How
you handle your money has a direct impact on your ability to serve, as your personal
finance record is one of the specific areas for security clearance adjudication.
Over 50% of the security clearance denials in 2007 and 80% of the denials in 2008
and 2009 were due to delinquent debt, bankruptcies and home foreclosures.
Financial distress also impacts your overall resiliency. Over 2/3 of the suicides
documented by the Army have been due to relationship and financial issues.
You can prevent financial distress by implementing the helpful information we offer
on this portal, making sound financial choices, and taking advantage of the free
financial services available to the National Guard community.
How the Financial Reform Law impacts you
Public Law 111-203, the Dodd-Frank Wall Street Reform and Consumer Protection Act,
has many provisions relevant to military members and their families.
- The law restricts prepayment penalties for mortgage loans.
- It authorizes individuals to receive their credit score free annually.
- It establishes the Consumer Financial Protection Bureau, and Office of Service Member
Affairs.
- It mandates consumer financial literacy.
- It requires greater disclosure on credit card accounts and statements.
- It establishes a national consumer complaint hotline.
- It limits at $10 the maximum amount a business may set as a minimum purchase for
credit card use.
- It permanently raises the FDIC limit of protection to $250,000.
- It allows for emergency homeowner loans up to $50,000 to prevent foreclosures.
- It establishes a student loan ombudsman.
The Office of Service Member Affairs is chartered to monitor dealer financing complaints.
It will also educate and empower individuals to make informed decisions about dealer
financial products and services.
Help is available.
The National Guard community can take advantage of financial counseling and planning
services offered by our Partner Organizations, Military OneSource and MNH Government
Services.
Free
Financial Services: Think you may be financially out of shape?
Meet your personal trainers. Learn about the planning and counseling resources available
to Service Members and Families to help them navigate through their Financial Lifecycle.
Military OneSource In-Person Financial Counseling
Military OneSource Telephonic Financial Counseling
Military OneSource Telephonic Financial Planning
MHN Government Services Personal Financial Counselor Program
Go to Free Financial Services