Department of Financial Institutions Announces California Financial Literacy Month Launch new CAFLM 2004 Web Site

Sacramento- California’s Commissioner for Financial Institutions Howard Gould today announced that April 2004 has been designated “California Financial Literacy Month”; (CAFLM) to highlight the importance of financial literacy and encourage all Californians to increase their understanding of saving, investing and credit choices. The theme of this year’s CAFLM is “Building Strong Financial Futures.”

The financial services industry actively participates in efforts to reach the community, especially our youth during the month of April. The volunteers connect with students of all ages in a learning environment (classrooms, after-school programs, etc.) to share “real life” financial lessons to help them grow up to make informed and better financial decisions.

The Department will launch a new Web site for CAFLM, www.dfi.ca.gov/CAFLM2004. “I encourage Californians to use the resources on the new CAFLM 2004 Web site. The pages contain an array of information and resources to increase our level of financial literacy,” said Commissioner Gould.

“Financial literacy has become a priority for regulators and the industry. The goal of education and community outreach efforts is to help prevent youths from making poor financial decisions that can take years to overcome,” Gould added.

The CAFLM 2004 Web site provides links to information that can help consumers manage their personal finances. The site also provides ideas on how to get involved and materials to help promote California Financial Literacy Month, including a proclamation by Governor Arnold Schwarzenegger, downloadable logos, banners and posters; and sample press release, letter to the editor and PSAs.

DFI supervises over 650 financial institutions, including 204 banks and 216 credit unions. The Department is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, savings associations, trust companies, offices of foreign banks, issuers of travelers checks and payment instruments (money orders), and transmitters of money abroad. The Department reports to Sunne Wright McPeak, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.