Money Talks

It’s Consumer Protection Week.

The Washington State Department of Financial Institutions (DFI) is partnering with federal and state agencies to support National Consumer Protection Week, March 6-12. The annual campaign encourages consumers to know and understand their rights and responsibilities in order to make better-informed decisions.

Consumer Protection Washington
Government agencies and organizations across Washington have come together to create Consumer Protection Washington, an advocacy group focused on keeping consumers safe by identifying and educating common issues including identity theft, fraud, online safety, credit and debt protection, charity scams and safety in the home and elsewhere.

Consumer Protection Tips

To avoid falling prey to scammers, it is important to remember the following:

• Do not give Social Security, financial or other personal information to strangers who make contact by phone, Internet or mail.
• Keep antivirus software up to date and be careful when surfing the Internet.
• Shred financial, tax, medical, insurance and other confidential records when no longer needed. BBB Northwest will be hosting a Secure Your ID Day in DuPont April 16.
• Trust your instincts. If a deal sounds too good to be true, it probably is.

To learn more about National Consumer Protection Week check out www.ncpw.org.

On May 12, The Prosperity Agenda is hosting a statewide summit to explore the impact of financial capability work in Washington State. This unprecedented gathering will bring Washington State nonprofit professionals, government representatives, advocates, and business leaders together to explore how financial capability solutions can help stop the cycle of poverty in Washington State.

Attendees will hear short inspirational talks, participate in interactive learning experiences, learn about promising solutions, and come away with a collective action plan to guide how we engage in financial capability work throughout Washington in years to come.

Why Attend?
This is a unique time in our state. We are experiencing unprecedented growth (annualized growth rate of 8% is by far the highest among the states) and our state currently has the #1 economy in the country according to a recent ranking by Business Insider Magazine.

Despite this, poverty in Washington is still high. According to the American Community Survey, in 2015, more than 913,000 Washington residents were living in poverty. While the rate of poverty has dropped slightly since 2011, the actual number of people living in poverty has increased (a fact often missed).

Details
Thursday, May 12, 2016
9 am – 5 pm
Tacoma Art Museum
Registration: http://www.theprosperityagenda.org/events
 
Early Bird Admission – $99 (after March 31 – $125)
Early Bird Admission plus $10 museum tour – $109
Ticket price includes day-long program and lunch.
Online registration ends May 11. Limited day-of registration available.

Governor Jay Inslee has proclaimed February 22-27, 2016 as Washington Saves Week.

Washington Saves Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.

Review Your Savings Plan
Washington Saves Week is a good time to review your savings strategies and consider how you can make improvements. Just like your car needs a tune-up, your savings goals and strategies may need one as well.

• Where’s Your Money Going?
  A good place to start is to track your current expenses and determine if your money is going where you want it to. You may find that you are spending more than you’d like on some items and may consider finding ways to cut back.
• Saving for Emergencies
  Financial experts recommend that you set aside 3-6 months of living expenses in an emergency savings account. Emergencies do happen and it’s best to be prepared.
• Saving for the Future
  When you are reviewing your savings habits look toward the future as well.  Regularly investing in a retirement account helps you accumulate wealth over the long term. Let time work for you and get started today!

For more savings tips, visit our Washington Saves Week website at http://dfi.wa.gov/saves-week/   

America Saves Week Campaign
Washington Saves Week is a part of the America Saves Week campaign coordinated by America Saves and the America Savings Education Council.

The Washington State Department of Financial Institutions (DFI) is a proud supporter of Washington Saves Week and encourages all Washington residents to review their savings strategies and to learn more about resources and programs available to them in their community.

New mortgage disclosure rules went into effect that require lenders to provide home buyers two new forms that clearly detail their loan terms.

For more than 30 years, Federal law has required lenders to provide two different disclosure forms to consumers applying for a mortgage and two different forms at or shortly before closing on the loan.

Beginning October 3, 2015, these four forms were replaced by two new forms, a Loan Estimate and a Closing Disclosure.

Loan Estimate Form
Within three days of applying for a loan, lenders are required to provide you with a Loan Estimate. This form replaces the Good Faith Estimate and initial Truth-in-Lending disclosure.

Closing Disclosure Form
At least three business days before you close, you will also get a Closing Disclosure. It contains a summary of the final terms of your loan. This form replaces the HUD-1 Settlement Statement and final Truth-in-Lending disclosure forms for most mortgages.

More Information
For more information about the new disclosures and an interactive display of the new forms, visit the Consumer Financial Protection Bureau (CFPB) at http://www.consumerfinance.gov/knowbeforeyouowe