Industry Letters

New York's Financial Planning and Awareness Week

September 26, 2003

To the Institution or Organization Addressed:

The Federal Reserve Bank of New York, along with the Financial Planning Association of New York (FPANY), the Federal Trade Commission and New York State Banking Department, invite your organization to take part in New York’s Financial Planning and Awareness Week, which will run from October 6-12, 2003. The week begins with a full-day workshop on Saturday, October 4^th, located at New York University, 60 Kimmel Center, 60 Washington Square South and is sponsored by FPA NY, New York University, MONEY Magazine, along with the Federal Reserve Bank of New York.

The goal of Financial Planning and Awareness week is to promote and improve financial literacy and understanding throughout the New York metropolitan area. Financial education is the key that enables an individual to use credit responsibly, to avoid predators, and to sort through the complexity and confusion that some financial decisions can present. Financial education paves the way for informed decision-making, whether conducting routine daily financial transactions in a cost-effective manner, securing affordable financing for a new or used car, or realizing the American dream of homeownership.

During this week-long event, businesses, financial and educational institutions, museums, libraries, community-based organizations and others will be sponsoring or participating in programs designed to promote financial awareness among their staff, their customers, and/or the general public. I strongly urge New York State-chartered and licensed financial entities to take the lead. The following are examples of various programs that can be used:

• Plan one or more lunch hour workshops to educate employees on financial topics, such as compensation and benefit packages, the right road to retirement planning, and basics of sound personal finance.
• Offer programs or workshops for customers, clients, vendors or the public to promote financial literacy and awareness.
• Invite speakers from government and the private sector to address groups – within and outside your organization – about personal finance topics of interest. We can help identify those.
• Distribute literature on various practical topics – financial/retirement/college planning. If you need additional materials, please go to our Financial Empowerment Clearinghouse located on our Web site -www.banking.state.ny.us/fec

The Banking Department encourages banking institutions and organizations to support initiatives that empower New York residents to make informed decisions regarding their finances. I look forward to your organization's participation in what promises to be an historic weeklong effort.

For additional information please contact, Jennifer Carucci, Community Reinvestment Analyst at (212) 709-3575. We look forward to your participation in New York’s Financial Planning and Awareness Week- October 6-12, 2003.

Very truly yours,

Diana L. Taylor
Superintendent of Banks