Weekly Coffee Break: Roundup of Industry News
Every week, we’ll share a roundup of industry news and fun links because these resources have informed, entertained, and inspired us.
Here’s our weekly roundup of industry news:
How Teachers Are Bringing Financial Literacy Lessons to the Classroom – Millions of Americans don’t understand the basics of budgeting or saving for the future. Some kids get money lessons at home, but many parents lack financial knowledge or confidence themselves. Junior Achievement’s 2015 Teens and Personal Finance Survey sponsored by the Allstate Foundation found that millennial parents, ages 18-34, are the least confident about explaining money management to their kids, many of whom are currently in lower grades.
Credit Unions Bridge College Funding Gap – The volume of private student loans has grown more than four-fold in the last seven years as students struggle to bridge the widening gap between college costs and federal loans. The average yearly cost of attending a public four-year college was $18,110 from 2013 to 2014, nearly double the cost of tuition, fees, and room and board 20 years earlier after adjusting for inflation, according to the U.S. Department of Education.
Consumers face stiff challenges to saving – Americans want to save money, and are trying to save money. But a new survey from the Certified Financial Planner Board of Standards, Inc. (CFP Board) shows consumers are having a hard time putting money away, even though they are increasingly optimistic about the future. The challenges may sound familiar. Mounting credit card bills, staggering student loan debt, payments on a new car that may stretch six or seven years into the future, and the day-to-day needs of a growing family.
Four ways to support your community’s fight against elder financial exploitation – Financial exploitation robs millions of older people of their money and property every year. To prevent and respond to the crisis of elder financial exploitation, people are working together in hundreds of communities across our nation. These networks of people bring together, among others, community volunteers, local law enforcement, social workers, health care and legal professionals, banks and credit unions, government agencies, and accountants. Networks combat financial exploitation through different activities. Many are educating their community, training professionals, coordinating efforts between agencies, and reviewing cases of financial exploitation.
Fannie, Freddie Bring Mortgage Application into Digital Age – New specifications for Fannie Mae and Freddie Mac’s common mortgage application unveiled Tuesday add data points and remove obsolete questions, as well as include additional capabilities to promote digital mortgage workflows. The completely redesigned Uniform Residential Loan Application — commonly referred to as the Fannie Mae Form 1003 or Freddie Mac Form 65 — won’t be effective until Jan. 1, 2018, the same implementation date for collecting expanded demographic information under the Home Mortgage Disclosure Act.
Consumers Fill Their Plates with Self-Service #Banking Options – Instant gratification is a must in today’s “need it now” society. Consumers continuously seek out new, different ways to get what they want when they want it. That mentality even influences consumers’ banking behaviors. A recent survey from Mercator Advisory Group found consumer preference for self-service banking options is on the rise. Of the 3,000 U.S. adults surveyed, 57 percent said they preferred to deposit higher-value checks through a teller rather than a mobile remote deposit. Although this preference still represents the majority of those surveyed, it has steadily declined since 2012 when 68 percent would opt to deposit $1,000 checks with a teller.