5 minute read
Calvin Hagins ’86 offers tips to safeguard your money
He’s watching out for you – and your
MONEY Financial protection deputy shares 5 post-COVID consumer tips
By KIM FRANKE-FOLSTAD
EFORE HE WENT TO WORK FOR the federal government in 1987, Calvin Hagins never traveled more than an hour-and-a-half from his home in Summerfield, Florida. He’s come a long way since. In his 30-plus years in public service, Hagins, Finance ’86, Life Member, has crisscrossed the country speaking to groups both large and small — including Congress B — about fair lending practices. His mission: To ensure consumers are treated respectfully, equitably and honestly by banks and other financial institutions, and that lenders follow through on what they say they’re going to do. As deputy assistant director for originations in the
Consumer Financial Protection Bureau’s Office of Supervision Policy, Hagins has been leading the national program for mortgage, automobile and student loans, and credit card origination matters for almost nine years. In December 2020, he received the bureau’s highest honor: the Leadership Excellence Director’s Mission Achievement Award. It’s rewarding, Hagins says, to serve in a role that touches pretty much everybody’s life that you know. And he’s proud to have been recognized as a coach and motivator. Those are traits he’s always appreciated in others, he says, including his parents, teachers and others who guided him along the way. One of those motivators was Maryanne Rouse, MBA ’73, a faculty advisor for USF’s chapter of Delta Sigma Pi business fraternity. It was Rouse who encouraged Hagins, with his new diploma in hand, to apply to the federal
Office of the Comptroller of the Currency in Tampa. He began his career there as an assistant national bank examiner. Over the next 24 years, he worked his way up to more senior roles — in Tampa, then Atlanta, and finally Washington, D.C. After a short stint in the private sector in 2011, he joined the consumer protection bureau in 2012. It’s been quite a ride for Hagins, who got his first exposure to the business of finance as a 10th-grader when he got a job at the local bank. “The work was indoors, so there was air-conditioning, and I was going to be around money,” he says with a laugh. “I liked that.”
He learned a lot from watching how people managed — or failed to manage — their finances and was determined to avoid their mistakes. He started putting away money from every paycheck, first $10 every two weeks, then $15. By the time he got to college, between the money he’d saved and the scholarship he earned, he had enough to afford school without the distraction of a part-time job.
All these years later, he’s still urging people to be better savers. And whether you’re saving, spending or borrowing, he says one of the smartest things you can do as a consumer is to always read the fine print on financial documents. If you’re feeling a little lost or unsure, there are plenty of online resources you can use to educate yourself, he says.
His favorite? The consumer protection bureau website, of course, at www.consumerfinance.org.
As the world emerges from the coronavirus pandemic, it’s evident consumers need to be especially cautious. The pandemic and its fallout, from stimulus checks to shortages of certain goods, have inspired countless new criminal schemes. Hagins shares a few ways people can protect themselves and their finances.
Be wary of scams. The pandemic has provided identity thieves and con artists with yet another opportunity to take advantage of unsuspecting consumers. The government has had multiple reports of hoaxes related to COVID cures and COVID charities, as well as scams targeting Social Security and unemployment benefits, federal student loans and more. You can get information on the latest scams at www.consumerfinance.gov/coronavirus/avoiding-scams/. The site also offers guidance on how to avoid scams, and what to do if you think you’ve been victimized.
Monitor credit reports. It’s a good idea to check your credit reports regularly to be sure the information is up to date and accurate. Normally, you can use the government-authorized site www.annualcreditreport.com to request one free credit report annually from each of the nationwide credit bureaus. However, because the pandemic has taken a toll on so many Americans’ finances, everyone is eligible to get free reports weekly
through April 2022. If you think you’ve been the victim of fraud or identity theft, you can contact any one of the credit reporting companies to place a fraud alert. And if you spot an error, you should file a dispute both with the business that provided the information and the credit reporting company.
Bolster emergency savings. The pandemic put an exclamation point on the wisdom of having a “rainy day” fund to weather financial setbacks. Now, as things get back to normal, it’s important to stay focused on building that reserve. Pay yourself first, Hagins says.
Be an informed homebuyer. Thinking about buying a home in this hot real estate market? It may be tempting to leap before you look through all the paperwork, but that’s a mistake. “When you sign on the dotted line, you’re saying ‘I understand what I’m getting,’ ” he warns. Don’t sign documents where important details have been left blank. And if something is unclear, ask questions. The consumer bureau’s “Your Home Loan Toolkit” (https://files.consumerfinance.gov/f/201503_ cfpb_your-home-loan-toolkit-web.pdf) offers a step-bystep guide to the mortgage process.
Don’t hesitate to ask for help. If you’ve fallen behind on your bills because of the pandemic — or for any other reason — don’t wait until the situation is dire. A poor payment history can have a negative impact on your credit score. Contact your creditors as soon as you know you’re in trouble to discuss payment options and how you can get back on track. And create a budget you can stick to going forward. If you were laid off or had your hours cut during the pandemic and your finances suffered, it may take a while to build back to where you were. You can always change your plan as your circumstances improve. n
