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Volume III, Issue 1
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| NFCC Signs Letter of Agreement with MSN Money for 2007 |
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| MSN Money and the NFCC have signed a Letter of Agreement (LOA) to work together to directly assist consumers with financial education in 2007. |
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On September 12, 2006, MSN Money and the NFCC partnered on “Get Out of Debt Day” where NFCC member agency counselors provided consumers with assistance through several MSN Money message boards. As part of this initiative, NFCC counselors answered hundreds of consumer questions and NFCC agencies received an additional 1,000 calls through the NFCC National Locator Line (Para ayuda en Espanol llama al 1-800-632-9832) on that day. Because of the success of this initiative as well as the NFCC’s national reputation for quality credit counseling and education, MSN Money has asked the NFCC to enter into a partnership to assist its readers through a variety of channels, from providing debt advice information to delivering direct assistance through MSN Money message boards in 2007.
Through the MSN Money Web site, NFCC member agencies will be cited as the place to go for quality financial counseling and education assistance. Reference to the NFCC’s NLL and Web site “to find a certified credit counselor” will be given prominent placement within the MSN Money pages as a resource for their readers (to reach out to a certified counselor near them).
This MSN Money-NFCC LOA also includes two ongoing opportunities that will include participation from NFCC-certified counselors:
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A daily “Ask a Credit Counselor” Message Board to be added to MSN’s current list of message boards on personal finance & investing; and
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A monthly topic-specific Message Board Event (MBE) similar to the September 2006 “Get Out of Debt Day” message boards which will be heavily promoted to the millions of readers of MSN Money.
The “Ask a Credit Counselor” daily Message Board will commence on Monday, February 5 with the first monthly Message Board Event taking place on Tuesday, February 27. The national announcement for this partnership will take place in early February.
This partnership presents the NFCC with a wonderful opportunity to assist many more consumers which we will directly measure through the NLL as well as through the NFCC Web site. It will also certainly raise the visibility of the NFCC and the importance of quality credit counseling, in addition to stressing the importance of NFCC member affiliation.
Look for more exciting information about this partnership in the months ahead. |
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Susan Keating Delivers Keynote at AICCCA Mid-Winter Conference
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NFCC President and CEO Susan C. Keating delivered the keynote presentation on Thursday, January 18 at the Association of Independent Consumer Credit Counseling Agencies’ (AICCCA) 14th Annual Mid-Winter Conference held at the Wyndham Grand Bay Hotel in Miami, Florida. |
Keating’s presentation, entitled, “Common Goals for Nonprofit Credit Counseling Services” addressed why nonprofit credit counseling agencies can benefit from cooperation on common interests and goals and how the sector can be strengthened for better consumer protection.
“The next 18 months will be telling. For those who have had the best interests of consumers in mind, have rigorous standards for service delivery, and are truly and appropriately nonprofit, we have work to do. There are more consumers than ever in need of our services and it is therefore critical that we set common goals and work together with the fundamental objective of improving levels of consumer financial literacy in this country. I offer the following areas for consideration when it comes to setting common goals:
- consumer protection;
- quality standards;
- tracking outcomes; and
- operating efficiencies that improve client service delivery.
Consider these goals as we look at the NFCC’s and AICCCA’s respective missions and the reasons we are in business, but also those whom we serve.”
“… it has been a most interesting time for our sector. Some have lost their way and some have maintained their high standards, while others are making good faith efforts to adjust to the changing regulatory landscape. However, I think we all now better understand the rules of engagement as well as recognize the consumer need for our services.
Our objective to take financial literacy to new heights and create a national culture for financial responsibility is ambitious and will require a very large tent.”
You can read Susan’s full presentation in the Member Services Section of the NFCC Web site. |
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Details are coming together for the upcoming NFCC Spring Meeting being held at the Omni Shoreham Hotel from April 23-25, 2007. As previously announced, there are currently four speakers confirmed including Deanne Loonin from the National Consumer Law Center (NCLC); John Taylor from the National Community Reinvestment Coalition(NCRC); Doug Duncan from the Mortgage Bankers Association(MBA); and James Hudson from the Center for Lobbying in the Public Interest.
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Registration rates and detailed schedule information will become available soon and updates will be posted on the NFCC Web site. In conjunction with the meeting, the NFCC will host its annual Capitol Hill Day on April 25 which will include Hill appointments along with a luncheon where we will recognize the 2007 National Financial Literacy Poster Contest winner.
Please direct questions to Mary Ann Reott at mreott@nfcc.org or at (301) 576-2513. We look forward to seeing you this April in our Nation’s Capital! |
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New Congress, New Agenda
The 110th Congress convened on January 4. The switch to Democratic control has resulted in changes in the leadership of the Senate and the House of Representatives, as well as in all Committee chairs. The agenda for the initial sessions are a variety of social and economic issues. Committees will be formed in the coming weeks. It is unlikely that the 110th Congress will consider additional legislation pertaining to nonprofit credit counseling; however, hearings on a broad array of consumer and credit-related issues are anticipated.
| NFCC Legislative Calls Resume |
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| The NFCC Legislative Coordinating Calls will resume on Wednesday, January 31 at 3:30 p.m. EST. The purpose of calls is to provide NFCC Members with an update on federal and state legislative and regulatory activity. As it affects all NFCC Member Agencies, the NFCC remains active in managing and addressing federal policy. While the NFCC employs a state tracking network and provides support for state legislative and regulatory issues, it relies on the Members doing business in a particular state to be engaged on the issues and to share information and strategies. The strength of the NFCC in the public policy arena comes from NFCC Member Agencies working together and at the local level. Those are the key elements of any successful legislative initiative. |
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| Accordingly, the value of the NFCC Legislative Coordinating Calls is in participation. The Calls are interactive and provide NFCC Members with a forum to exchange information and to call attention specific issues. |
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Binzel |
Experience has shown that a call every other week is sufficient, but Calls may be added to meet the needs of the Members. Likewise, Calls are suspended when there is insufficient legislative activity to warrant a Call.
For more information, contact NFCC Executive Vice President Bill Binzel at wbinzel@nfcc.org. |
Membership Poll on State Legislative Issues
As we prepare for the 2007 state legislative year, the NFCC thought it might be helpful to informally poll the Membership to ensure that potential opportunities and problems were on our radar screen.
For each state in which you operate and expect or desire legislative or regulatory action in 2007, please send an email with the following information to NFCC Executive Vice President Bill Binzel at wbinzel@nfcc.org:
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| Issue: [e.g., “create/amend regulation of debt management”] |
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| Briefly describe the intent of the initiative: [e.g., “enact NCCUSL Uniform Debt Management Act” or “cap DMP monthly fee at $25”] |
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| Your Position: [i.e., “support” or “oppose”] |
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| Timeframe for Action: [when do you expect the issue to arise?] |
Please feel free to include any additional information, such as alliances or coalitions that may be helpful.
| U.S. Senate Holds Hearing on Disclosure Practices of Credit Card Industry |
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The Senate Committee on Banking, Housing, and Urban Affairs held a hearing on January 25, entitled “Examining the Billing, Marketing, and Disclosure Practices of the Credit Card Industry, and Their Impact on Consumers.” Testimony sharply critical of industry practices was provided by two professors, a consumer attorney, and two consumer organizations. Representatives from CapitalOne, Barclays Bank, and JP Morgan Chase also testified. |
Sen. Dodd
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Committee Chairman, Sen. Christopher Dodd (D-CT), said that the hearing was the first in a series of hearings on credit card related issues, and that the credit card industry, issuing banks, and card associations were “on notice” that throughout the 110th Congress, the Committee intended to examine all aspects of their business practices. Read the witness list and the link to their testimony. |
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Susan Keating Addresses Community Leaders in Palm Beach County
On January 17, Susan C. Keating, President and CEO of the National Foundation for Credit Counseling, addressed a luncheon gathering of business and community leaders in the Palm Beach County, Florida area about the state of the credit counseling sector. During the event, hosted by CCCS of Palm Beach County and the Treasure Coast, Keating called for increased emphasis on financial responsibility.
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| Suzanne Boas, left, president of CCCS of Greater Atlanta, welcomes Board of Directors and Florida Advisory Council member Stacy Johnson of MoneyTalks, and NFCC President & CEO Susan C. Keating to a luncheon at CCCS of Palm Beach County. |
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“And I believe the phrase “financial responsibility” should be the new mantra for every American who cares about our national well-being (and, by the way…this probably starts in Washington). Financial instability, unmanageable debts and bankruptcy are huge sources of stress that tear families apart, destroy peoples’ emotional and physical well-being, and deprive children of a sense of security and limit their opportunities.
And it has to start by reaching consumers with financial education before they get into trouble.
I can’t count the number of times I have heard a frustrated agency professional say “if only we could have talked to them sooner.” And, it’s true. Our counselors do phenomenal work. But for far too many of their clients, the best we can do is help them put the pieces together after a financial catastrophe. They would be far better off if they received the proper financial training earlier and, in many cases, avoided the financial wreck in the first place.” |
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Upcoming Meetings and Events
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Jan. 31 |
Legislative Coordinating Call |
Feb. 1 |
Advisory Council Customer Data Security Working Group Meeting |
Feb. 1 |
National Marketing Initiatives Working Group Meeting
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| Feb. 7 |
Advisory Council Process Flow Working Group Meeting |
Feb. 12 |
Membership Committee Meeting
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Feb. 12 |
Quarterly Educators' Call
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| Feb. 14 |
Monitoring and Compliance Committee Meeting |
Feb. 14 |
Legislative Coordinating Call
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Feb. 15 |
Advisory Council Customer Data Security Working Group Meeting |
Feb. 15 |
Outcomes Task Force Meeting
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Feb. 21 |
Finance and Audit Committee Meeting
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Feb. 21 |
Advisory Council Process Flow Working Group Meeting
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Feb. 22 |
Member PR/Communications Call
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Feb. 27 |
NFCC-MSN Money Message Board Event
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Feb. 27 |
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Feb. 28 |
Legislative Coordinating Call
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EOUST Provides Additional Guidance on Education Courses
The NFCC has received additional guidance from the EOUST on the use of online pre-filing counseling and pre-discharge education courses in compliance with BAPCPA. The EOUST has made it clear that in approving an agency to provide either or both of these services online, their intent is to have each client interact substantively with a live counselor before a certificate is issued. At a minimum, the counselor should ensure the client spent a reasonable amount of time in the course and accomplished the online worksheets—particularly the budget worksheets. A certificate should not be issued automatically by the online system but should require counselor interaction prior to issuance.
The NFCC online programs “More Than One Way Out” and “Live a Richer Life” make these live counselor interactions nearly seamless using the administrator function of the online courses. Counselors can see in real time how long a client spent in each section of the program and whether or not the worksheets were completed. To ensure compliance with the EOUST guidance, the NFCC online programs have been modified to prevent a certificate from being issued automatically without the interaction of a counselor. To demo the products, visit the Member Services section of the NFCC Web site.
The NFCC has also been advised that the EOUST will specifically examine the extent of live counselor interaction prior to certificate issuance as a factor in determining whether or not to renew an agency’s status as a provider of bankruptcy counseling or education. |
December Bankruptcy Statistics
The following represents bankruptcy filing statistics for the month of December 2006 and by region of the country. (Source: Data Collected from U.S. Bankruptcy Courts) |
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COA Webinar Offerings
The Council on Accreditation (COA) has just released its 2007 First Quarter Webinars schedule. Through the Webinars, COA will present information on a variety of topics, including but not limited to the following: PQI, Governance, 8th Edition Standards, Site Visits, Self-Studies, and Standards. For more information on the Webinars, please visit COA’s Web site at: http://www.coanet.org/front3/page.cfm?sect=6&cont=4155.
Educators Quarterly Conference Call As previously announced, the NFCC Education Task Force will be hosting the next quarterly education conference call on Monday, February 12, 2007 at 4:00 p.m. ET. The call is designed to provide an interactive channel to share ideas, communicate information about what NFCC member agencies are doing with their education programs, and provide opportunities for your agency educators’ professional development. The February call will focus on teaching financial literacy to the unbanked. A formal agenda for the call along with call-in information will be provided as we get closer to the call. If you have questions about the call, please do not hesitate to contact NFCC Education Task Force Chair Margo Mitchell at mmitchellcccsok@aol.com or Jessica O’Brien at jobrien@nfcc.org.
Counselor Certification Update
We are pleased to announce that we have made further improvements to the counselor certification system by modifying the reporting functions and account detail screen. The new improvements went live on January 15, 2007. In the “NFCC Reports” section of the certification site for managers, we improved existing reports and also added a new report entitled “Grant Report.” In addition, we modified the layout for the “Certification Tracks” information in the individual counselor account detail screen.
We hope that you will find these changes helpful as you manage your counselor accounts. We thank you for your cooperation; many of these changes were a result of your suggestions for improvements and we appreciate the feedback and welcome further comment. If you have questions about the changes, please do not hesitate to contact NFCC Counselor Certification Task Force Chair Margo Mitchell at mmitchellcccsok@aol.com or NFCC Membership Director Jessica O’Brien at jobrien@nfcc.org.
Member Services Web Survey The NFCC is in the processing of revamping the Member Services Section of the NFCC Web site to design it around your needs. We have developed a short Web survey for you to complete. Next time you visit the Member Services Section of the site, please be sure to click on the “Web Survey” link to provide your feedback.
OCC and Financial Literacy
Earlier this month, Comptroller of the Currency John C. Dugan highlighted the importance of financial literacy programs in remarks today for a telephone conference sponsored by the American Bankers Association. "The more your customers know, the more likely it is that they’ll make the choices that are right for them," the Comptroller said. "And the more they know, the less likely it is that they’ll have the kinds of problems that can destroy a customer relationship and damage your reputation in your community. Financial literacy really is a win for everyone involved."
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By George Barany
Consumer Federation of America
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America Saves Week, February 26 - March 4, 2007 is less than a month away and now is the time to reach out and determine activity commitments with partners. There are possible America Saves Weeks being planned and developed in approximately 40 states at various levels and participation. This is so exciting for a pilot and test. We will have many factors to analyze as we prepare for a more significant launch in 2008. And I want to thank and congratulate you as a leader in establishing this new focus on Financial Action to motivate many thousands, and even hundreds of thousands of people to save money, reduce debt, and build wealth.
To ensure that we can accurately determine and announce all that is being planned and implemented, I am asking that you send me an email that describes your America Saves Week in three categories: Activity, Partners, and Goal(s). What we need is simple reporting on what is being planned and what will take place so that we can measure impact. |
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See example:
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Motivational classes will take place before, during, and after Saves week. |
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| Partners: |
Washington Mutual, Fifth Third Bank, Eastern Financial Florida Credit Union, Florida West Coast Credit Union, Pinellas Federal Credit Union, JPMorgan Chase, Tech Data, Hillsborough & Pinellas County Governments, Florida Department of Finance, local IRS, and the Prosperity Campaign of Hillsborough & Pinellas Counties |
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| Goal: |
Enroll 400 Savers |
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| What We Need to Know… |
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1) Are you participating? Yes____ No_____ |
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2) Activity and goal: |
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3) Projected Reach (numbers of people and if possible characterize) |
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4) Partners: list their names |
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| Please send this back by to George Barany, CFA Director of Financial Education at gbarany@consumerfed.org by February 14. |
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2006 Communications Stat Sheet |
| Web Sites |
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Change From 2005 |
| Total Number of Visitors |
1,710,757
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270,995
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BK Report Downloads |
9,800 |
N/A |
| National Locator Line |
| Total Number of Calls |
289,955
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+ 8,059 |
| Online Counseling Reports |
| Total Number of Reports |
25,046
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+ 5,698 |
| NFCC Public Service Announcements |
| Airings reported |
79,829
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N/A |
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| Broadcast Audience |
282,657,732
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N/A |
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| Dollar Value |
$2,421,643
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N/A |
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| NFCC Web Downloads |
5,692 |
N/A |
| Media |
| News Releases Distributed |
40 |
N/A |
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| Media Calls to NFCC |
211 |
N/A |
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| News Media Placements |
583 |
N/A for full year |
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| Audience Impressions |
270,379,905
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N/A for full year |
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National Hits included: ABC World News Tonight, USA Today, CNN, New York Times, Wall Street Journal, National Journal, MSN Money, Dallas Morning News, Bankrate.com, Chicago Sun-Times, NPR, MSNBC, MarketWatch.com, Money, and Newsweek.
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| Total 2006 NFCC Communication Audience Impressions: |
555,073,195 |
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Contact the NFCC Board
Do you have questions or comments about what’s happening at the NFCC? Your Board of Trustees wants to know!
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Michele Johnson, Chair
President & CEO, CCCS of Southern Nevada & Utah (Las Vegas, NV)
michele@cccsnevada.org |
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Dawn Lockhart, Vice Chair
President & CEO, Family Foundations (Jacksonville, FL)
dawnl@familyfoundationsjax.org |
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Richard Tuman, Secretary
President & CEO, CCCS of Mid-Florida, Inc. (Ocala, FL)
rick27@mindspring.com |
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James Kroening, Treasurer
CCCS Director, FamilyMeans Consumer Credit Counseling Service (Stillwater, MN)
jkroening@familymeans.org |
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Suzanne Boas
President & CEO, CCCS of Greater Atlanta
Suzanne.boas@cccsinc.org |
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W. Patrick Boisclair
CEO, CCCS of Middle Georgia
boisclair@cccsmacon.org |
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Mike Cherry
President & CEO, CCCS of Springfield (MO)
mike@cccsoftheozarks.org |
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Charles Deville
Executive Director, Family Service Agency – CCCS (North Little Rock, AR)
cdevillejr@fsainc.org |
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Sandra Dunaway
CCCS Director, CCCS of Mobile (AL)
dunaway@cccsmobile.org |
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Tom Jacobson
President & CEO, CCCS of Montana
tomj@cccsmt.org |
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Michael Kappas
President & CEO, CCCS of Central Ohio
mkappas@cccservices.com |
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Kenneth King
Executive Director, CCCS of Sheboygan (A Division of Family Service Association) (WI)
ken.king@excel.net |
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Donald Leu
President & CEO, CCCS of Nebraska, Inc.
leudal2@hotmail.com |
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Jane McNamara
President & CEO, GreenPath, Inc. (Farmington Hills, MI)
jmcnamara@greenpath.com |
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Margo Mitchell
President & CEO, CCCS of Oklahoma, Inc.
mmitchellcccsok@aol.com |
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Susan C. Keating
President & CEO, NFCC
skeating@nfcc.org |
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NFCC • 801 Roeder Road, Suite 900 • Silver Spring, MD 20910
www.nfcc.org • ©2007 |
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America Saves Week 2007 
