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April 30, 2003
Financial education tools meet emerging Hispanic market
San Francisco Reserve Bank partners with Federal and Fresno agencies
to bridge access to banking
Fresno, Calif. – April 30, 2003 – The Federal Reserve Bank of San Francisco is teaming up with Central Valley agencies for a one-day conference aimed at bridging the gap between Hispanic consumers and banking services they might not normally access.
The SF Fed and its agency partners will bring together a number of local banks, government agencies, and community-based organizations who are working to provide financial education tools in either Spanish or English on basic budgeting, checking and savings accounts, taxes, loans, and how to avoid predatory lending.
The conference–“Financial Education Tools for the Hispanic Community”–will address the needs of Fresno’s Hispanic community, specifically those with low- to- moderate incomes who, rather than using traditional banking services, often resort to fringe banking–primarily check-cashing outlets and pawnshops. In some cases, consumers are not able to meet or maintain account balances required by financial institutions, while other times they are unaware of special banking products available for lower income customers.
Conference speakers will give an overview of banking and demographics in the Central Valley and provide resources and tools to help local organizations, like the I-5 Social Services Coalition, reach their clients. Because the Central Valley is largely agricultural-based, many of the service and outreach efforts are aimed at farm workers who will benefit from learning how to gain access to mainstream banking products. The potential customer base in the Central Valley is a substantial incentive for financial institutions that want to tap into this emerging market. The Hispanic population in Fresno County is roughly forty-four percent.
"This conference is about providing people in this community with the knowledge they need to be a part of the financial mainstream," said John Olson, community affairs specialist with the Federal Reserve Bank of San Francisco. "We see this as a good first step toward an on-going strategy of addressing Fresno’s community development and banking needs."
Some of the participating Federal agencies include: the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the DEA, and the Small Business Administration.
"Financial Education Tools for the Hispanic Community" will take place on Tuesday, May 6, from 9:00 AM to 3:00 PM on the Fresno State University Campus. For conference registration information contact Bruce Ito, Federal Reserve Bank of San Francisco, at (415) 974-2422.
The Federal Reserve Bank of San
Francisco provides wholesale banking services to financial institutions
in the nine western states through the head office in San Francisco
and branch offices at Los Angeles, Portland, Salt Lake City, Seattle,
and Phoenix. As the nation's central bank, the Federal Reserve System
formulates monetary policy, serves as a bank regulator, administers
consumer protection laws, and is fiscal agent for the U.S. government.
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