CompuCredit Corporation & J.C. Watts Companies Launch Initiative to Improve Consumer Financial Literacy.WASHINGTON -- Effort Aims to Improve Delivery, Availability, and Quality of Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. in Under-Served Communities With a goal of enabling consumers in under-served and unbanked communities to make informed decisions, improve credit worthiness, and increase buying power Buying Power The money an investor has available to buy securities. In a margin account, the buying power is the total cash held in the brokerage account plus maximum margin available. Also referred to as "Excess Equity. , CompuCredit Corporation, J.C. Watts Companies, and three historically black colleges and universities Historically black colleges and universities (HBCUs) are institutions of higher education in the United States that were established before 1964 with the intention of serving the African American community. They are often liberal arts colleges or universities. announced a strategic partnership. The partnership, articulated in a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. , was announced during an event in Washington, D.C., former Oklahoma Congressman J.C. Watts(R) and CompuCredit CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. David Hanna, and presidents of the partner institutions took part in the MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. signing ceremony A signing ceremony is a ceremony in which a bill passed by a legislature is signed (approved) by an executive, thus becoming a law. Modern-day signing ceremonies are derived from ceremonies that occurred when the British monarch gave Royal Assent to acts of Parliament. . "I am extremely excited about this partnership. We are proposing a comprehensive program that will involve market research, curriculum and program development, and expansion of the delivery of financial services to individuals who have been overlooked in the past," said former Congressman J.C. Watts, President and CEO of J.C. Watts Companies. "I truly believe this agreement has the potential to significantly impact financial literacy Financial literacy is the ability of individuals to make appropriate decisions in managing their personal finances. Raising levels of financial literacy is now a focus of government programmes in countries including[1] Australia, Japan, the United States and the UK. levels in unbanked and under-served communities across this country." The MOU outlines activities concentrated on formulating initiatives that will better educate consumer advocates, government officials and the general public about financial services available to unbanked and under-served consumers. CompuCredit Corporation is a leading provider of a full suite of financial services to unbanked and under-served consumers. Through the sophisticated use of technology, the Company has been able to serve consumers who are often ignored by traditional financial institutions while also delivering products in areas where those institutions do not have locations. "Our hope is to empower consumers with greater knowledge of their financial service options. We believe our efforts must address the economic, education, and community development needs of the communities we wish to reach," said David Hanna, CEO of CompuCredit Corporation. "I am looking forward to working with J.C. Watts and members of his HBCU HBCU Historically Black Colleges and Universities Collaborative to execute the activities outlined in this agreement. We are committed to the belief that everyone deserves the opportunity to establish credit and gain access to financial programs previously unavailable to them." The J.C. Watts Companies HBCU Collaborative has enlisted three of its members to conduct a series of research projects and develop a financial literacy program for elementary, high school, college and freshman orientation programs. These institutions include Langston University, Mississippi Valley State University Mississippi Valley State University is a historically black university located in Itta Bena, Mississippi. The university is commonly referred to as MVSU or simply "The Valley." MVSU is a member school of the Thurgood Marshall Scholarship Fund. and Texas College. "Historically Black Colleges and Universities often are not given research grants and are overlooked by corporations as potential partners," said Dr. Lester Newman, President of Mississippi Valley State University. "We are committed to building wealth in the African American African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. community and recognize that our research could help foster a more competitive financial services environment." In addition to conducting research, the partner colleges will receive resources to establish endowments for academic chairs, and/or student scholarships, in support of continuing education continuing education: see adult education. continuing education or adult education Any form of learning provided for adults. In the U.S. the University of Wisconsin was the first academic institution to offer such programs (1904). in the area of financial literacy. CompuCredit has also committed to creating employment opportunities, including internships, full-time and part-time jobs for college students and post-graduate job placement. "I applaud CompuCredit for its commitment to students and faculty at the partner institutions, and helping consumers who are not fully served by mainstream financial service providers," said Watts. "I believe that they recognize the important return that comes with investing in areas of education and economic and community development." J.C. Watts Companies The J.C. Watts HBCU Collaborative is a unique partnership formed between the J.C. Watts Companies and its HBCU clients to encourage and facilitate the use of HBCU faculty, staff and student expertise to provide targeted business and consulting services to government agencies and private sector companies. Current HBCU partners affiliated with the Collaborative are Langston University; Mississippi Valley State University and Texas College. CompuCredit Corporation CompuCredit Corporation uses analytical techniques that allow it to provide credit and other complementary services and products to consumers it believes to be underserved by traditional grantors of credit. Credit cards marketed by CompuCredit generally are issued by Columbus Bank and Trust Company under an agreement with CompuCredit. For more information about CompuCredit, visit www.CompuCredit.com. |
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