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USC 992 mandates a consumer education program for members of the military (and implying
the inclusion of their families) that informs them of the financial services available
under law; financial services that are routinely offered by private sector sources;
practices relating to the marketing of private sector financial services; such other
matters relating to financial services available to include the marketing of financial
services; and other such financial practices as the Defense Department and services
consider appropriate.
Financial services, as referred to in the law, are defined as life insurance, casualty
insurance, and other insurance; investments in securities or financial instruments;
banking, credit, loans, deferred payment plans, and mortgages.
Chief, National Guard Bureau, in an All-States Letter, established a Consumer Education
and Financial Services Program to facilitate a comprehensive array of financial
support tools within the Defense Department. The program has an objective of providing
every Guard member and family member access to services and tools that will help
them obtain and maintain financial health. The program manager is also tasked to
represent NGB to the Defense Department, Departments of the Army and Air Force,
Joint Family Support Assistance Program, Military OneSource, and state National
Guard Associations for consumer education and financial services matters.
Vision:
To provide awareness of financial management resources available to National Guard
members and families—financial readiness = mission readiness.
Mission:
Using a variety of media, the National Guard Financial Management Awareness Program
aims to ensure National Guard members and their families have at least a basic awareness
of easily accessible resources to help them manage their financial health to ensure
mission readiness.
Program Management:
The National Guard Financial Management Awareness team at National Guard Bureau
includes the Program Manager, Mr. Frank Yoakum, and alternate Program Manager, Mr.
Rick Mumma.
Mr. Yoakum retired from the Army National Guard after 31 years service. He has over
10 years of policy and program management experience. He was a Capitol Hill lobbyist
for over 3 years.
Mr. Mumma retired from the Air National Guard after 25 years service. He specializes
in finance and military pay, and has spent many years of his life working at DFAS.
He knows money.