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Predatory Lending Practices & How to Avoid Them
Tue July 28, 2015: 11:00 am-12:30 pm EDT
CEU approval for MFLN Personal Finance webinars expires 3 years after the live event. CEUs are no longer available for this webinar. For more information and to earn CEUs from more current webinars click here.
Dr. O’Neill and Marcus Beauregard will present a 90-minute webinar on behalf of the Military Families Learning Network that will focus on the practices and schemes associated with predatory lending, as well as tips for educators and practitioners to share with clients to help them avoid becoming victims of these practices.
In July of every year, Military Consumer Protection Day is celebrated. To tie in with this theme, the Military Families Learning Network personal finance team is offering a webinar that will describe various types of predatory lending practices. Part One will include a definition of predatory lending and characteristics of predatory loans. It will also describe several common types of high-cost loans including payday, car title, and pawn shop loans and other forms of subprime lending. Part Two of the webinar will explore the impact of predatory loans on military families and regulations in place to protect against fraud.
Of particular importance, this webinar will focus on the Regulation (32 CFR Part 232), which implements the Military Lending Act (MLA), which has been going through a significant revision so that the limitations in the MLA are effectively applied to credit available to Service members and their families.
Dr. Barbara O’Neill, financial resource management specialist for Rutgers Cooperative Extension, has been a professor, financial educator, and author for 35 years. She has written over 1,500 consumer newspaper articles and over 125 articles for academic journals, conference proceedings, and other professional publications. She is a certified financial planner (CFP®), chartered retirement planning counselor (CRPC®), accredited financial counselor (AFC), certified housing counselor (CHC), and certified financial educator (CFEd). Dr. O’Neill served as president of the Association for Financial Counseling and Planning Education and is the author of two trade books, Saving on a Shoestring and Investing on a Shoestring, and co-author of Investing For Your Future, Money Talk: A Financial Guide for Women, and Small Steps to Health and Wealth. She earned a Ph.D. in family financial management from Virginia Tech and received over three dozen awards for professional achievements and over $900,000 in funding for financial education programs and research.
Marcus Beauregard, Colonel, USAF (Retired) is the Chief of the DoD-State Liaison Office (DSLO) within the Office of the Deputy Assistant Secretary of Defense for Military Community and Family Policy. Together with a Senior Liaison and 8 Regional Liaisons, he works with state governments on a slate of key issues important to Service members and their families. Additionally, he is one of two individuals responsible for the Military Lending Act and updating the DoD regulation required to implement the law.
He spent 27 years in the U.S. Air Force, having assignments as a Squadron Commander, the Director of Financial Management for Air Force Services and the Director of Morale, Welfare and Recreation (MWR) Policy in the Office of the Secretary of Defense. He retired in July 2003 and continued to work as a contract employee from August 2003 to April 2010, at which time he became a civil service employee.
Mr. Beauregard developed the Financial Readiness Campaign in 2003, while on active duty as the Director of MWR Policy. Following his retirement, he continued to work on financial readiness for DoD and helped establish the DSLO. In 2006, he was given the responsibility to oversee the implementation of the Military Lending Act.