Capital One Financial Advocacy Partnership

To help celebrate ten years of partnership with financial advocacy group Consumer Action, Capital One sponsored a day-long financial literacy training seminar for nonprofit organizations and community groups in the District of Columbia. Representatives of over 60 area agencies signed up to participate in the event, designed to give community leaders stronger tools to educate neighbors about basic banking skills and credit management fundamentals.

In a statement to reporters, Consumer Action executive director Ken McEldowney stated the importance of community groups that work on the "front lines" of the American economy. "The ability to manage personal finances can mean the difference between fiscal stability and barely getting by," McEldowney said.

Credit card and financial tips

Over the past decade, Capital One and Consumer Action have partnered on MoneyWi$e, a program that distributes printed financial education material throughout the United States. The partnership recently expended to include online financial training, including downloadable presentations that community organizations can use to help neighbors understand financial issues, including:

  • How to open a checking account
  • Surviving personal bankruptcy
  • Managing a personal credit card
  • Buying and maintaining a home
  • Preventing identity theft

The MoneyWi$e website also includes interactive training courses designed to help parents talk to teens about money and to help consumers rebuild credit after a bankruptcy or a job loss. Capital One's partnership with Consumer Action enables the project to distribute learning materials targeted to "unbanked" consumers in their native languages: English, Spanish, Chinese, Korean and Vietnamese. On the MoneyWi$e website, program managers state their intentions to spread financial literacy education across "income and ethnic barriers."

Representatives of more than 175 nonprofit organizations have attended similar MoneyWi$e "train the trainer" events, using grant money from the partnership to launch local financial literacy programs throughout the country. MoneyWi$e representatives estimated that over five million brochures and educational guides have been distributed during the past decade by over 4,250 participating community groups.