fundamentals of financial resources...o financial education, outreach, information, free consumer...
TRANSCRIPT
FUNDAMENTALS OF FINANCIAL
RESOURCES
A GUIDE TO CONNECTING
SERVICE MEMBERS TO
FINANCIAL ASSISTANCE
Kelley Faulk
Personal Financial Management Program
HQ USMC Program Manager
Which would you use:
Freecreditreport.com
or
Annualcreditreport.com
They protect us so we need to
protect them!
• Service members have a steady income which can
make them a target.
• Many companies say they want to support our
Service member but we need to be careful.
• Predatory Lending Groups have associations that
education them on: o “Extracting maximum profit from the working poor by increasing payday loan
fees and debt traps”
o “Racial Profiling Tools”
o They may refer to capping 36% loans to military as a military loan crisis
o Twist stories to make people believe stories are myth vs. realty
Question?
Do the services have
restrictions on who can
teach financial education
to the service members
and families?
Who can provide financial
education to the service
members?
DoD Instructions 1342.22
and DoD Directive 1344.07
outlines who can teach
financial education.
Question?
Can you list the first
financial educators you
would send a service
member or family member
to for financial advice?
Recommended Areas of
Information & Referral
• Personal Financial Management Program (PFMP)
• Command Financial Specialists (CFS)
• Military Installation Legal Services Office
• Defense Federal Credit Unions and Banks (On-
Installation Financial Institutions)
• Non-profits with Memorandum of
Understanding/Agreement
• DOD List
Personal Financial Management
Program
• The Navy, Air Force, Army and Marine Corps have a
program called Personal Financial Management
Program.
o Utilize Personal Financial Educators
- Called PFMs in Marine Corps
- Financial educators are required to obtain and
maintain a national recognized certification.
- Each branch of service’s Personal Financial
Educator will assist another member of a branch
of service.
Personal Financial Management
Program Offers
• One-on-one counseling/coaching
• Workshops
• Brown Bag Luncheons
• Command/Unit Trainings
• Training of E-6 (Staff Sergeant-SSgt) and above
(Command Financial Specialists-CFS)
• Financial I&R to appropriate agencies
Command Financial Specialists
(CFS)
o The E-6 or above must attend a 1
week financial education training
program.
o CFSs then assists the command
to establish, organize, administer,
and disseminates financial
management information.
• Navy and Marine Corps PFM program trains E-6 (Staff
Sergeant-SSgt) and above:
MILITARY INSTALLATION LEGAL OPTIOINS
• Base Legal Services Office can provide assistance in a
dispute over a bill or contract.
• Base Legal will review copies of contracts
• Base legal recommends legal review contracts prior
to signing
• Armed Forces Disciplinary Control Board (AFDCB)
advise and make recommendations to commanders
on matters concerning and eliminating conditions
which adversely affect Armed Forces Members
Defense Federal Credit Unions &
Banks (On-installation)
On installation Credit Unions and
Banks are required to assist in financial
education/counseling.
Defense Credit Union Council
www.dcuc.org
National Association of Federal Credit
Unions www.nafcunet.org
Service Societies
Military One Source
http://www.militaryonesource.mil/MOS/f?p=MOS:HOME:0::::
Joint Family Support Assistance Program (Guard and Reserves)
http://jfsap.militaryonesource.mil/MOS/f?p=310:1::::::
**Military One Source and JFSAP have Personal Financial Counselors
Army Gold-Financial Education
http://www.myarmyonesource.com/CommunitiesandMarketplace/FinancialLiteracyGame/default.aspx
Air Force Aid Society (AFAS) www.afas.org
Navy-Marine Corps Relief Society (NMCRS) www.nmcrs.org
Army Emergency Relief (AER) www.aerhq.org
Coast Guard Mutual Assistance (CGMA) www.cgmahq.org
o Private non-profit organizations
o Worldwide emergency assistance
o Education assistance programs
o Interest-Free loans and grants
o Counseling
o Scholarships and interest-free
loans for education
Question?
What is the agreement
organizations sign to
partner with the
DOD/Military Services?
Memorandum of
Understanding/Agreements • Organizations that have signed a Memorandum of
Understanding (MOU)/Letter of Agreements with the
Services/DOD.
• Sets an understanding of the terms and conditions of
both parties in writing.
• Team with non-profits, benevolent organizations and
government agencies.
• After Assistant Secretary of Navy approval with
MOU/LOA then still must be invited by Installation
Commander and PFMs.
SECNAVINST 1740.4
• Consumer Counseling Credit Service (CCCS)
SECNAVINST 1740.4.
• Each location has their own webpage.
• Members of Better Business Bureau (BBB) and
Council of Accreditation (COA).
• Assist in credit/debt, bankruptcy, and housing
counseling and financial education.
• Member of the National Foundation of Credit
Counseling a Benevolent Organization on DOD’s
Partner list.
Sources if the PFM/CFS can not assist or
the service member wants to go off base:
Resources with Letter of Agreements
Benevolent Organizations
Government and State Agencies
Must be invited by Installation Commander
and PFMs after obtaining MOU/MOA/Letter
of Agreements
APPROVED RESOURCES
• FINRA Investor Education Foundation www.finrafoundation.org
o Credit Reports/Scores
• Council of Better Business Bureaus www.bbb.org/us/military-line
o Company reviews, ratings, data collection, complaint and dispute resolution.
o Financial education, outreach, information, free consumer guides.
• Consumer Federation of America www.consumerfed.org
o Disseminates information on consumer issues.
• USAA Educational Foundation (not USAA bank)
o Provide free information on financial management, safety concerns and significant life events.
• Military Saves www.militarysaves.org; facebook and twitter
o Social marketing campaign to save for all ages
• Institute of Consumer Financial Education
www.financial-education-icfe.org
o Online financial education: budgeting, children & money,
credit card tips, credit file correction, identity theft, and
quizzes.
• Jump$Start Coalition for Financial Literacy
www.jumpstart.org
o National Coalition of organizations for financial literacy
o Kindergarten through college-age youth
APPROVED RESOURCES
• National Endowment for Financial Education
www.nefe.org
o Smart About Money www.smartaboutmoney.org
- Major life events, economic survival tips, taxes, goals,
tools, articles, and more.
o MyRetirementPaycheck www.myretirementpaycheck.org
- Explore Retirement Decisions
o Spendster www.spendster.org
- NEFE’s YouTube like community on financial stories
APPROVED RESOURCES
• InCharge Institute of America www.incharge.org
o Credit, housing, bankruptcy counseling (small fee)
o Interactive Financial football game, Sergeant Debt, ways to be debt free,
preparing for natural disasters.
• National Military Family Association www.nmfa.org
o Information for spouses that want to become financial educators (FINRA
Financial Counselor Fellowship)
o Links to other financial assistance
o Military Spouse Scholarships
• First Command Financial Service https://www.fcef.com/
o But only for European Commands and not for areas outside of that.
• Foundation for Financial Planners http://www.foundation-finplan.org/
o In the San Diego Area
APPROVED RESOURCES
• North American Securities Administrators Association
www.nasaa.org
o Variety of online investor education resources (investing,
saving, retirement planning) for all ages to avoid scams,
frauds and invest with confidence.
• Freddie Mac www.freddiemac.com
o Get Help with your Mortgage & Identifying mortgage
fraud
o Learn about program options
o Up to 12 month forbearance for unemployed borrowers
o Understanding your credit score
APPROVED RESOURCES
Benevolent Organizations
• Association of Military Banks of America www.ambahq.org
• Employee Benefit Research Institute www.ebri.org
o Higher level of education
o Choose to Save www.choosetosave.org
- Free saving tools, Magic of Compounding, Saving,
Retirement
• National Foundation for Credit Counseling www.nfcc.org
o Provides free and/or affordable services, financial
literacy courses, youth mentoring and more.
o Member of Council on Accreditation and in 50 states
and Puerto Rico
Can you list some
government agencies and
other appropriate
resources that offer
financial education?
Question?
Government Agencies • Thrift Savings Board www.tsp.gov
o Investment plan for military members.
• DoD Savings Deposit Program www.dfas.mil
o Can deposit designatd combat zone pay up to $10,000 and
earn 10%. USMC permits early registration.
• Federal Citizen Information Center www.gsa.gov
o Blogs on different topics include finance
o Kids.gov
o Publications.usa.gov for money topics
• Consumer Protection www.consumeraction.gov
Government Agencies
• Consumer Financial Protection Bureau www.cfpb.gov
o Mortgages, Student Debt, Credit Card, consumer financial
products, complaints and more.
• Federal Deposits Insurance Corporation www.fdic.gov
o Consumer Protections include: Financial Education & Literacy,
Banking, Loans & Mortgages, Small Business, Fraud and more
• Federal Reserve Board www.federalreserve.gov/consumerinfo
o Consumer Information from bank accounts, leasing, personal
finance, calculators, building wealth, and more
www.federalreserveeducation.org
Government Agencies • Joint Knowledge Online (JKO) http://jko.jfcom.mil/
o Courses on financial topics: TGPS-US003 TGPS Personal
Financial Planning for Transition
• Federal Trade Commission www.ftc.gov and
https://www.ftccomplaintassistant.gov/#
o Consumer protections, complaint system, and educational
material on economics
• Securities and Exchange Commission www.sec.gov
o Higher level education: Identity Theft Flags, and Seeking
Small Business Input and Investor.gov
• Department of the Treasury www.treasury.gov
o Higher level financial information (Tax, Bonds, Securities,
Housing struggles, etc)
Government Agencies
• US Department of Agriculture www.usda.gov
o University extension offices
o http://www.nifa.usda.gov/financialsecurity.cfm
• Volunteer Income Tax Assistance (VITA) and Tax Counseling for
the Elderly (TCE) programs http://irs.treasury.gov/freetaxprep/
o Offers free tax help to people who make $50,000 or less and
need assistance in preparing their own tax returns.
• Department of Labor (DOL)
o http://www.dol.gov/ebsa/savingmatters.html
State & Local Agencies for Veterans not on
Installations
• Search words such as state financial literacy and education, state
financial counseling, or state credit counseling. Look for results with
state agencies, and non-profits that don’t charge/make promises.
• Utilize MilitaryOne Source who may have contacts.
http://www.militaryonesource.mil/counseling?content_id=267031
• National Financial Education Network Database for State & Local
Governments http://www.flecnationalnetwork.org/
• Washington State Department of Financial Institutions (Financial
Education & Literacy)
http://www.dfi.wa.gov/consumers/campaigns.htm
State & Local Agencies for Veterans not on
Installations
• Ohio Department of Education
http://education.ohio.gov/Topics/Academic-Content-
Standards/Financial-Literacy
• U.S. Department of Justice
http://www.justice.gov/ust/eo/bapcpa/ccde/cc_approved.htm
• State Attorney General Office/State Office of Consumer Affairs
o www.naag.org or http://www.naag.org/current-attorneys-
general.php
Financial Education for Military/Veteran’s
Children not near a military installations
• Education/Colleges programs and extension offices. Search
words such as financial education. Look for appropriate
resources that don’t charge such as state agencies, non-profits,
and college extension offices.
• http://www.k-state.edu/pfc/
• http://www.hdfs.hs.iastate.edu/fcc/
Question
• What is SCRA & MLA
and can you list some of
the financial protections
that a Servicemember
should know and seek
legal advice on?
Servicemembers Civil Relief Act (SCRA) they need to know!
https://www.dmdc.osd.mil/appj/scra/ and
http://www.occ.gov/topics/consumer-protection/servicemembers-
civil-relief-act/index-service-members-civil-relief-act.html
• Starts the day they enter active duty and expires 180 days
after release.
• Reducing the rate of interest for debts incurred before entering
active duty to 6%.
• Covers rental agreements, security deposits, prepaid rent,
eviction, installment contracts, mortgage interest contracts,
mortgage foreclosure, civilian judicial proceedings, auto leases,
repossessions of property, life insurance health insurance and
income tax payments.
• Uniformed Service Employment and Reemployment Rights Act
(ACT), Voting, and more.
MILITARY LENDING ACT • Lenders should check the database
https://www.dmdc.osd.mil/appj/mla/index.jsp
• Consumer Financial Protection Bureau
http://www.consumerfinance.gov/askcfpb/search?selected_fac
ets=tag_exact%3AMilitary+Lending+Act
http://www.consumerfed.org/pdfs/CFPB+MLA_2011.pdf
• Other source for information
http://www.fdic.gov/regulations/compliance/manual/pdf/V-
12.1.pdf
http://www.consumer.ftc.gov/articles/0097-payday-loans
http://marines.mil/unit/judeadvocate
http://justice.gov
•
Contact any military installation and
ask for the Personal Financial
Management program for more
information. Within the USMC it is
the Manpower & Reserves Affairs,
Marine & Family Programs Division of
the Marine Corps Community
Services.
Do a web search on “USMC Manpower PFMP”
or
https://www.manpower.usmc.mil/portal/page/portal/M_RA_H
OME/MF/D_Personal%20and%20Professional%20Developme
nt/C_PFMP
Thank you and your
family for your service!