MOED Receives FDIC Award for Money Smart Partnership

BALTIMORE – The Federal Deposit Insurance Corporation (FDIC) will present the 2005 “FDIC Money Smart Alliance Partner of the Year New York Region” award to the Mayor’s Office of Employment Development (MOED) on April 20, 2005, at the Maryland Saves kick-off at M&T Bank Stadium’s Southwest Club Lounge. The FDIC’s Money Smart classes are taught in partnership with the Maryland Bankers Community Reinvestment Group (MGCRG) at Baltimore’s four One-Stop Career Centers. MBCRG will also receive the award along with 11 participating financial institutions.

“We are honored to be receiving this award,” said Karen Sitnick, MOED’s director. “Offering financial literacy classes in our career centers helps our customers as they learn how to manage the money they are earning or are going to earn once they get a job. Customers learn about checking and savings accounts, home ownership, managing credit card debt and more, which will ultimately help them keep more of their paychecks.”

Introduced in 2001, the FDIC’s Money Smart financial education program helps low-income consumers, new immigrants and other adults enhance their money management skills and become financially self-sufficient. The Money Smart curriculum helps individuals build financial knowledge, develop financial confidence, and use banking services effectively.

Sponsored by the Consumer Federation of America, Maryland Saves is the local campaign of the national program, America Saves. Maryland Saves is a collaborative partnership to promote savings and wealth building among all Maryland residents. Maryland Savers will have the option to participate in educational seminars, work with an individual coach, get referrals to other resources to solve financial problems, and open reduced or fee-waived savings accounts. The primary target is low- and middle-income families.

MOED coordinates and directs workforce development initiatives responsive to the needs of Baltimore City employers and job seekers. During fiscal year 2004, MOED served 18,000 city residents through its four One-Stop Career Centers, placed 5,000 city residents in jobs with an average hourly wage of $9.59, assisted 600 employers in recruiting workers, and placed nearly 5,000 city teens in summer jobs. In addition, MOED helped 5,000 customers to become computer literate through its Digital Learning Labs located in the One-Stop Career Centers.