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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.
Apr 20, 2023 © Council on Accreditation 2008 All Rights Reserved
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
Apr 20, 2023 © Council on Accreditation 2008 All Rights Reserved
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.
Apr 20, 2023 © Council on Accreditation 2008 All Rights Reserved
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
Apr 20, 2023 © Council on Accreditation 2008 All Rights Reserved
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
Apr 20, 2023 © Council on Accreditation 2008 All Rights Reserved
Financial Education and Counseling Notable Revisions
• 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
Apr 20, 2023 © Council on Accreditation 2008 All Rights Reserved
Financial Education and Counseling Notable Revisions
• 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
Apr 20, 2023 © Council on Accreditation 2008 All Rights Reserved
Other Core Concepts Highlights
• FEC 1: Service Initiation
• FEC 2: Service Philosophy
• FEC 3: Information about Services
• FEC 4: Development of an Action Plan
Apr 20, 2023 © Council on Accreditation 2008 All Rights Reserved
Other Core Concepts Highlights
• FEC 11: Referrals and System Collaborations
• FEC 12: Client File Review
• FEC 13: Truth in Marketing
• FEC 14: Business Ethics
Apr 20, 2023 © Council on Accreditation 2008 All Rights Reserved
Other Core Concepts Highlights
• FEC 15: Personnel
Apr 20, 2023 © Council on Accreditation 2008 All Rights Reserved
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
Apr 20, 2023 © Council on Accreditation 2008 All Rights Reserved
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
Thank you!
Council on Accreditation
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