New FDIC Guideline Supports Financial Literacy

MMI – A Suitable Partner for Delivering Solid Financial Education

HOUSTON, April 7, 2011 /PRNewswire-USNewswire/ -- Beginning July 1, 2011, the Federal Deposit Insurance Corporation (FDIC) will initiate guidelines that will strongly urge financial institutions to offer either free to low-cost financial education or individualized financial counseling to consumers who are enrolled in automated overdraft payment programs. The new guideline is an effort to teach consumers how to effectively manage personal finances. As the nation's largest, full-service nonprofit credit counseling agency, Money Management International (MMI) is the perfect financial partner for these institutions.  

According to a survey by the National Foundation for Credit Counseling (NFCC), 80 percent of American adults believe they would benefit from professional financial counseling. MMI's mission is to improve lives through financial education. Since 1958, the agency has helped millions of consumers find the tools and solutions they need to achieve financial freedom.

MMI has a variety of personalized services to help consumers gain control of their finances:

Counseling

The free debt and budget counseling are for those who need help with budgeting, managing money, and resolving credit problems. Consumers work with a certified credit counselor to assess their current financial situation; develop a realistic spending plan; establish achievable financial goals; and create a personal action plan for success.

Education

Through specialized financial education programs, MMI offers the knowledge and skills needed for financial success at every stage of life. Trained educators present financial literacy programs to students and adults through community partnerships including area schools, businesses, and community organizations.

Employee Fiscal Fitness Program

MMI can also package its counseling, education, and Web resources as a way to help financial institutions meet the FDIC guideline. MMI's Fiscal Fitness Program (FFP) is designed to assist individuals in reaching their financial goals. It offers credit counseling, Debt Management Plans, education programs, newsletters, articles, marketing support, and an annual training program on FFP for the organization's managers.

To learn more about the services and programs MMI can offer, contact Mel Stiller at Mel.Stiller@MoneyManagement.org or visit us on the website at www.MoneyManagement.org.

About Money Management International

Money Management International (MMI) is a nonprofit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling, and debt management assistance to consumers since 1958. MMI helps consumers trim their expenses, develop a spending plan, and repay debts. Counseling is available by appointment in branch offices and 24/7 by telephone and Internet. Services are available in English or Spanish. To learn more, call 800.432.7310 or visit www.MoneyManagement.org.

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Contact:
Tanisha Warner
Media Relations
713.394.3202
Tanisha.Warner@MoneyManagement.org

SOURCE Money Management International