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, I’m 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 1342.27
and DoD Directive 1344.7
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 (OnInstallation 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 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)
• Navy and Marine Corps PFM program trains E-6 (Staff
Sergeant-SSgt) and above:
o
o
The E-6 or above must attend a 1
week financial education training
program.
CFSs then assists the command
to establish, organize, administer,
and disseminates financial
management information.
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
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
o
o
o
o
o
Private non-profit organizations
Worldwide emergency assistance
Education assistance programs
Interest-Free loans and grants
Scholarships and interest-free loans for education
Counseling
Military One Source
http://www.militaryonesource.mil/MOS/f?p=MOS:HOME:0::::
Army Gold-Financial Education
http://www.myarmyonesource.com/CommunitiesandMarketplace/FinancialLiteracyG
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 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:
Official Partners with MOUs
Benevolent Organizations
Government Agencies
Official Partners (VIA MOU)
• 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.
Official Partners (VIA MOU)
• 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
Official Partners (VIA MOU)
• National Endowment for Financial Education
www.nefe.org
o
o
o
Smart About Money www.smartaboutmoney.org
- Major life events, economic survival tips, taxes, goals,
tools, articles, and more.
MyRetirementPaycheck www.myretirementpaycheck.org
- Explore Retirement Decisions
Spendster www.spendster.org
- NEFE’s YouTube like community on financial stories
Official Partners (VIA MOU)
• 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
Official Partners (VIA MOU)
• 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
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
Question?
Can you list some
government agencies that
offer financial education?
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
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
• Federal Trade Commission www.ftc.gov
o Consumer protections and educational material on
economics
• Securities and Exchange Commission www.sec.gov
o Higher level education: Identity Theft Flags, and Seeking
Small Business Input
o 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)
http://www.dol.gov/ebsa/savingmatters.html
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
Don’t forget the survey.
Kelley.Faulk@usmc.mil