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Financial Regulators Issue Guidance Encouraging Youth Savings Programs, Address Frequently Asked Questions


Joint Release
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Financial Crimes Enforcement Network
National Credit Union Administration
Office of the Comptroller of the Currency

​For Immediate Release

February 24, 2015


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.

The guidance does not create any new regulatory policy or establish new industry expectations.

This effort is consistent with the “Starting Early for Financial Success” focus of the Financial Literacy and Education Commission (FLEC). Congress created FLEC in 2003 to improve financial capability and education in the United States. The financial institution regulatory agencies are members of FLEC. 

The interagency guidance is being issued by the Federal Reserve Board, Federal Deposit Insurance Corporation, U.S. Department of the Treasury’s Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency.

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Media Contacts:               

FinCEN Steve Hudak ​(703) 905-3770
​FRB ​Susan Stawick ​(202) 452-2955
​FDIC ​Greg Hernandez ​(202) 898-6984
NCUA ​Ben Hardaway ​(703) 518-6333
​OCC ​Stephanie Collins ​(202) 649-6870


NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At, NCUA also educates the public on consumer protection and financial literacy issues.


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9/20/2018 6:00 PM