FDIC and Operation HOPE to Help MWOBs Compete for FDIC Business

The Federal Deposit Insurance Corporation (FDIC) and financial literacy non-profit, Operation HOPE, Inc. have announced an agreement to collaborate on an initiative to help educate minority and/or women-owned businesses (MWOBs) on how to do business with the FDIC. This effort expands on a longstanding relationship between the agency and Operation HOPE that goes back more than two decades.

Financial Education and Access to FDIC Contracts

The basis for this new collaboration is a recognition on the part of both organizations of the importance of financial education, especially for those with little banking experience. This was the impetus for the creation of the FDIC Money Smart financial education curriculum, which will serve as a platform for the effort. Operation HOPE has been using the Money Smart curriculum since 2001.

The FDIC says it is committed to "the fair inclusion of Minority- and Women-Owned Businesses (MWOBs) to compete and participate in the FDIC's contracting activities, asset purchasing and investing opportunities." One of the main purposes of the agreement is to enable MWOBs to better participate in the FDIC goods-and-services acquisition process, as contractors or subcontractors.

FDIC Role

In the agreement the FDIC agrees that as long as Operation HOPE remains a member of the Money Smart Alliance it will:

• Recognize Operation HOPE as a member of the FDIC Money Smart Alliance on the FDIC's Money Smart website.
• Make the Money Smart curriculum available to potential Operation HOPE instructors upon demand.
• Provide technical assistance on how to implement and integrate Money Smart to promote access to appropriate basic banking services.
• Provide training for the Operation HOPE's staff who will teach the Money Smart curriculum.
• Collaborate with Operation HOPE's one million Black-owned business initiatives (IMBB Coalition).
• Identify types of outreach initiatives to educate minority and/or women owned businesses on how to do business with the FDIC.
• Inform Operation HOPE of both FDIC and third-party events, training opportunities, programs, etc. that would benefit the collaboration.

Operation HOPE's Role

As part of its role, Operation HOPE agrees to:

• Provide training, speaking, and information-sharing opportunities for the FDIC during Operation HOPE's annual conference and other events.
• Provide opportunities for the FDIC to publish articles in member publications on matters relating to financial education and economic inclusion. 
• Provide links from the Operation HOPE website to the FDIC's public website highlighting the Money Smart and Minority and/or Women Owned Business programs.
• Deliver the Money Smart curriculum through workshops, webinars, or other means.
• Provide the Money Smart curriculum to instructors.
• Help evaluate the effectiveness of Money Smart efforts.
• Provide periodic feedback to the FDIC on the scope and impact of its Money Smart-related efforts.
• Encourage Operation HOPE members to provide to the FDIC digital or audio recordings of meetings/ conferences, and attendance rosters related to the agreement.

Evaluation

Finally, in an effort to continuously improve the cooperation between the FDIC and Operation HOPE, the agreement stipulates that the FDIC will "continually evaluate the initiative." There will be periodic check-ins between FDIC and Operation HOPE to discuss the effectiveness of the arrangement.

Ultimately, the collaboration between the FDIC and Operation HOPE is designed to promote financial education as a means to allow MWOBs to effectively compete for FDIC contracts, asset purchases, and investments.