Acting Comptroller of the Currency Rodney E. Hood recently discussed the importance of financial literacy education in remarks at the Financial Literacy and Education Commission.
He highlighted the Office of the Comptroller of the Currency’s (OCC) financial literacy publications and resources, while also encouraging banks to consider how they can support customers’ fiscal health.
“Financial literacy education plays a key part in driving financial inclusion and participation in our financial system,” Hood said. “Financial education empowers more people to better use financial products and services to manage their day-to-day needs; access capital to invest in themselves, their businesses, and their communities; and build wealth for themselves and future generations.”
Hood explained the OCC’s longtime support of banks’ working to provide financial education for their customers, through such things as “our quarterly Financial Literacy Update, our Insights reports on financial capability and other financial literacy topics, and online resource directories.”
“OCC publications and resource directories point to best practices for financial literacy and education programs that emphasize the importance of evaluating the programs’ impact and effectiveness,” the acting comptroller continued.
Moreover, the OCC encourages banks to consider other ways to support customers’ financial health.
“Banks may look for ways to understand their customers’ challenges; consider opportunities to provide responsive products and services; and take other steps to support customer efforts to improve their financial position,” Hood said.
