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

Financial Education and Counseling Services

Stephanie PacinellaStandards Development

May 2008

Apr 20, 2023 © 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.


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


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.


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


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



• 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 education4. Rental counseling and education5. Homeless assistance



• 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


Other Core Concepts Highlights

• FEC 1: Service Initiation

• FEC 2: Service Philosophy

• FEC 3: Information about Services

• FEC 4: Development of an Action Plan



• FEC 11: Referrals and System Collaborations

• FEC 12: Client File Review

• FEC 13: Truth in Marketing

• FEC 14: Business Ethics



• FEC 15: Personnel


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


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

© Council on Accreditation 2008 All Rights ReservedApr 20, 2023

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

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