1. Financial Education and Counseling Services Stephanie Pacinella Standards Development May 2008

2. October 15© Council on Accreditation 2008 All Rights Reserved Financial Education and Counseling (FEC) Purpose Statement Clients who receive Financial Education and Counseling Services learn to solve financial problems and improve personal financial management skills.

3. October 15© Council on Accreditation 2008 All Rights Reserved What are Indicators of Strong FEC Services? Financial Education and Counseling Housing Counseling and Education Provide Clients with Accurate Information Responsible administration of DMPs Accountability to creditors

4. October 15© Council on Accreditation 2008 All Rights Reserved Financial Education and Counseling (FEC) Definition Financial Education and Counseling services provide educational services and programs to assist consumers with money management, budgeting, knowledge of resources needed to acquire housing, and the prudent and intelligent use of credit, and can include services related to housing, bankruptcy, and debt management plans.

5. October 15© Council on Accreditation 2008 All Rights Reserved Financial Education and Counseling (FEC) Section revised since FMDC Manual, published in 2004 New FEC Panel in 2007 Highlights of the Revised FEC Section –FEC 5: Financial Education and Counseling Services –FEC 6: Housing Counseling and Education Services

6. October 15© Council on Accreditation 2008 All Rights Reserved Financial Education and Counseling Notable Revisions FEC 5: Financial Education and Counseling Services –Options to address debt –Money management –Strategies for saving money –Credit reports –Establishing financial goals –Advantages of developing a budget

7. October 15© Council on Accreditation 2008 All Rights Reserved Financial Education and Counseling Notable Revisions FEC 6: Housing Counseling and Education Services 1.Pre-purchase home buying counseling and education 2.Home maintenance counseling and education 3.Mortgage delinquency counseling and education 4.Rental counseling and education 5.Homeless assistance

8. October 15© Council on Accreditation 2008 All Rights Reserved Financial Education and Counseling Notable Revisions Debt Management Plans –FEC 7: Debt Management Plans –FEC 8: Administration of the Debt Management Plan –FEC 9: Responsible Management of Client Funds –FEC 10: Creditor Relations

9. October 15© Council on Accreditation 2008 All Rights Reserved Other Core Concepts Highlights FEC 1: Service Initiation FEC 2: Service Philosophy FEC 3: Information about Services FEC 4: Development of an Action Plan

10. October 15© Council on Accreditation 2008 All Rights Reserved Other Core Concepts Highlights FEC 11: Referrals and System Collaborations FEC 12: Client File Review FEC 13: Truth in Marketing FEC 14: Business Ethics

11. October 15© Council on Accreditation 2008 All Rights Reserved Other Core Concepts Highlights FEC 15: Personnel

12. October 15© Council on Accreditation 2008 All Rights Reserved Fundamental Practice Standards Client Rights –FEC 3.02, 3.03, 5.01 No Essential Life and Safety/Health & Welfare Fundamental to practice Must be implemented to achieve accreditation Accreditation Guidelines for more information

13. October 15© Council on Accreditation 2008 All Rights Reserved Standards Implementation Evidence of Implementation Pre-site –Procedures –Program description –Educational materials On-site –Client files and status reports –Financial records –Job descriptions –Staff interviews

14. October 15© Council on Accreditation 2008 All Rights Reserved Thank you! Council on Accreditation 120 Wall Street, 11 th Floor New York, NY 10005 866-262-8088 www.coanet.org spacinella@coanet.org acohen@coanet.org