Readout of Military Family Financial Readiness Coalition 2023 Q3 Meeting

July is Military Consumer 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 on July 12, 2023 to share timely financial programs and resources.

dod finred updates

Mr. Andrew Cohen, Director of Financial Readiness in the Office of the Deputy Assistant Secretary of Defense for Military Personnel Policy provided a status update on current DoD FINRED policies and programs that meet the financial literacy training and preparedness needs of service members and their families.

• Military Consumer Month: Join the Department of Defense, the Federal Trade Commission, and the Consumer Financial Protection Bureau in educating service members and families about consumer scams and protections while staying in control of their financial well-being with this media kit.
• Student loan return to repayment: The Department of Education is working to update information and share new rules with borrowers.
  • For borrowers who were in repayment before and are going to resume payments, visit StudentAid.gov/restart.
  •  For borrowers who haven’t made a payment before, visit StudentAid.gov/firstpayment
  • Information about the new income-driven repayment plan may be found at StudentAid.gov/save.
• DoD digital assets curriculum: Released in May, DoD’s Beyond the Touchpoints Curriculum includes ‘train the trainer’ information, overview of crypto assets (risks, tax implications), home buying information, and more.
• Dependent Care Flexible Spending Accounts (DCFSA): DoD is continuing to develop their implementation plan for DCFSA, with plans to release information for families on August 1, 2023. Learn more about current benefits.
• Basic Needs Allowance (BNA): The BNA was implemented in January 2023. Eligibility requirements will soon expand from those whose gross household income falls below 130% of federal poverty guidelines to 150% of federal poverty guidelines.

Blended Retirement System & Veterans Guides

The Defense Credit Union Council (DCUC) has announced two publications to help military, veterans, and their families achieve financial well-being:

• Soon-to-be-released full update to their Veterans Guide
• A Spanish version of the popular Blended Retirement System Guide

Find these guides and more at DCUC’s Financial Education Publications.

background

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

To learn more about joining the coalition, recommend a discussion topic, or submit a presentation request, contact Derek Doyle at doyle@mfan.org.