Comptroller Dugan Highlights Importance of Financial Literacy

WASHINGTON – Comptroller of the Currency John C. Dugan attended his inaugural meeting of the Financial Literacy and Education Commission today and highlighted the importance of educating consumers about financial products.

Financial literacy programs, he said, can help individuals avoid falling victim to predatory or abusive lenders, and can help households establish the kind of banking relationships they need to achieve financial security.

“The OCC encourages bank participation in financial literacy initiatives,” he said.  “Involvement in these programs helps banks develop new customers while enhancing their visibility in the communities they serve.”

In addition, he added, banks that participate in financial literacy programs may receive positive consideration under the Community Reinvestment Act.

The Financial Literacy and Education Commission, which meets quarterly, is chaired by the Secretary of the Treasury. It was established in December 2003 under Title V of the Fair and Accurate Credit Transactions Act of 2003 to improve financial literacy and education in the United States.