Capital One and Consumer Action Award MoneyWi$e Stipends To Local Community Groups for Financial Education
MCLEAN, Va.--(BUSINESS WIRE)--July 24, 2006--Consumer advocacy group Consumer Action and Capital One Financial (NYSE:COF) today announced that their joint MoneyWi$e financial literacy partnership will award stipends totaling $75,000 to community non-profit groups in 13 states.
The stipends support the efforts of community educators to help individuals in their communities become financially fit. This year's recipients - 22 community-based organizations - will provide more than 16,000 individuals with access to the MoneyWi$e curriculum.
"The community-based organizations selected for stipends are working closely with consumers - from college students and first-time home buyers to farm workers and senior citizens - to provide financial education to some who might otherwise not have access," said Diana Don, Director of Financial Education at Capital One. "Capital One is proud to partner with Consumer Action to award these stipends. We are grateful for the work that these organizations do to strengthen their communities."
Community based organizations teaching financial education in Arizona, Nevada, California, Texas, New York, North Carolina, Maine, Massachusetts, Colorado, Connecticut, Rhode Island, Georgia, and Virginia will receive stipends for programs designed to make an impact on the financial health of their communities. (Full list is below.)
Ken McEldowney, Executive Director of Consumer Action, said, "Community groups are on the front line with consumers and are making a real difference in their lives by helping them better understand the basics of personal finance. We want to help these groups get the job done. We are proud to work with Capital One to support local non-profits through our MoneyWi$e partnership."
MoneyWi$e: Materials, Training and Seminars
Consumer Action and Capital One first launched the MoneyWi$e partnership in November 2001. Since then, the program has produced and distributed a series of educational modules designed to enable community leaders to help consumers understand the basics of credit and credit repair, saving and budgeting, balancing a checkbook, and how to read a credit score among others. By providing free brochures in multiple languages (English, Spanish, Chinese, Korean, and Vietnamese), the MoneyWi$e program is able to address financial literacy across both income and ethnic barriers. More than two million brochures have been distributed to date.
Consumer Action provides financial education to its community-based organization (CBOs) partners using two primary channels: through the distribution of free materials online (www.money-wise.org) and through its network of 8,000 community-based organizations (CBOs) nationwide. Working with this network, the MoneyWi$e program holds "train-the-trainer" seminars around the country where Consumer Action educates community group staff on how MoneyWi$e materials and curriculum can be used most effectively. Participants are invited to apply for stipends to use the MoneyWi$e materials more extensively in the community.
About Capital One
Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a financial holding company, with more than 324 locations in Texas and Louisiana. Its principal subsidiaries, Capital One Bank, Capital One, F.S.B., Capital One Auto Finance, Inc., and Capital One, N.A., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One's subsidiaries collectively had $47.2 billion in deposits and $108.4 billion in managed loans outstanding as of June 30, 2006. Capital One, a Fortune 500 company, trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index.
About Consumer Action
Consumer Action is a national non-profit education and advocacy organization founded in San Francisco in 1971. Consumer Action serves consumers nationwide by advancing consumer rights, referring consumers to complaint-handling agencies and publishing multilingual educational materials. Consumer Action also advocates for consumers in the media and before lawmakers and annually conducts comparison surveys for consumers on credit cards, banking issues and telecommunications issues.
List of 2006 MoneyWi$e Stipend Recipients
Central Arizona Shelter Services, Phoenix
Artist Development/Imagemaking, San Francisco
Chinese Newcomers Service Center, San Francisco
Communication Services LLC, Davis
Community Housing Improvement Program, Chico
Consumer Credit Counseling Service of the East Bay, Concord
Legal Aid Foundation, Los Angeles
New Economics for Women, Los Angeles
Orange County Asian and Pacific Islander Community Alliance, Garden
Upper Arkansas Area Council of Governments, Canon City
The Village, Hartford
Ft. Valley State University, Extension Office, Ft. Valley
Maine Centers for Women, Work & Community, Portland
Mujeres Unidas en Accion, Dorchester
Harlem Consumer Education Council, New York
Citizens for Affordable Homes, Dayton
Charlotte Housing Partnership, Charlotte
Woonsocket Neighborhood Development Corp., Woonsocket
Consumer Credit Counseling Service of South Texas, Harlingen
Friends Lend Others Wings (FLOW), San Marcos
TX Cooperative Extension
Governor's Daughter, Alexandria
CONTACT: Capital One Financial Corporation, McLean
Alison Athay, 206-239-0140
SOURCE: Capital One Financial Corporation