Education Commission), FDIC, NCUA, FRB and OCC came together to issue guidance regarding youth savings programs. We here at HT Mobile Apps were excited to hear the regulatory agencies talking about the need for financial institutions to get involved in financial education.
“The guidance is intended to encourage financial institutions to develop and implement programs to expand the financial capability of youth and build opportunities for financial inclusion for more families. It also addresses frequently asked questions that may arise as financial institutions collaborate with schools, local and state governments, nonprofits, or corporate entities to facilitate youth savings and financial education programs”
The guidance does a great job of clarifying questions around identification required on minor savings accounts and the issuance of ATM/Debit cards. It also talks about the long term benefits of Youth Savings accounts, and how important it is for financial institutions to have these types of programs.
So what are you waiting for? It’s time do more with your financial education or youth strategies. And we’re ready to help.
Read the full guidance here: https://www.fdic.gov/news/news/financial/2015/fil15011a.pdf
