FUNDAMENTALS OF FINANCIAL RESOURCES A GUIDE TO CONNECTING SERVICE MEMBERS TO FINANCIAL ASSISTANCE Kelley Faulk Education & Career Specialist Personal Financial Management Program Manager HQ USMC

Statistics #1 Reason for clearances being denied or revoked. #2 Concern behind career concerns. Current economy: Housing concerns, student loan defaults, unemployment, downsizing of services

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. Be careful even when company representatives say I use to be in the service, Im here to help. We need to help them prepare their finances prior to transitioning to the civilian economic environment.

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 and DoD Directive 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) Defense Federal Credit Unions and Banks (On- Installation Financial Institutions) Non-profits with Memorandum of Understanding/Agreement DOD Partner 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 services 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:

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 National Association of Federal Credit Unions

Service Societies Air Force Aid Society (AFAS) Navy-Marine Corps Relief Society (NMCRS) Army Emergency Relief (AER) Coast Guard Mutual Assistance (CGMA) o Private non-profit organizations o Worldwide emergency assistance o Education assistance programs o Interest-Free loans and grants o Scholarships and interest-free loans for education o Counseling Military One Source Army Gold-Financial Education ame/default.aspx

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) 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.

SECNAVINST Consumer Counseling Credit Service (CCCS) SECNAVINST 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 DODs Partner list.

Sources if the PFM/CFS can not assist or the service member wants to go off base: Official Partners with MOUs Benevolent Organizations Government Agencies

Official Partners (VIA MOU) FINRA Investor Education Foundation o Credit Reports/Scores Council of Better Business Bureaus o Company reviews, ratings, data collection, complaint and dispute resolution. o Financial education, outreach, information, free consumer guides. Consumer Federation of America o Disseminates information on consumer issues.

Official Partners (VIA MOU) Military Saves facebook and twitterwww.militarysaves.org o Social marketing campaign to save for all ages Institute of Consumer Financial Education o Online financial education: budgeting, children & money, credit card tips, credit file correction, identity theft, and quizzes. Jump$Start Coalition for Financial Literacy o National Coalition of organizations for financial literacy o Kindergarten through college-age youth Freddie Mac InCharge Institute of America

Official Partners (VIA MOU) National Endowment for Financial Education o Smart About Money -Major life events, economic survival tips, taxes, goals, tools, articles, and more. o MyRetirementPaycheck -Explore Retirement Decisions o Spendster -NEFEs YouTube like community on financial stories

Official Partners (VIA MOU) InCharge Institute of America 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 o Information for spouses that want to become financial educators (FINRA Financial Counselor Fellowship) o Links to other financial assistance o Military Spouse Scholarships

Official Partners (VIA MOU) North American Securities Administrators Association o Variety of online investor education resources (investing, saving, retirement planning) for all ages to avoid scams, frauds and invest with confidence. Freddie Mac 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

Benevolent Organizations Association of Military Banks of America Employee Benefit Research Institute o Higher level of education o Choose to Save -Free saving tools, Magic of Compounding, Saving, Retirement National Foundation for Credit Counseling 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 that offer financial education? Question?

Government Agencies Thrift Savings Board o Investment plan for military members. DoD Savings Deposit Program o Can deposit designatd combat zone pay up to $10,000 and earn 10%. USMC permits early registration. Federal Citizen Information Center o Blogs on different topics include finance o Kids.gov o Publications.usa.gov for money topics

Government Agencies Consumer Financial Protection Bureau o Mortgages, Student Debt, Credit Card, consumer financial products, complaints and more. Federal Deposits Insurance Corporation o Consumer Protections include: Financial Education & Literacy, Banking, Loans & Mortgages, Small Business, Fraud and more Federal Reserve Board o Consumer Information from bank accounts, leasing, personal finance, calculators, building wealth, and more

Government Agencies Federal Trade Commission o Consumer protections and educational material on economics Securities and Exchange Commission o Higher level education: Identity Theft Flags, and Seeking Small Business Input o Investor.gov Department of the Treasury o Higher level financial information (Tax, Bonds, Securities, Housing struggles, etc)

Government Agencies US Department of Agriculture o University extension offices o Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs 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 Savings Matters materials

Question What is SCRA and can you list some of its financial protections that a Servicemember should know and seek legal advice on?

Servicemembers Civil Relief Act (SCRA) they need to know! 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.

Q&A Dont forget the survey.