Joint Release/Financial Regulators Issue Guidance Encouraging Youth Savings Programs, Address Frequently Asked Questions — 2015-02-24

Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Joint Release Financial Crimes Enforcement Network National Credit Union Administration Office of the Comptroller of the Currency Financial Regulators Issue Guidance Encouraging Youth Savings Programs, Address Frequently Asked Questions Five federal financial regulatory agencies today issued guidance to encourage federally insured depository institutions to offer youth savings programs to expand the financial capability of young people. The guidance also provides answers to frequently asked questions related to the establishment of these programs. Many financial institutions already collaborate with schools to establish programs that allow students in elementary, middle and high school to open and manage savings accounts and to learn good savings habits early. Research indicates that school-based youth savings programs—when combined with financial education—can be effective in helping students to improve their long-term financial and education prospects.