Guidance to Encourage Financial Institutions’ Youth Savings Programs and Address Frequently Asked Questions

Guidance to Encourage Financial Institutions’ Youth Savings Programs and Address Frequently Asked Questions

The OCC, the Board of Governors of the Federal Reserve System, the FDIC, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network, and the National Credit Union Administration (NCUA) issued “Guidance to Encourage Financial Institutions’ Youth Savings Programs and Address Related Frequently Asked Questions.” The interagency guidance answers common questions, including those related to Customer Identification Program requirements, that may arise as banks, savings associations, and credit unions collaborate with schools and other community stakeholders to facilitate youth savings and financial education programs. The guidance is intended to encourage financial institutions to develop and implement programs to expand youths’ financial capabilities and to build opportunities for the financial inclusion of more families. This effort is consistent with the “Starting Early for Financial Success” focus of the Financial Literacy and Education Commission, a body of 21 federal agencies, including the financial regulators, and the White House Domestic Policy Council.

http://www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-27a.pdf

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