Houstonville McALLEN, February 6 - Rio Grande Valley political and business leaders have praised an innovative "city within a school" concept that aims to promote financial responsibility among elementary schoolchildren. "Houstonville" is a partnership between International Bank of Commerce and Sam Houston Elementary in McAllen to enact a functioning bank within the school to promote financial education at a young age.   The "micro society" involves educators, business leaders, and students to create a working community inside the school that includes a bank, retail store, post office, and television station. Students are taught to operate their own banks, courts, businesses, and legislature. They shop at several retail stores. A makeshift postal service delivers letters among the children. Even an in-house Internal Revenue Service allows students to pay their taxes every six weeks at the rate of about $1 per week. "I'm glad that I came," said U.S. Rep. Rubén Hinojosa, D-Mercedes. "The work that is being done by (Sam) Houston Elementary School is particularly impressive because the students are learning the banking system, and learning the importance of going to work, the importance of reporting to work, the importance of reading and writing. All of the skills that these children are learning at the age of nine, ten, 11, 12 years of age is exemplary and I hope this can be replicated throughout the country."  State Rep. Ismael "Kino"   Flores, D-Palmview, along with a group of about 40 business leaders, bankers, and educators, also attended. The program began at the school in 1997. On Jan. 28, McAllen Mayor Richard Cortez and the City Commission declared Tuesday, Feb. 5 as Houstonville Day at Houston Elementary.  The micro-society and its collaboration of students and teachers were recently featured in the April 2007 issue of Banking Magazine. During a Financial Literacy Summit in Austin, IBC senior Vice President Dora Brown offered an enthusiastic presentation, which she explained to the Guardian.  "I think it's very important,' Brown said. "Our kids are so smart, and we have to give them the capability of being able to work on all their skills, and one of them is saving (money). Kids here at Sam Houston know what that is. They open accounts at the bank, and as soon as they get money they put into the bank and save it." Cristela Salinas, 18, was "vice president" then "president" of the IBC bank when she was a fourth grader at the school. She just graduated high school, and starts UTPA in August set to major in business. "It actually benefited me, knowing the right people and just growing up to be a successful young girl," said Salinas, who is currently a sales representative for IBC. "Just provoking all these new experiences to help you be a well brought-out person. Just, like, knowing the right people got me to this position and I'm really excited because above anything IBC has the best career opportunities, and it encourages you to go to college and work with your schedule." Brown believes the program makes children better citizens as they grow older.  "Even now, even if they're sick they (students) tell their parents they have to come to school because they have to come to work because they have a job to do," Brown said. "So that already is teaching them that they have to be loyal and responsible to their jobs." © Copyright of the Rio Grande Guardian, www.riograndeguardian.com, Melinda Barrera, Publisher. All rights reserved.

ICBA Participates in Financial Literacy Summit ICBA participated in the Third National Summit on Economic and Financial Literacy, a half-day event that focused on sharing ideas to improve financial literacy programs in America's classrooms. Federal Reserve Board Governor Frederic Mishkin, Deputy Treasury Secretary Dan Iannicola and notable economists and educators highlighted how important a basic economic and financial education is to not only personal financial well-being, but the overall economic health of our country.   "The choices we make as individuals, as consumers, investors and even voters are linked to the broader economy in ways that we don't always appreciate," Mishkin said. "However, one thing is certain: we make better decisions if we are better informed, and the whole economy benefits." The nonprofit group National Council on Economic Education convened the summit, which recognized the positive contributions the financial services industry can contribute to improving economic and financial instruction in public schools. After the summit, the council and the U.S. Treasury Department released a free personal finance lesson curriculum called Money Math: Lessons for Life for middle school students. View ICBA Financial Literacy Resources.