Iowa House, Senate propose financial literacy bills
Rep. Tom Sands
R-Columbus Junction
Financial education is a priority for many legislators this session. Bills filed in the Iowa House and Senate offer varied approaches to a legislative solution to require personal finance education in Iowa schools.
HF 2146, filed by 38 bi-partisan House members, would mandate some type of personal finance education be taught from grades K-12. Other strategies include SF 2150, filed by Sen. Joe Bolkcom (D-Iowa City), which would require the model core curriculum being developed by the State Board of Education to include instruction on financial literacy.
“These bills are strongly supported by the IBA,” said Sharon Presnall, IBA senior vice president and lobbyist. “Basic financial education helps young people become financially responsible adults and has been proven to be an effective way to combat mortgage fraud.”
Rep. Tom Sands (R-Columbus Junction) is a cosponsor and strong proponent of the House bill. Sands said financial education is relevant for students of all ages, whether it be elementary students learning how to count money or high school students understanding the importance of saving. As a banker, Sands said the issue has been especially important to him personally during his years in the legislature.
“Bankers across this state want people to have good financial literacy,” Sands said. “We prosper when people prosper.”
The IBA is part of a coalition of businesses, groups, educators and nonprofit organization that are strongly encouraging the General Assembly to enact some form of financial literacy legislation. Sands has cosponsored similar bills in the past and said the issue is gaining momentum this session.
“This bill seems to have some traction, and I could certainly use some help from anybody across the state to encourage the legislature to move this bill,” Sands said. “It is so important to increase financial literacy and awareness of the people in this country.”
The only registered opposition to HR 2146 is the Iowa State Education Association (ISEA) which is concerned about taking away local input into how to best incorporate curriculum into current courses. The proposed bill mandates a half credit course on financial literacy be established.
“The ISEA supports financial literacy. What we oppose is the mandating of specific courses,” said ISEA lobbyist Brad Hudson.
Iowa bankers are encouraged to contact their legislators in support of these financial literacy bills.
Resources available to support financial education efforts
The 12th annual National Teach Children to Save Day on April 29 gives banks the opportunity to spotlight the importance of teaching youth about saving money. Iowa banks are encouraged to help their communities by visiting a classroom, church group or youth group and sharing savings lessons.
Through a partnership with the ABA Education Foundation, the Iowa Bankers Association offers resources to help banks with their Teach Children to Save Day efforts.
- A free financial education newsletter for kids can be downloaded online at www.aba.com/ABAEF/moneytalks and distributed through branches or online.
- A series of consumer education booklets are a great giveaway for a Teach Children to Save presentation. The booklets include worksheets to help consumers set goals and take control of their personal finances.
- Teach Children to Save resource kits are available to help simplify participation in Teach Children to Save Day. Kits are $95 each and are available for grades K-6 or 7-12. View the kits online at www.aba.com/ABAEF/TCTS_kit_contents.htm. To order contact the IBA’s Cheryl Miller at cmiller@iowabankers.com or 800.532.1423, ext. 2950.
Nominate a peer for the Legacy Award in Bank Marketing
The Iowa Bankers Association encourages you to nominate a peer for the IBA’s fourth annual Legacy Award in Bank Marketing. The award was created to honor individuals who have made a significant contribution to bank marketing. The 2008 Legacy Award recipient will be announced following the Best of Iowa Awards Breakfast on May 9 during the IBA’s annual Marketing Conference at the Sheraton West Des Moines.
Past recipients include:
- 2004 Matthew Spivie, Bankers Trust, Des Moines
- 2005 Diana Baratta, Community State Bank, Ankeny
- 2006 Thelma Hedges, Peoples Trust & Savings Bank, Scranton
- 2007 Jan Knock, Iowa State Savings Bank, Creston
The following criteria must be met for a nominee to be considered for the award: must be/have been involved in financial services for at least a part of the two years prior to nomination (April 2006 through April 2008); must have been involved in banking for a minimum of five years; and must have a proven history of marketing success within at least one banking trade organization. Self-nominations will not be considered.
If you would like to submit a name for consideration, Legacy Award nomination forms are available in this week’s Extras or on the IBA Web site at www.iowabankers.com. Supporting materials (letters of support, copies of marketing awards, continuing education certificates, etc.) will be accepted. The deadline to submit nominations is Friday, April 11.
If you have any questions regarding the nomination form or process, please feel free to contact the IBA’s Dia Gross at 800.532.1423, ext. 4384 or 515.286.4384.
Save the Date for the 2008 IBA Group Meetings
Monday, May 5
Group 11
Burlington Golf & Country Club, Burlington
Tuesday, May 6
Group 8
Brown Deer Golf Club, Coralville
Wednesday, May 7
Group 4
Dubuque Golf & Country Club, Dubuque
Monday, May 12
Group 7
The Harvester Golf Club, Rhodes
Tuesday, May 13
Group 3
Cedar Ridge Golf Course, Charles City
Wednesday, May 14
Group 6
The Legacy Golf Club, Norwalk
Monday, May 19
Group 5
Bent Tree Golf Club, Council Bluffs
Tuesday, May 20
Groups 1 & 12
Willow Creek Golf Club, Le Mars
Wednesday, May 21
Group 2
Spring Valley Golf Course, Livermore
ISU professor appointed to President’s Advisory Council
Dr. Tahira Hira
Iowa State University
Iowa State University professor Tahira Hira recently returned from the first meeting of the newly established President’s Advisory Council on Financial Literacy. President George W. Bush enlisted Hira, a professor of consumer economics, to help teach Americans to better manage their personal finances.
President Bush established the Council and appointed its 16 members, including chair Charles R. Schwab, on Jan. 22. The Council’s first meeting took place on Feb. 13 at the Treasury Department in Washington, D.C. Council members agreed to focus on expanding Americans’ access to financial services and increasing financial education for youth in school and for adults in the workplace.
Hira said she is thrilled to serve on the Council and looks forward to the challenging work over its proposed two-year term.
Hira is internationally recognized for research in consumer bankruptcy, consumer credit, social and psychological aspects of borrowing behavior among Americans, borrowing behavior of college students and gambling. Hira was the founding president of the Association for Financial Counseling and Planning Education.
Identity theft tops FTC list of fraud complaints in 2007
For the seventh straight year, identity theft topped the Federal Trade Commission’s list of consumer fraud complaints received by the agency in 2007. An FTC report published Feb. 13 showed that of the 813,899 total complaints received, 32 percent involved identity theft.
In 2007, 1,063 Iowans filed identity theft complaints with the FTC. With only two states that had fewer complaints filed, Iowa ranked 48th in the nation in the number of identity theft victims per capita. The most common form of identity theft in Iowa was credit card fraud (28 percent), followed by phone or utilities fraud (17 percent) and bank fraud (13 percent) which includes fraud involving checking and savings accounts and electronic fund transfers.
The Iowa Bankers Association has developed brochures to help banks educate consumers on various financial topics, including identity theft prevention. For more information, contact Dia Gross at 800.532.1423, ext. 4384 or e-mail dgross@iowabankers.com.
The IBA and Iowa Bankers Insurance & Services offers three quality, cost-effective identity theft/fraud programs to assist banks and their customers should identity theft or a security breach occur. For more information, contact IBIS representative Gary Livesay at 800.532.1423, ext. 4368 or e-mail glivesay@bankers-ins.com.
IBIS Welcomes Paul Davis
Paul Davis
Marketing Representative
Iowa Bankers Insurance & Services is pleased to welcome Paul Davis as a Marketing Representative. Paul works with the Depositors Health products in eastern Iowa. He resides in Clinton and was most recently an agent with Kroemer Insurance Agency.
DeWaay, Welling join IBMC Board of Directors
Bob DeWaay
Executive Vice President
Bankers Trust Company, Des Moines
Keith Welling
President and CEO,
Community State Bank, Indianola
The Board of Directors of the Iowa Bankers Mortgage Corporation (IBMC) was officially approved at the Feb. 21 Board meeting. New members include Robert S. DeWaay, executive vice president and chief lending officer of Bankers Trust Company in Des Moines, and Keith Welling, president and CEO of Community State Bank in Indianola. DeWaay and Welling will serve terms through 2011.
“Both Bob DeWaay and Keith Welling bring a wealth of banking experience to their roles on the IBMC Board and we are fortunate to have them on board representing two of the top producer-banks for IBMC secondary market mortgages,” said IBMC Chairman Steve Tscherter, president and CEO of Lincoln Savings Bank in Reinbeck.
DeWaay joined Bankers Trust Company in 1992. His banking experience began in 1970, when he served as a bank examiner for the Iowa Department of Banking. Since then he has held senior management positions, serving eighteen years with other Iowa banking institutions.
Welling started his banking career in 1971 at the First National Bank in Prairie City. Since that time, he has been involved in various banking positions in central Iowa and has been president and CEO of Community State Bank since 1993.
The Board of Directors oversees the operations of IBMC, which has provided Iowa banks with a connection to the secondary real estate market since 1979. Despite obstacles in the mortgage industry, IBMC recorded its fifth highest year in loan volume and cash fees paid to banks in 2007.
During the year, IBMC funded over 3,000 loans totaling $385 million, an increase of 31% from 2006. The corporation finished 2007 servicing nearly 13,000 loans totaling $1.24 billion. Cash fees totaling over $5 million were paid to 222 participating bank offices, including 48 new locations.
IBMC also recorded an all-time annual high by funding over $16 million in new agricultural loans in 2007 and now services $50 million in ag-related real estate. IBMC was once again the top lender in the state for USDA rural development single family loans, funded over $18 million in Iowa FirstHome loans through the Iowa Finance Authority, and has become a trusted source as a sub-prime outlet for banks.
In 2008, Board members and IBMC staff will continue to fulfill the corporation’s mission to facilitate the mortgage needs of banks and homeowners with exceptional service.
2008 IBMC Board of Directors
Chairman Steve Tscherter, Lincoln Savings Bank, Reinbeck
Bob DeWaay, Bankers Trust Company, Des Moines
Robert Grathwohl, Ogden BancShares, Inc., Boone
David Huser, First National Bank, Waverly
Brigham Tubbs, Gateway State Bank, Clinton
Tom Pohlman, First National Bank, Ames
Rob Ritson, Two Rivers Bank & Trust, Burlington
Paul Waltz, First American Bank, Clive
Keith Welling, Community State Bank, Indianola
Al Vermeer, Peoples Bank, Rock Valley
Curt Johnson, Bank Midwest, Okoboji
Timothy Heldt, Charter Bank, Johnston
Jim Plagge, Northwestern Bank, Orange City
President Dan Vessely, IBMC
Secretary John Sorensen, Iowa Bankers Association
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