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Department of Defense Update Personal Financial Readiness Dave Julian Director OSD Office of Personal Finance Mili

Topics. DoD LeadershipStatus of the ForcePrograms

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Department of Defense Update Personal Financial Readiness Dave Julian Director OSD Office of Personal Finance Mili

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    1. Department of Defense Update Personal Financial Readiness Dave Julian Director OSD Office of Personal Finance Military Community and Family Policy

    2. Topics DoD Leadership Status of the Force Programs & Resources Military Lending Act/DoD Regulation Status Homeowners Assistance Program Status Key Issues/Consumer Protection Questions

    6. Financial Issues Budgeting Debt Management Savings Credit

    7. The Pillars of Personal Financial Readiness

    10. Military OneSource Financial Services Financial Counseling, Planning, and Tax Consultations On-line Tax Filing (Federal and State) Referrals Educational materials and calculators Free “wellness resources” (Morningstar) Single Service Member podcast series

    11. Network of Financial Professionals Part of Military Family Life Consultant (MFLC) Program AFC, CFP® and/or ChFC certified Briefings, one-on-one counseling, education & training 900+ in network On-demand, surge, rotational assignments Pre-/Post-deployment, reintegration, Yellow Ribbon Rotations: 30-, 60-, 90-day assignments Joint Family Support Assistance Program (37) Role: Support the installation PFM and the Reserve Component unit

    15. Other Key Issues DoD Policy & Awareness (Financial Education) DODI 1344.07 - Personal Commercial Solicitation on DoD Installations DoD 7000.14R Financial Management Regulation (Vol 5, Ch 34) Service Member’s Group Life Insurance (SGLI) Bloomberg News July 2010 article VA, NY AG coordinating investigations of Prudential Securities Issues: education, interest rates, “check books” Military Saves Week/Campaign Participation down for 2010 Military Saves Week 2011: 20-27 Feb 2011. Focus on the “Saver’s Pledge” Website will feature new tools

    16. Other Key Issues (cont’d) Auto Sales and Financing & the Military Pivotal issue: Dodd-Frank Wall Street Reform & Consumer Protection Act DoD responded to numerous Hill requests for data Informal, non-scientific surveys showed some harmful practices encountered Roundtable discussion with Treasury Secretary Geithner Auto industry received exemption from Federal oversight (CFPB) Key industry interaction: The National Auto Dealers Association (NADA)/American Financial Services Association (AFSA) Executive Forum panel The National Independent Auto Dealers Association (NIADA) meeting

    17. How Military Banks Can Help Continue to provide world-class services to troops/families: Low cost products Remain accessible Continue to be proactive in providing educational services: Installation/unit leadership is the key Know your installation Personal Financial Manager Make appropriate referrals (Military One Source, other partner resources) Military Spouse Fellow Program volunteers: Program co-sponsored by NMFA, AFCPE, and FINRA Practicum hour support to achieve Accredited Financial Counselor certification Hours conducted at on-installation financial institutions are creditable! Spouses can provide no-cost assistance (win-win)

    18. Thank you for your support of our Service members and families!

    19. Questions? Dave Julian Director, Office of Personal Finance David.julian@osd.mil 703-588-0048

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