Washington Governor Signs Bill Incorporating Financial Education into K-12 Standards

On May 8, 2015, Washington Governor Jay Inslee signed into law Substitute Senate Bill 5202, making Washington State one of only 20 other states requiring financial education incorporation into existing K-12 learning requirements.

Originally sponsored by Senators Mullet, Fain, Litzow, Billig, Frockt, Keiser, and Habib, the bill – now Chapter 211, Laws of 2015 – also authorizes the Financial Education Public Private Partnership (FEPPP), chaired by Representative Sharon Tomiko Santos, to “seek federal and private funds to support the school districts in providing access to the materials listed pursuant to section 4(1) of this act, as well as related professional development opportunities for certificated staff.”

“It’s so important that our children receive integrated financial education in their classrooms,” DFI Director Scott Jarvis said. “Having financial education from an early age provides a solid foundation to help them make smart money choices throughout their lives – it’s one of the reasons why DFI is supporting a financial education pilot program in daycare pre-schools this year."

View Bill Details

FINRA Foundation-Funded Study Documents Effectiveness of State Financial Education Mandates

A FINRA Investor Education Foundation-funded study released today examines the effectiveness of state mandates on financial education for high-school students, documenting notable improvements in credit outcomes for young adults who were exposed to rigorous programs.

The study selected three states that mandated financial education in high schools after the year 2000 (Georgia, Idaho and Texas) and compared the change in credit outcomes for young adults in those states with young adults in adjacent control states where no state-mandated financial education was implemented.

The study found that three years after implementing a financial education mandate, all three states saw significantly increased credit scores, and young adults in all three states had lower delinquency rates on credit accounts.

• Credit scores improved by 11 points in Georgia, 16 points in Idaho and 32 points in Texas.
• These gains translate into a 2 percent, 3 percent and 5 percent increase in credit scores in Georgia, Idaho and Texas, respectively.
• Three years after the states implemented their financial education mandate, 90-day delinquency rates on credit accounts decreased in all three states.
• Texas had the largest decrease in delinquency rate—a 6 percentage point drop, which translates to a relative decrease in delinquency rate of 33 percent.

For full details check out the study linked below.

State Financial Education Mandates: It's All in the Implementation (pdf)

KOMO Story: Most Internet Lenders Are Illegal

Here's a good reminder to work with licensed lenders.

KOMO TV recently ran a story on internet lenders operating illegally in Washington state. Footage below.

DFI's Guide to Smart Holiday Shopping

Just in time for the holiday shopping season, DFI has released a guide to smart holiday shopping.

The holidays can get quite chaotic and during this time of year it's extremely important to stay on top of your finances to avoid debt and fraud. Check out our guide for tips on how to

• protect your purchases
• avoid fraud
• avoid debt
• and more

View the guide online at http://www.dfi.wa.gov/consumers/holiday-guide.htm

Financial Education Materials for Libraries

The Consumer Financial Protection Bureau (CFPB) recently launched an initiative to put free financial education materials into community libraries.

The initiative started over a year ago by gathering feedback from a group of librarians. The number of libraries that wanted to participate quickly swelled to over 100 library systems. These 100 systems have more than 450 branches and receive more than 76 million visits a year.

Website with Resources
As part of the initiative, the CFPB has developed a webpage where librarians can obtain program ideas, online resources, and free government publications.

You can access the resources at http://www.consumerfinance.gov/library-resources/

Learn More
If you’re a librarian and interested in learning more, contact the CFPB at financialeducation@cfpb.gov

DFI Releases Annual Top Threats Facing Investors List

The Washington State Department of Financial Institutions (DFI) and the North American Securities Administrators Association (NASAA) released their annual list of scams likely to trap investors.

Regulators are seeing classic threats to investors morph into new or altered dangers, many fueled by the Internet. Overarching all of these threats are unlicensed agents selling unregistered products to unsuspecting investors.

View the Investment Threats List

Consumer Financial Protection Bureau Seeking Organizations to Host Financial Coaches

Last year, the Consumer Financial Protection Bureau (CFPB) announced an initiative to place trained financial coaches in organizations across the country.

The financial coaches will provide coaching to consumers, including veterans and those who are low-income or economically vulnerable.

The CFPB has contracted with the Armed Forces Services Corporation (AFSC) to run the initiative.
AFSC is looking for 20 organizations, in geographically diverse locations across the country that serve economically vulnerable consumers, to host financial coaches.

Washington organizations are encouraged to check out the criteria to see if their organization or one in their community might be the right fit.

Application submissions are due October 15, 2014.

For more information, visit http://financialcoachingservices.com/

Experian Announces Scholarships for First Time Jump$tart National Conference Attendees

Experian is offering 20 scholarships for PreK-12th grade classroom teachers to attend the Jump$tart National Educator Conference in Los Angeles, November 8-10, 2014.

The scholarship covers your registration fee of $425, which includes full participation in the conference, all conference meals and receptions, and two nights in a private room at the Omni Hotel at California Plaza.

Please note that teachers (or their schools) are responsible for transportation, incidental, and optional costs.

How to Apply for Scholarship (pdf)

Jump$tart Washington Scholarships Deadline Tomorrow
Jump$tart Washington is also sponsoring 3 Washington teachers to attend the conference. The deadline to apply is tomorrow.

For more information see our previous blog post.

Risks of Buying, Trading, and Investing in Bitcoin and Virtual Currencies

Today, we issued an alert regarding the risks of buying, trading, and investing in virtual currencies such as Bitcoin.

It’s nearly impossible to read the business section of the newspaper without seeing stories about Bitcoin.

As Congress and regulatory agencies determine whether to or how best to oversee the virtual currency market, it is wise for consumers to consider the risks of holding virtual currencies for investment or as a currency.

View our full alert for things you should consider before buying virtual currency.

Alert: Risks of Buying, Trading, and Investing in Virtual Currencies

How to Spot Credit Fraud – Steps You Can Take

It’s National Consumer Protection Week, a coordinated campaign that encourages consumers to take steps to protect themselves from fraud and make better-informed decisions.

You can learn more about the Washington State Department of Financial Institutions’ consumer protection efforts by visiting our website at www.dfi.wa.gov.

With the recent Target security breach, many consumers have asked us what steps they can take to spot credit fraud. Below are three simple steps everyone should take to help protect their bank, credit, and personal information.

Spotting Credit Fraud – Steps You Can Take

1) Check Your Account Statements Frequently
Check your bank and credit card account statements frequently. Make sure that all charges look right and note any charges that appear fraudulent. If there is a charge on your account that you don’t recognize, notify your financial institution right away.

2) Review Your Credit Report
You are entitled to one free credit report a year via www.annualcreditreport.com. Review your credit report to make sure there is no unauthorized activity. If there is, notify the credit reporting agency right away.

3) Sign Up for Alert Services
Many financial institutions offer alert services these days that notify you of account activity such as large balance transfers and even when your password has been changed. Signing up for these free services is another way you can protect yourself.

American Winter Documentary Showing - February 25 in Olympia

Join the Financial Empowerment Network|Seattle King County, Pierce County Foreclosure Prevention Roundtable, the Office of the Attorney General, Columbia Legal Services, Seattle University School of Law Foreclosure Mediation & Outreach Project, and the Washington State Department of Financial Institutions for a free showing of ‘American Winter. on Tuesday, February 25, 2014 in Olympia.

The documentary by Emmy-award winning filmmakers Joe and Harry Gantz follows the personal stories of Oregon families struggling in the wake of the recession.

What: American Winter is a documentary that highlights the personal stories of 8 northwest families struggling with the effects of the great recession including homelessness, job loss, illness, and foreclosure. The screening is intended to raise awareness that foreclosure is still an ongoing problem in WA state, highlight what WA is doing about it, warn audience members about foreclosure rescue scams, and connect audience members to resources.

Where: Capitol Theater, 206 5th Ave SE, Olympia, WA 98501

When: Tuesday, February 25, 2014, Doors Open at 5:30, Screening starts at 6 p.m. with Special Guest Representative Tina Orwall, prime sponsor of the Foreclosure Fairness Act. Followed by an audience Q&A with a panel of experts.

Cost: FREE, but registration is required.

Registration: Get your tickets today at http://americanwinterolympia.eventbrite.com

Seattle Financial Empowerment Centers Open

Seattle residents looking for one-on-one financial help may not need to go far.

Financial Empowerment Centers have opened around Seattle to assist residents with their finances.

A Financial Empowerment Center provides free, professional, one-on-one financial education, counseling, and coaching to help people to become financially stable.

Visitors to a Financial Empowerment Center can work one-on-one with a Financial Counselor to:

• Open a safe and affordable bank account
• Establish or improve your credit score
• Decrease debt
• Increase savings

The Financial Empowerment Centers were able to open thanks to a $1.8 million grant from The Paul G. Allen Family Foundation. The unique public-private partnership will be a collaboration between The Paul G. Allen Family Foundation, City of Seattle, and the Seattle-based nonprofit Neighborhood House.

 

More Information about Seattle Financial Empowerment Centers

Participate in Money Smart Week Washington 2014

The Jump$tart Washington Coalition — a non-profit coalition dedicated to financial literacy for K-12 children — is sponsoring Washington Money Smart Week® April 5-12.

Money Smart Week® is a public awareness campaign designed to help consumers better manage their personal finances. This is achieved through the collaboration and coordinated effort of organizations including businesses, financial institutions, schools, libraries, not-for-profits, government agencies and the media. These groups come together once a year to stress the importance of financial literacy, inform consumers about where they can get help and provide free educational seminars and activities throughout the week.

Become a Money Smart Week Partner
We hope you will consider becoming a Washington Money Smart Week partner by registering at http://www.moneysmartweekpartners.org/registration.

Register Your Money Smart Week Events
Once you’ve registered, please add your already scheduled (or scheduled specifically for Money Smart Week) financial education events to the Money Smart Week 2014 calendar https://chicagofed.org/applications/msw_calendar/public.htm?campaign=14.

For More Information
For more information, please contact Jump$tart Washington Coalition President Amy O’Donnell at Amy O’Donnell at aodonnell@wscpa.org or 425-586-1140 or VP Lyn Peters at lyn.peters@dfi.wa.gov or 360-902-8731.

Safety Tips for Shopping Online

The holiday shopping season has begun and chances are you will be making some purchases online. It’s important that before clicking the buy button you have taken a few steps to protect your money and your information.

Here are some tips on how you can shop safely online this year.

• Update and Run Your Anti-Virus Software Before Shopping
  If you’re going to be shopping online this holiday season, update and run your anti-virus software. Doing so helps protect your information and credit card numbers from being stolen by hackers.
• Check the Sellers Reputation
  If you’re buying from someone you have never done business with before, check their reputation first. Read reviews from other buyers and make sure they are a legitimate seller/company. A little leg work can save you headaches later on.
• Do Not Handle Transactions via Email
  Never email credit card or other financial/sensitive information.
• Do Not Pay for Items on Public Computers or Public Wireless
  Public computers may contain malicious software that steals your credit card information when you place your order. Criminals may be monitoring public wireless for credit card numbers and other confidential information.
• Review Shipping, Returns, and Warranties Policies
  Before buying, review the shipping, product returns, and warranties policies to make sure you are comfortable with them.
• Print and Save Your Proof of Purchase
  Once you have bought your items, print and file all receipts. Keeping good documentation is important in case something goes wrong with your order.
• Review Account Statements to Make Sure Charges Are Accurate
  After you make your purchases, review your bank and credit statements to make sure you were charged the correct amount. If there are any errors, dispute it with the seller and your bank right away.

How You Can Give Safely to Typhoon Haiyan Charities

Warnings of charity scams related to Typhoon Haiyan are already making the rounds. That’s because scam artists are notorious for using the latest headlines to try and steal your money. Here are tips on how can give wisely to charities and help prevent fraud.

Before You Give:

• Verify Unsolicited Donation Requests
  You are likely to receive donation requests through Facebook, Twitter, email, and even phone calls. Some of these are legit, some are not. Before giving, do your research. Make sure the charity is registered with the Washington State Secretary of State by visiting www.sos.wa.gov/charities or calling (800) 332-GIVE.
• Be Cautious When Clicking Links in Email, Facebook, and Twitter
  If you receive a link in an email, Facebook post, or Twitter post asking you to donate, be careful when clicking the link. Fraudulent links can be designed to install viruses or take you to an official looking website designed to steal your money.
  
  Make sure the message and link is authentic before clicking on it. Better yet, visit the organization’s website or Facebook page directly instead of clicking the link contained in an email, Facebook, or Twitter post.
• Donate Only to the Official Website
  If you decide to donate to a charity, make sure that you are donating to the official website. A little research can protect you from a scam, as fraudsters have been known to set up fake websites. Again, instead of clicking links, visit the official website directly.
• Give Over the Phone with Caution
  You should also be on guard when receiving requests via the phone. Again, scammers can spoof the phone number that comes in via caller id to look official. If you are interested in donating via phone, say you will call the official organization phone number listed on the organizations website and then hang up.

Ways to Help
If you are looking for ways to help visit the White House’s website at www.whitehouse.gov/typhoon.

File a Complaint
If you have a complaint against a charity or would like to report fraud, contact the Washington State Office of the Attorney General at www.atg.wa.gov.

Scholarships Available To Companies for Workplace Financial Education Program

The Investor Protection Institute and Investor Protection Trust are giving scholarships to 300 organizations to provide financial education for up to 250 employees.

The scholarships are part of the 2014 Financial Fitness Challenge, an online training program that allows employers to help their employees increase their financial and investment knowledge.

Staples, the American Bar Association, and Barnes Foundation are some of the first companies to benefit from the scholarships.

The deadline to apply for a scholarship is December 20, 2013.

For more details about the program and scholarships, visit www.ffcwebinar.com or call 1-88-345-1285.

Spokane Military Financial Fitness Night – Sat. Nov. 2

The Washington Financial Alliance is sponsoring a free military family financial fitness night on Saturday, November 2 in Spokane. The evening will feature educational workshops about managing finances, preparing for your future, and more.

Saturday, Nov. 2, 2013
1700-2200
Location: American Red Cross
315 Nora Ave. Spokane

Register to attend online at http://ewamilitaryfamilyfinancialfitness.eventbrite.com 

Workshops include:

• Saving for College
• Retirement/Transition
• Credit
• Disaster Preparedness
• Identity Theft
• Media/Internet scams
• Budgeting
• Youth Money Smarts (ages 5+)

After the workshops, enjoy a free dinner provided by Chase Bank.

Questions? Contact: Angela Traina with Army OneSource at Angela.Traina@serco-na.com

Council for Economic Education Launches Common Core Alignment Tool

The Council for Economic Education (CEE) announced last week that is has launched a Common Core Alignment Tool for educators.

Over 400 CEE lessons, designed for K-12 students at varying grades and competency levels, have been aligned with the standards, giving teachers access to a content-rich pool of classroom resources.  The online tool helps educators find the right lessons or resources for their classroom.

The Common Core Alignment Tool can be found at http://www.councilforeconed.org/resource/common-core-state-standards-standards/ .

Beware of Stock Email Scams

The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) recently issued a warning to investors about a sharp increase in emails linked to "pump-and-dump" stock schemes. These scams are also showing up on Facebook, Twitter, and chat rooms.

A pump-and-dump scheme is a scam that attempts to boost the price of a stock through recommendations based on false or greatly exaggerated statements

Pump-and-dump promoters frequently claim to have "inside" information about an impending development. Others may say they use an "infallible" system that uses a combination of economic and stock market data to pick stocks. 

These scams are the inbox equivalent of a boiler room sales operation, hounding investors with potentially false information about a company.

The investor alert covers how these scams and work and what you can do to protect yourself.

Investor Alert: Don’t Trade on Pump-And-Dump Stock Emails

Spokane Military Financial Night - Postponed Until November 2nd

The military financial night scheduled for July 13 has been postponed until November 2nd. Sorry for the inconvenience.

The Washington Financial Alliance is inviting Spokane area military families to join them for an afternoon of free financial education workshops on Saturday, November 2, 2013.

Saturday, November 2, 2013
2:00 pm – 6:00 pm
Location: American Red Cross - 315 Nora Ave. Spokane

Topics covered include:

• Saving for College
• Retirement/ Transition
• Credit
• Disaster Preparedness
• Identity Theft
• Media/ Internet scams
• Budgeting
• Youth Money Smarts (ages 5+)

Register to Attend
Register to attend online at http://ewamilitaryfamilyfinancialfitness.eventbrite.com/.

Free Dinner

After the workshops, enjoy a free dinner, graciously provided by Chase Bank!

Questions?

Contact: Angela Traina with Army OneSource at Angela.Traina@serco-na.com