WASHINGTON — Comptroller of the Currency John C. Dugan today issued the following statement in recognition of America Saves Week, February 21 – 28, 2010:
Encouraging and increasing saving is important to both consumers and financial institutions. Opening a savings account is the first step in helping a consumer achieve his or her financial goals, such as purchasing a home, creating a college or emergency fund, or retirement. Over time, saving allows consumers to accumulate assets, build wealth and feel financially secure.
I commend the Consumer Federation of America for its ongoing efforts with the America Saves Week campaign. I also want to recognize the commitment of national banks across the country to encourage saving as a way to create economic stability and to expand financial services in their communities. National banks have initiatives with nonprofits, schools, and government agencies to promote saving, such as:
- Partnering with local America Saves campaigns during America Saves Week, and throughout the year to open savings accounts.
- Implementing school-based savings programs to help students learn about the importance of saving money and other money management skills.
- Sponsoring financial literacy programs that focus on basic financial services, asset building and credit management.
- Offering bank-sponsored savings match programs, also known as Individual Development Accounts (IDA).
The OCC offers a wide range of resources on saving and financial literacy to consumers and financial institutions at its Web site at www.occ.gov. The OCC’s District Community Affairs Officers are available nationwide to provide information about programs banks can initiate to promote savings by their customers.
Related Links:
