San Antonio Business Journal
March 5, 2010
The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation is awarding millions of dollars in grant funding to support financial literacy projects nationwide.
The United Way of San Antonio and Bexar County will use its FINRA grant, totaling $112,500, to implement a neighbor-to-neighbor financial education program and public education campaign for people living in low-income neighborhoods with a high preponderance of check-cashing shops, payday lenders, pawnshops, rent-to-own stores and auto title lenders. These nonbank lenders provide low-income and minority communities with ready access to cash. However, these businesses often charge high fees to these same consumers for that service.
In all, FINRA is donating roughly $1.5 million to 12 community groups nationwide as part of its new program, Financial Education in Your Community, which is administered jointly with United Way Worldwide.
FINRA Foundation President John Gannon says this relationship with United Way will expand the ability of community-based organizations to provide unbiased financial education resources for working individuals and families.
"Community groups have a unique opportunity to reach their neighbors with the information they need to make sound financial decisions that help them save and grow long-term assets," he says.
Washington D.C.-based FINRA is the largest non-governmental regulator for all securities firms that do business in the United States.
United Way operates a global network of community organizations, including nearly 1,300 local organizations in the United States.