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Global Challenges Facing the Unbanked Focus of Federal Reserve Bank of Chicago / Visa Inc. Financial Literacy Summit

Annual summit featured members of the newly formed President's Advisory Council on Financial Capability for Young Americans

Chicago, Illinois – April 2, 2014 – The Federal Reserve Bank of Chicago and Visa Inc. convened a summit today on financial literacy that included several members of President Obama's newly named Advisory Council on Financial Capability, including Council Chair John Rogers, CEO of Ariel Investments.

This eighth annual Financial Literacy Summit brings together experts from government, the financial services industry, NGOs, the news media, and academia to discuss potential solutions to improving financial education globally. This year's focus was on the personal finance challenges facing the unbanked and underbanked, given that worldwide only 7% of adults in developing countries have bank accounts that they regularly use.

"The public-private partnership between the Federal Reserve Bank of Chicago and Visa in hosting this summit is a model on how we can improve financial literacy in the United States," said Charles Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago.

"Fueling economic growth is at the core of what Visa does every day and it's why championing financial education and inclusion is in our DNA," said Bill Sheedy, global executive, corporate strategy, M&A, and government relations, Visa Inc. "The 1 million people in Chicago living outside of the economic mainstream by being under or unbanked are a poignant reminder of the vital need for this Summit."

Summit speakers included:

  • Ted Beck, Council Member, President Obama's Advisory Council on Financial Capability for Young Americans; President and Chief Executive Officer, National Endowment for Financial Education
  • John Hope Bryant, Council Member, President Obama's Advisory Council on Financial Capability for Young Americans; Founder, President and Chief Executive Officer, Operation HOPE Inc.
  • Paula A. Cox, Former Premier and Minister of Finance, Bermuda
  • Melissa Koide, Deputy Assistant Secretary, Office of Consumer Policy, U.S. Department of the Treasury
  • Leora Klapper, Lead Economist, Finance and Private Sector Research Team of the Development Research Group, World Bank
  • John Washington Rogers, Jr., Chair, President Obama's Advisory Council on Financial Capability; Founder, Ariel Investments, LLC
  • Bill Sheedy, Global Executive, Corporate Strategy, M&A and Government Relations, Visa Inc.
  • Linda Stern, Wealth Editor, Thomson Reuters
  • Jennifer Tescher, President & CEO, Center for Financial Services Innovation

The Financial Literacy Summit is part of Visa's long-standing global financial education program, Practical Money Skills for Life ( Visa's Practical Money Skills for Life initiative reaches millions of people around the world each year. Launched in 1995, the free program is now available in more than a dozen languages in thirty countries.

The summit can be viewed online at:

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About the Federal Reserve Bank of Chicago
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, DC, make up the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.

About Visa Inc.
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks – VisaNet – that is capable of handling more than 47,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit and @VisaNews.

Hugh Norton
CRC Public Relations, for Visa Inc.
+1 202-281-8842

Steve Burke
CRC Public Relations, for Visa Inc.
+1 703-407-8108

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