February 27 2014
Operation HOPE and FDIC Joins In A Collaborative Agreement To Strengthen Financial Empowerment Plan under Project 5117
The collaboration outlines details to help marginalized communities build confidence in the banking system through FDIC’s Money Smart program
ATLANTA – February 27, 2014 – Financial dignity leader, Operation HOPE (HOPE) today announced the details of a signed Collaborative Agreement with the Federal Deposit Insurance Corporation (FDIC) to empower adults and youth in basic money management skills, using the Money Smart curriculum. Through Project 5117 – HOPE’s multi-year initiative mission to create upward mobility, the agreement outlines plans to provide training for instructors, program evaluation, and increase Money Smart delivery and distribution networks.
"Our continued partnership with the Federal Deposit Insurance Corporation is an important step towards moving underserved communities out of poverty and into the financial mainstream,” said Operation HOPE division leads, Mary H. Ehrsam President Global Youth Empowerment Group Chief Executive Officer, New York Market and Lance Triggs Chief Executive Officer Los Angeles and Division President of HOPE Financial Dignity Centers. "The value of financial education is priceless and together we can help provide the necessary training for people to achieve and sustain the American dream.”
HOPE has been using the Money Smart curriculum to augment its toolbox of financial literacy tools since the FDIC created the program in 2001. Money Smart was designed to help low- and moderate-income individuals and others outside the normal economic channels to enhance their money management skills and develop positive relationships with financial institutions. It features a comprehensive guide for instructors (including scripts, overhead and interactive class exercises) and resource materials for students and adults. The curriculum is free and can be customized to meet audience needs.
Created by Congress in the early 20th century to maintain stability and promote public confidence in the nation’s financial system, the FDIC insures deposits, examines and supervises financial institutions, and manages receiverships of insured financial institutions.
The mission of Project 5117 is to strengthen the economy by empowering youth and adults to take control of their financial future. It is a mission that is supported by a broad range of services, from youth financial capability education and HOPE Business In A Box entrepreneurship initiatives focused on increasing mentorship and curbing the high school drop out rate. It also includes homeownership counseling, credit card debt management, and a program that helps those with low credit scores raise their score to 700. It is the next chapter in HOPE’s “silver rights” mission to make free enterprise and capitalism work for everyone.
About Operation HOPE, Inc.
Since its inception in 1992, HOPE, a global nonprofit focused on financial dignity, has empowered more than 2 million individuals and directed more than $1.5 billion in private capital to America's low-wealth communities. It has recruited a growing army of 20,000 HOPE Corps volunteers, and helped raise average credit scores for financial case management clients more than 120 points over an average 18-month period. It currently serves more than 300 U.S. cities, as well as South Africa, Saudi Arabia, Morocco, and most recently, the United Arab Emirates. HOPE's next phase will be focused on Project 5117, a multi-year initiative that will track and increase business role models for youth, boost credit scores for adults, and empower underserved communities. To learn how you can join Project 5117, go to www.operationhope.org/p5117mission or visit www.operationhope.org to learn more.