Division of Banks Settlement Funds to Expand Financial Literacy for Young Consumers

BOSTON — State Treasurer Deborah B. Goldberg announced today the recipients of the Financial Education Innovation Fund, an initiative that will provide grants to expand financial literacy fairs in high schools across the Commonwealth. The grants are funded from the Office of Consumer Affairs and Business Regulation through its Division of Banks settlement over alleged unlawful lending practices.

“I have experienced firsthand the critical skills these ‘Credit for Life’ fairs teach our high school students,” said Treasurer Goldberg. “These new grants will help students to budget their money responsibly and make informed financial decisions as they prepare to enter college or begin their careers.”

Through an extensive application process that culminated in June, the Treasurer’s Office awarded 20 high schools across the Commonwealth nearly $70,000 in grant money to expand upon or establish programs.

“The Office of Consumer Affairs and Business Regulation through its Division of Banks is proud to support the expansion of financial education initiatives at the high school level in the Commonwealth,” said Undersecretary John Chapman. “The ‘Credit for Life’ fairs are fun and interactive for the students who participate, and I look forward to continuing our partnership with Treasurer Goldberg on future financial education initiatives.”

Originally announced the fund was $50,000, but due to the number and quality of the applications received the fund was expanded to $70,000. The innovation fund will be an ongoing effort to expand financial literacy, so schools will have the opportunity to apply next year.

These events are most commonly known as “Credit for Life” fairs. They are designed to be an innovative and effective way for students to learn about making real world decisions when it comes to saving, spending, and budgeting their money based on a range of career choices and lifestyle decisions.

List of 2015 Grant Recipients:

• Barnstable High School (Hyannis)

• Bay Path Regional Vocational Technical High School (Charlton)

• Blackstone Valley Regional Vocational Technical High School (Upton)

• B.M.C. Durfee High School (Fall River)

• Dennis-Yarmouth Regional High School (South Yarmouth)

• Dracut High School (Dracut)

• Framingham High School in conjuncture with Mass. Bay Community College (Framingham)

• Gardner High School (Gardner)

• Hopedale Jr. Sr. High School (Hopedale)

• Joseph P. Keefe Technical School (Framingham)

• Ludlow High School (Ludlow)

• Marlborough High School (Marlborough)

• Marshfield High School (Marshfield)

• Millbury Jr./Sr. High School (Millbury)

• Milton High School (Milton)

• Mt. Greylock Regional High School (Williamstown)

• Nantucket High School (Nantucket)

• Putnam Vocational Technical Academy (Springfield)

• Sandwich High School (East Sandwich)

• Sharon High School (Sharon)

The Division of Banks is an agency within the Office of Consumer Affairs and Business Regulation which oversees state-chartered banks and credit unions, check sellers, debt collectors, foreign transmittal agencies, mortgage lenders and brokers. For more information visit the Division’s website at www.mass.gov/dob or contact the Division of Bank’s Consumer Hotline at 1-800-495-BANK (2265).

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