During October, which is National Financial Planning Month, the District of Columbia Department of Insurance, Securities and Banking (DISB) wants you to take advantage of a variety of FREE financial planning resources. We want to help District residents and small business owners establish and maintain healthy financial habits, even in the toughest times.
The Bowser Administration understands that financial literacy is vital in creating financial independence and fostering inclusive prosperity. DISB is in a unique position to help residents take control of their financial health and break the debt cycle. During this unprecedented coronavirus (COVID-19) public health emergency, DISB will continue to provide access to financial resources and information that help educate and support residents and businesses.
Here are a few of the innovative programs DISB offers:
The Bank on DC program connects individuals and households to financial services, products and information. The program partners with banks and credit unions to offer bank accounts that have low minimum balance requirements and no or low-cost monthly fees. Avoid the high cost of check-cashing fees with a Bank on DC account. Visit bankondc.org. Why do you need a bank account? See our FAQ for easy ways to open and use an account.
Financially Fit DC is an initiative designed to strengthen the financial stability of individuals, families and the District community. Financially Fit DC offers financial education tools and resources to help connect you to resources personalized for your financial situation, and help you take control of everyday finances. You can identify short-term needs and set plans to reach long-term goals through a personalized roadmap. Visit financiallyfitdc.com for help on topics that include:
- Making a budget
- Building wealth through savings
- Understanding and managing your credit profile
Our Student Loan Ombudsman is responsible for licensing student loan servicers operating in the District of Columbia. The Ombudsman is a great resource for helping families and prospective students identify alternate resources of funding and minimize student loan debt. The Ombudsman can show college graduates how to understand loan repayment options and identify debt relief programs and resolve complaints. If you have concerns regarding student loans, contact Ricardo Jefferson, Student Loan Ombudsman, at (202) 727-8000 or [email protected].
The Foreclosure Mitigation and Mediation Program provides access to free resources that can help District residents avoid foreclosure including foreclosure mitigation and mediation, housing counseling and legal aid for homeowners. You can call the District’s Foreclosure Prevention Hotline at (202) 265-2255 or DISB at (202) 727-8000 for assistance. To view Mayor Bowser’s order regarding foreclosures during the public health emergency, visit bit.ly/3bIG2TE.
The DISB Financial Resource Guide is a one-stop resource for consumers regarding financial services and insurance resources in the District of Columbia. The guide covers such topics as auto, health, home and life insurance, banking and personal finance, housing, foreclosure prevention, student loans, how to file a complaint or report fraud, small business resources, financial scam prevention and more. To view the guide, click here.
For updates on the District’s response to the coronavirus (COVID-19), visit coronavirus.dc.gov.
The mission of the District of Columbia Department of Insurance, Securities and Banking is three-fold 1) cultivate a regulatory environment that protects consumers and attracts and retains financial services firms to the District; (2) empower and educate residents on financial matters; and (3) provide financing for District small businesses.
Visit us at disb.dc.gov, @DCDISB, facebook.com/DISBDC and DISB on YouTube.