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MAINE BUREAU OF CONSUMER CREDIT PROTECTION

35 SHS, Augusta, Maine 04333

Bureau of Consumer Credit Protection Invites High Schools to Participate in Free Financial Literacy Challenge and Compete for Trip

September 29, 2010

Financial regulators at Maine’s Bureau of Consumer Credit Protection are inviting high schools to take part in a free financial literacy competition, sponsored by the Federal Reserve Bank of Boston. The annual competition, known as the Reserve Cup Challenge, tests student knowledge and skills in financial literacy, economics and personal finance.

David Leach, Principal Examiner at the Bureau of Consumer Credit Protection, encouraged participation and explained that each school forms a team of four members and one alternate, with a teacher acting as their supervisor and coach.

“This is an excellent opportunity for Maine high school students to participate in a world class financial literacy competition, with each state champion provided an all-expense paid trip to the Federal Reserve Bank of Boston in November for the New England Championship,” Leach said.

In the past, each New England State designated a high school to attend the championship at the Federal Reserve Bank. This year, each state can field up to fifteen schools to compete in two internet-accessed, computer-based rounds---reducing the number of teams from fifteen, to five, then one. The two rounds will take place Wednesday, October 20th and Wednesday, November 10th. Both rounds start at 3:00 p.m. and last approximately 30 minutes.

Leach emphasized that each state is limited to a maximum of fifteen school teams, with a registration deadline of 5:00 p.m. on Thursday, October 8, 2010. A high school team from Presque Isle finished second in New England in 2009. “We look to continue Maine’s strong showing,” Leach added.

Billy Costa, a television personality on the New England Cable News station, is the event’s emcee. Interested schools can register online at www.reservecup.org. More information and registration assistance is available by calling David Leach at the Bureau of Consumer Credit Protection at 207-624-8527.

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The Maine Bureau of Consumer Credit Protection was established in 1975 to enforce a variety of credit-related consumer laws. The Office licenses lenders, creditors and collectors; conducts periodic examinations of creditors to determine compliance with state laws; and responds to consumer complaints and inquiries. The Office also conducts educational seminars and provides speakers to advise consumers and creditors of their legal rights and responsibilities.