MFFRC Meeting Update – What military families need to know

MFAN’s unique ability to convene key policymakers, public and private organizations, and other stake

holders dedicated to meeting the needs of military families enables us to meet those needs and create a plan of action to solve

 the challenges those families may face in the future. The Military Family Financial Readiness Coalition (MFFRC), convened by MFAN and made possible thanks to Wells Fargo’s generosity and commitment to supporting the military community, is a perfect example of bringing the right people to the table to move the needle on financial readiness for military families at home and overseas. 

The MFFRC held its quarterly meeting on September 15, 2020. The purpose of these meetings is to discuss current issues around military family finances, what each member organization is doing to address those issues, and how coalition members can support one another in their efforts. At Tuesday’s meeting, over 40 attendees shared updates, engaged in the first of many conversations around racial equity in military family finances, and had the opportunity to hear an update from Senator Patty Murray on her efforts help secure

 military family financial security through updates to legislation related to the Blended Retirement System. 

Here are some key highlights we think you should know about: 

• Our colleagues with the Better Business Bureau (BBB) Institute for Marketplace Trust shared information about employment scams and their impact on military consumers. Military spouses and veterans are two groups that often fall victim to these scams but there are things you can do to keep yourself from becoming a victim. You can learn more here about how to protect yourself and others from scammers.  

• Hopefully, you’ve heard about the Social Security payroll tax deferment that is happening September 1 – December 31 of this year, and even more importantly, about how that deferment will have to be paid back next year. DFAS has created a webpage to help answer any questions you might have and will continue to provide updates as they become available.  

• Veterans receiving VA Benefits can now open a free checking account so they can receive direct deposit of their benefits thanks to a partnership between the VA and the Association of Military Banks of America (AMBA). You can learn more about the Veteran Benefits Banking Program through their website and find a bank or credit union near you that is participating in the program. 

 MFAN is grateful to all the members of the MFFRC for their efforts to support military families. We give special thanks to our presenting sponsor, Wells Fargo, for their continued support of the coalition. And we are honored that military families around the globe have trusted us to share their stories and experiences. We remain committed to research that identifies the needs and challenges of military families and to working with our coalition partners to find data-driven solutions to those needs.