Washington State Department of Financial Institutions

News Release

Wednesday, May 09, 2012


Lyn Peters, Director of Communications
PH (360) 902-8731 lyn.peters@dfi.wa.gov

Patrick Mitchell, IPI and IPT
PH 703.276.3266 pmitchell@hastingsgroup.com


WA DFI Announces Launch Of Investor Education In Your Workplace® Initiative In Washington Credit Unions

OLYMPIA – The Washington State Department of Financial Institutions is pleased to announce today that it is bringing to Washington a major workplace investor education program with a proven record of accomplishment documented in field-testing on about 8,500 employees in hundreds of workplaces in other states.

Investor Education in Your Workplace® (IEiYW) is a project of the nonprofit Investor Protection Institute (IPI) with support provided through the Investor Protection Trust (IPT). It is carried out jointly with state securities agencies, Washington’s DFI Division of Credit Unions and the National Credit Union Foundation (NCUF). After its initial testing phase in three states, IEiYW is now expanding to the District of Columbia and seven additional states: Alaska, Colorado, Iowa, Michigan, Oklahoma, Vermont, and Washington.

“We need workplace savings/investing programs that work for employees and employers in Washington,” DFI Division of Securities Director Bill Beatty said. “The real plus of the ‘Investor Education in Your Workplace’ program is that it is a proven product with measured and fully quantified empirical data spanning thousands of employees in three states. This is an excellent example of how DFI and other state securities agencies are once again taking the lead in delivering important and effective investor education at the grassroots level in the U.S.”

“The answer to the question of how to get more employees to participate in workplace saving and investing programs is much sought after in the world of investor education,” IPI President and CEO Don Blandin said. “The good news here is that we now have a much better handle on what works.”

“Credit unions are the perfect crucible for testing what works when it comes to investor education designed to spur more saving and investing,” NCUF National Program Manager Lois Kitsch said. “That is why credit unions have taken a very active role in this effort by the Investor Protection Institute and state securities regulators to find a way get more people off the dime when it comes to planning for their financial futures. The strong results we already have seen with this program make us very eager to be part of the new phase of the campaign in which it is going national.”

The 10-week online IEiYW training program is producing groundbreaking results as seen here:

With financial support from the Investor Protection Trust in 2009, the University of Wisconsin, Madison (U of W Madison), and the Educated Investor (EI) collaborated to develop a workplace-centered, online financial education program with the goal of providing employees with unbiased instruction in personal finance and investing fundamentals. The first program was rolled out in Wisconsin in 2010. The Educated Investor (published by Precision Information, LLC) provides the content, technology and program management for IEiYW.

For more information about Investor Education in Your Workplace, go to www.investoreducationinyourworkplace.org.

About DFI
www.dfi.wa.gov ▪ 360.902-8700 ▪ 877.746-4334
The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders and securities brokers and dealers. The department also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information: http://www.twitter.com/FinEd4All, www.twitter.com/DFIConsumers, www.finlit.blogspot.com, www.youtube.com/user/WADFI, www.homeownership.wa.gov.

About the Division of Credit Unions
www.dfi.wa.gov/cu ▪ 360.902.8701 ▪ 877.RINGDFI (746.4334) x 28701
The Division of Credit Unions regulates state-chartered credit unions licensed to operate in Washington, while the National Credit Union Administration (NCUA), is the federal insurer of shares and deposits in our credit unions. NCUA also has authority to enforce most of the consumer protection statutes that deal with credit unions. The division enforces some of these statutes in examinations of state-chartered credit unions, and also processes consumer complaints for credit union customers.

About the Division of Securities
www.dfi.wa.gov/sd ▪ 360.902.8760
The Division of Securities regulates securities investments, franchises, business opportunities, and off-exchange commodities sold in Washington and the firms and individuals that sell these products or provide investment advice. The Division handles complaints, conducts investigations, and takes appropriate enforcement actions to protect investors and combat fraud.

The Investor Protection Institute is an independent nonprofit organization that advances investor protection by conducting and supporting unbiased research and groundbreaking education programs. IPI carries out its mission through investor education, protection and research programs delivered at both the national and grassroots level in collaboration with state securities regulators and other strategic partners. IPI is dedicated to providing innovative investor-protection programs that will make a meaningful difference in the financial lives of Americans in all walks of life and at all levels of sophistication about financial matters. For more information, go to www.protectinvestors.org.

The Investor Protection Trust is a nonprofit organization devoted to investor education. More than half of all Americans are now invested in the securities markets, making investor education and protection vitally important. Since 1993 the Investor Protection Trust has worked with the states and at the national level to provide the independent, objective investor education needed by all Americans to make informed investment decisions. The Investor Protection Trust strives to keep all Americans on the right money track. For more information, go to www.investorprotection.org.

The National Credit Union Foundation is an ongoing supporter of the IEiYW® program. The NCUF is the philanthropic and social responsibility leader of America's credit union movement; the NCUF raises funds, makes grants, manages programs and provides education that empowers consumers to achieve financial independence through credit unions. For more information, go to www.ncuf.coop.