May I ask for input on the Money Smarts Program? During our last CRA exam, the FDIC examiner pushed our participation in the Money Smarts Program. (Course geared to help educate individuals on finance)How much weight has the Program held in your CRA exams? Do you conduct the program yourselves or hire an outside source?

I have not received any replies as of yet , does anyone have the Money Smarts Program in your institutions? This is the FDIC Money Smarts Program in which the results are reported to Washington.

SAM

Our examiner also pushed Money Smart but we did not implement the program so I don't know how it would impact our next exam.

Use of the FDIC's Money Smart program is not a requirement, but many banks use it. I'd say it's your choice and you should consider the expertise your institution has to do the training yourself versus hiring a third party to do the training.

It also depends on whether or not your have other CD services. If you have none and you want some, this is an easy one. If you have some and you want more, go ahead and do it if you can justify the time/expense. If you have some and don't want more, don't do it. No harm in not participating in this program.

The FDIC spent a lot of time and money creating and updating Money Smart so it is in there best interest to push it. I am sure the examiners are getting pressure from the top to push it as a way to get CRA "credit" for services.

It is a good program but it does take time for your personnel to become familiar with it. You also have to have willing teachers and participants. We have used off and on with our financial education. However, we mainly teach children and teens and it is over their heads. I have used many of the ideas from MS to create lessons for the kids. You also can adapt it to teach the adults in more or less time than the regular program is set to do. Be creative.

The best thing about it is that it is FREE.