Texas Border Business
McALLEN – McAllen Public Library today announced plans to expand its Personal Finance Collection following receipt of a $5,000 grant from the Financial Industry Regulatory Authority Investor Education Foundation (FINRA Foundation).
The additional tools and resources will help ensure that residents have the information they need when making critical money decisions as they repair, rebuild, and clean up following flooding and natural disasters.
“When disaster strikes, the community comes together,” said Library Director Kate Horan. “We want everyone to know that the Library is both a welcoming convening place and a location where our families can obtain unbiased information to guide financial choices that will have lasting impact.”
Filing claims, accessing government resources, managing lump-sum payments from insurance companies, and meeting immediate expenses when income might be disrupted — these are just a few of the money challenges that residents in disaster areas must navigate.
The FINRA Foundation is also providing the Library with printed materials in English and Spanish, and multimedia materials that explain the red flags of financial fraud and what people can do to be vigilant and counter the persuasion tactics that fraudsters use. The public will be able to view the multimedia materials on the Library’s Facebook page.
It is estimated that consumer financial fraud costs Americans more than $50 billion a year, according to FINRA Foundation. Financial fraud is especially prevalent following major natural disasters. Since it was established in 2005, the National Center for Disaster Fraud, which is part of the U.S. Department of Justice, has logged more than 70,000 disaster-related complaints from all 50 states. Financial fraud makes tough times all the more difficult for people recovering from the trauma inflicted by disasters.
For more information on MPL’s Personal Finance Collection, contact the Library at (956) 681-3000
