Capital One and Consumer Action Promote Financial Education, Award MoneyWi$e Stipends to Local Community Organizations
Multi-lingual Financial Education Materials Teach Money Management Skills
MCLEAN, Va.--(BUSINESS WIRE)--July 2, 2008--Capital One Financial Corporation (NYSE:COF) and Consumer Action, a national consumer advocacy and education group, announced today their joint MoneyWi$e financial education partnership will award stipends totaling nearly $75,000 to community non-profit organizations in eight states.
The stipends support the efforts of community educators to help individuals in their community become financially literate. This year's recipients - more than 30 community based non-profits - will provide more than 13,000 individuals with access to the MoneyWi$e curriculum which includes money management skills, basic budgeting, building and maintaining good credit, and homeownership tips to name a few.
"The community-based organizations selected for stipends are working closely with consumers - from college students and first-time homebuyers 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 our communities."
Community-based organizations teaching financial education in Texas, New Jersey, Oregon, Georgia, Massachusetts, California, Tennessee, and Washington, DC will receive stipends for programs designed to make an impact on the financial health and economic well-being of their communities. (Full list is below)
Ken McEldowny, Executive Director of Consumer Action, said, "Community organizations are on the front lines 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$e partnership in November 2001. Since then, the program has produced and distributed a series of financial education modules designed to enable community leaders to help consumers understand the basics of credit and credit repair, saving and budgeting, balancing a checkbook, and how to read a credit report among others. By providing free brochures in multiple languages (English, Spanish, Chinese, Korean and Vietnamese), the MoneyWi$e program is able to address financial education across both income and ethnic barriers.
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 more than 8,000 community-based organizations nationwide. Working with this network, the MoneyWi$e program also holds "train the trainer" seminars around the country where Consumer Action educates community organization staff on how MoneyWi$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
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries collectively had $87.7 billion in deposits and $148.0 billion in managed loans outstanding as of March 31, 2008. Headquartered in McLean, Va., Capital One has 745 locations in New York, New Jersey, Connecticut, Texas and Louisiana. It is a diversified bank whose principal subsidiaries, Capital One, N.A., Capital One Bank (USA), N. A., and Capital One Auto Finance, Inc., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
About Consumer Action
Consumer Action is a national non-profit education and advocacy organization founded in San Francisco in 1971. Consumer Action serves consumers nationwide by advancing consumer rights, referring consumers to complaint-handling agencies and publishing multi-lingual financial education materials. Consumer Action also has advocates for consumers in the media and before lawmakers and annually conducts comparison surveys for consumers on credit cards, banking and telecommunications issues.
List of 2008 MoneyWi$e Stipend Recipients
New Economics for Women
Pasadena Neighborhood Housing Services
Fort Valley State University
Mujeres Unidas en Accion
NJ Coalition for Financial Education
Promise Seed CDC, Inc.
Alliance for Multicultural Community Services
Austin Area Urban League
Austin Habitat for Humanity
Border Fair Housing & Economic Justice Center
Cass Education Fund/Cass Family & Consumer Sciences Committee
Christian Women's/Men's Job Corps of Port Arthur, TX
Community Council of Greater Dallas/Dallas Community Youth Development Program
Consumer Credit Counseling Service - Rio Grande Valley
GENCO Federal Credit Union
La Fe Community Development Corporation
Money Management International
Money Matters Coalition
Parenting in the Metroplex Committee
Texas AgriLife Extension Services
Triumph the Church & Kingdom of God in Christ
United Cerebral Palsy of Texas
West Texas Opportunities
Opportunities Industrialization Center of DC
CONTACT: Capital One Financial Corporation
Lahne Mattas-Curry, 703-720-2358
SOURCE: Capital One Financial Corporation