McLEAN, VA - The National Association of Mortgage Brokers (NAMB) applauded the formation of a President’s Advisory Council on Financial Literacy. The Council, to be made up of 19 members from a diverse range of economic and financial perspectives, will serve for two years and make recommendations to the president on how the country can improve financial literacy for both young people and adults.
NAMB has long advocated for a stronger national commitment to educating consumers about financial issues and responsible decision making.
“We are extremely pleased to see that the White House and the Treasury Department are committed to giving consumers the information they need to make sound financial decisions,” said NAMB President George Hanzimanolis. “We look forward to working with the members of the Council and helping them in any way we can.”
In 2007, NAMB released a consumer brochure on the homebuying process and protecting their identity. NAMB also partnered with Freddie Mac in delivering the CreditSmart® Financial Literacy Program to consumers throughout the United States.
The executive order establishing the Council tasks the group with conducting research into the current state of financial literacy, coordinating both public and private sector education efforts and providing both the president and the secretary of the Treasury with periodic updates on its progress.
Last year, NAMB responded to a request for public comments from the Treasury Department, seeking input on how to reach students starting at the kindergarten level. NAMB’s letter stressed that consumers need to have a substantial base of financial literacy in order to effectively shop for a mortgage that is best for them. In light of current market conditions, financial literacy is also the best tool available to homeowners to help them avoid foreclosure.
“As we said in our letter to the Treasury Department, we believe in advancing financial literacy and education for not only our member originators, but also our customers,” said Hanzimanolis. “The formation of the Council represents a major step forward for both groups.”
