NATIONAL – CITIZENS UNITED: The U.S. Federal Reserve Bank of New York is set to open the doors of its new Financial Education Fund to the public next week, according to a memo obtained by CNBC.
The new fund, which will be called the Citi Federal Savings & Loan Education Fund, will be designed to serve the needs of the financial education needs of low- and moderate-income borrowers, according the memo.
“The Citi Financial Education fund will be the first of its kind to address these issues through a private entity,” the memo said.
The fund will offer a range of financial education courses to borrowers, including financial literacy, asset management, and financial planning.
“We believe that providing a high quality financial education to students is critical to our long-term success as an institution and the American economy,” the bank said in a statement.
The bank also noted that it plans to use the fund to make savings to fund “a wide range of strategic initiatives.”
In addition to providing courses for low and moderate income students, the fund will also offer financial education training for federal workers, as well as education for students with disabilities.
Citi will begin accepting applications for the fund on June 30.
“While this is a very exciting time for Citi and the financial services industry, we know that the challenges facing low- to moderate- to high-income Americans are real and that education will play a critical role in the long- term success of the American workforce,” the CIO wrote.
“Citi believes the CITI Education Fund is the most effective tool available for delivering financial education and is committed to improving the financial literacy of our employees, and the lives of our customers and partners, to meet the needs and needs of our communities.”