Readout of Military Family Financial Readiness Coalition 2022 Q4 Meeting

October is National Financial Planning Month. Remaining true to our commitment to support the financial well-being of military and veteran families, the Military Family Financial Readiness Coalition (MFFRC) convened earlier this month to share timely financial programs and resources.

Buy now, pay later

Buy Now, Pay Later (BNPL) is a form of credit that allows a consumer to split a retail transaction into smaller, interest-free installments and repay over time.

A financial and program analyst at Consumer Financial Protection Bureau (CFPB) shared findings from a recent report titled, “Buy Now, Pay Later: Market Trends and Consumer Impacts,” highlighting many of the military community’s financial protection issues.

The report identifies several competitive benefits of BNPL loans over legacy credit products. It also outlines three categories of potential consumer risks: discrete consumer harms, data harvesting, and borrower overextension. Read the full CFPB report here.

public service loan forgiveness

Staff from the White House’s Executive Office of the President explained Public Service Loan Forgiveness (PSLF), a federal program designed to encourage students to enter careers like teaching, government, nursing, public interest law, and the military.

• The limited-time PSLF waiver allows borrowers to receive credit for past periods of repayment that would otherwise not qualify.
• The deadline to apply for this opportunity ends on October 31, 2022.
• Learn about the time-limited changes and how to apply at pslf.gov.

The State of Military family finances

MFAN is working alongside First Command Financial Services — an organization that coaches, educates, and provides resources for military and veteran families as they pursue financial security — to assess the military and veteran family financial readiness landscape. Participating MFFRC organizations will submit published research findings on military and veteran family financial readiness for MFAN to conduct a comprehensive literature review.

#getbanked

The Federal Deposit Insurance Corporation (FDIC) is working to help the more than 7 million U.S. households without a bank account put their money in an FDIC-insured bank account. The #GetBanked initiative aims to equip unbanked Americans with the education and tools to achieve financial safety and overall peace of mind.

Read more on the top reasons to get started here.

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Funded by Wells Fargo, the MFFRC consists of more than 60 public and private organizations with a vested interest in the financial wellness and stability of military families.

Interested in learning more or joining our work? Contact Derek Doyle at doyle@mfan.org.