NFI: 2007 News

Students Studying Abroad Included in Development Session

October 24, 2007

Getting 30 or so Indiana State University students together at the same time may not seem like much of a challenge, especially when you offer them snacks and soft drinks. But when one-third of those students are studying abroad, and are scattered across five countries in four time zones, things can get complicated.

It was all part of the plan, though, for a recent professional development workshop for freshmen and sophomore Networks, President's And Gongaware Scholars in the ISU College of Business.

Sophomore Networks Scholar Kristin Elston of Paris, Ill. had the task of setting the whole thing up, bringing all the students together via the Internet and ensuring fellow sophomores overseas knew just when and how to log in.

NFI Professional Development Workshop via Internet

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Banking Expert Speaks About Regulatory Changes

October 9, 2007

George KaufmanA Federal Reserve Bank of Chicago consultant said necessary changes in the U.S. banking regulatory system come down to one word - prompt.

The current system of deposit insurance sets up banks for failure, according to George Kaufman, the John F. Smith Professor of Finance and Economics at Loyola University in Chicago. If an entity does not bear the full cost of its behavior, it will act differently; it takes excessive risks, Kaufman told an audience of students, faculty and bankers during a presentation Monday (Oct. 8) at Indiana State University's College of Business, and when it fails, the cost is far too expensive.

During the savings and loan failure in the 1980s, the government put up $160 billion to rescue the deposit insurance agency. The agency guarantees Americans' bank deposits up to $100,000.

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Fifth Class of Networks Scholars Welcomed

September 29, 2007

Indiana State University's College of Business recently welcomed its fifth class of Networks Scholars. Recipients of this prestigious award, presented in conjunction with Networks Financial Institute, receive a four-year $20,000 scholarship that covers tuition and fees, a $3,000 professional development account and a new ISU laptop.

Networks Scholars also enjoy the opportunity to participate in a paid internship, potential for international experience and a faculty mentor relationship. Candidates are considered for the award based on grade point average, SAT/ACT scores, class rank, written essays and a mandatory personal interview.

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Networks Financial Institute Receives New Grant From Lilly Endowment

September 28, 2007

A new gift from Lilly Endowment Inc. will ensure continued success and progress in financial literacy outreach, student programs, and research as Networks Financial Institute at Indiana State University continues to build and expand.

In announcing the $3 million grant Friday (Sept. 28), university leaders said the funding will allow Networks to continue its innovative work in three critical areas: national leadership in financial services policy, development of innovative student leadership, and addressing the national crisis in financial literacy.

"Lilly Endowment is pleased with the momentum of the Networks program. Its highly acclaimed financial literacy projects and work in financial services and insurance in Washington and Indiana are adding distinction to the university," said Sara B. Cobb, Endowment vice president for education.

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$3m Grant to Support ISU’s Networks Financial Institute

September 28, 2007

TERRE HAUTE — Indiana State University will receive a new $3 million grant from the Lilly Endowment Inc. to support the Networks Financial Institute, university officials announced Friday.

The institute, an outreach initiative of ISU’s College of Business, was created in 2003 with support from a $20 million Lilly Endowment grant.

Networks helps the public better understand the financial services industry and promotes research and education on industry issues, particularly financial literacy.

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National Study Assesses U.S. Adults’ Financial Literacy

September 4, 2007

Indianapolis, IN —, Networks Financial Institute at Indiana State University has released results of a national survey that assesses U.S. adults’ self-reported levels of financial literacy. The findings indicate that les than 30% of U.S. adults view their personal financial knowledge as very good or better.

The quantitative online survey of 805 adults randomly selected from throughout the U.S. with respondents statistically profiling the U.S. adult population. The survey aimed to establish a baseline assessment of U.S. adults’ financial literacy levels, identify the types of information these adults seek to improve their financial knowledge, uncover areas in which adults believe they need the most help with personal financial education and understand perceived barriers adults face in seeking financial literacy education.

Fewer than 30% of U.S. adults view their overall financial knowledge as very good or better; however, the research also found that more than half of U.S. adults believe they understand the concept of managing, saving, spending and investing money wisely, reporting a need for the most guidance with investing, retirement planning and taxes. A separate question revealed that despite economic trends in personal bankruptcy, mortgage foreclosure, a climbing credit card debt, U.S. adults are somewhat more confident in their knowledge of spending, insurance, lending/borrowing and banking.

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Expert: Homebuyers Can Still Get Good Mortgages

August 29, 2007

The crisis in the mortgage industry doesn't mean homebuyers won't find mortgages. Jack Tatom of the Networks Financial Institute at Indiana State University says home buyers today need to think "old fashioned" and seek out 30-year, fixed-rate mortgages with as large a down payment as possible.

He says the easy money, subprime mortgages are gone now. Many of those mortgages involved adjustable rates or balloon payments, and borrowers with shaky credit can't meet the higher payments as interest rates rise.

So, their homes are going into foreclosure. But, he says there's plenty of money available for borrowers who have saved up a down payment and maintained a good credit record.

However, he warns that even those borrowers could get in trouble if they have to sell their homes fast due to a job transfer or any other reason, since it's taking a long time for homes to sell.

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Foreclosure Summit to be Held in Indianapolis

August 28, 2007

Networks Financial Institute invites you to attend our next Financial Forum - The Nation's Foreclosure Epidemic, co-sponsored by the Federal Reserve Bank of Chicago. John Weicher of the Hudson Institute will discuss how housing policy and other factors relate to foreclosure and Yuliya Demyanyk from the Federal Reserve Bank of St. Louis will discuss the sub-prime loan problem and its implications for future foreclosures. In addition, two panels of experts will address the side effects and potential remedies for this alarming trend.

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Networks Publishes Survey of K-12 Financial Literacy Practices

May 18, 2007

A national study commissioned by Networks Financial Institute at Indiana State University shows that approximately one-half of U.S. K-12 teachers incorporate some type of financial literacy content into their classroom instruction.

The study surveyed 650 teachers to assess their interpretation of what "financial literacy" means and how they are incorporating financial literacy into their teaching. Additionally, the study yielded information on the challenges and barriers teachers confront in accessing financial literacy learning materials, while making the case for some new approaches to delivering financial literacy education.

Note: The link to the Financial Literacy Survey report mentioned in the news item has changed, it can be found here. All Networks publications can be accessed from the publications pages at

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Networks Financial Institute Wins Two Awards from the Institute of Financial Literacy

April, 2007

Institute of Financial Literacy

The Excellence in Financial Literacy Education (EIFLE) Awards were established in 2007 and have since become one of the most prestigious and sought after awards in the industry. Each year, the Institute for Financial Literacy presents EIFLE Awards to individuals and organizations that have shown exceptional innovation, dedication and commitment to the field of financial literacy education.

The work of these authors, educators, organizations and researchers inspires others to strive toward excellence as well, increasing the availability and effectiveness of financial literacy education in communities across the country.

Networks Financial Institute won the Not for Profit Organization of the Year and Published Research Paper of the Year for "Assessing Adult Financial Literacy and Why it Matters."

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College Student's Guide to Social Security, Medicare

April 17, 2007

"A College Student's Guide to Social Security and Medicare: Why You Should Care and What it's Going to Cost You." An evening with Professor Tom Saving, Senior Fellow at Networks Financial Institute at Indiana State University and Director of the Private Enterprise Research Center at Texas A&M University

In the very near future, Medicare and Social Security will begin to place an accelerating fiscal burden on the federal government. In less than 15 years, more than 25 percent of federal income tax revenues will be required to meet the promises made by these two programs. By 2030, when current 20-year olds are nearing their years of peak earnings, more than 50 percent of federal income tax revenues will be going to provide the elderly with benefits. By the time current 20-year olds are 35 years old, their tax rates will have to rise by 13 percent, at 45, by 27 percent, at 55, by 38 percent. When they reach the full retirement age of 67 years old, their tax rates will have to be 47 percent higher than today's rates. Is there a solution that is both politically viable and one that can rescue today's youth from the upcoming tax tsunami? That is the question that Saving will discuss and perhaps answer.

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Douglas has Paper on Corporate Citizenship Published In E-Journal

April 2, 2007

Max E. Douglas, professor of management for the College of Business at Indiana State University, recently had his paper entitled "Developing and Pilot Testing a Course in Corporate Citizenship" published in the E-journal of the American Society of Business and Behavioral Sciences (ASBBS). Douglas' research project was funded by a grant from Networks Financial Institute at ISU.

Douglas' course reflects cutting-edge thinking regarding the emergence of the management domain called corporate citizenship. Learning modules include the following topics:

  • Ethical decision-making within the business context
  • Corporate strategies for cultivating ethical behavior
  • Ethical leadership and ethical culture
  • Corporate governance
  • Identifying, mapping, and assessing stakeholder relationships
  • Strategic philanthropy
  • Measuring multiple bottom lines

The social audit "The tide of rising scandals in the corporate world has created a heightened awareness within the American Assembly of Collegiate Schools of Business International (AACSB) about the urgency to better educate our undergraduate and graduate students regarding the many dimensions of ethical leadership," Douglas explained.

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4th Annual Insurance Reform Summit in DC

March, 2007

Faegre BD Consulting

Baker & Daniels LLP and B&D Consulting were contributing sponsors of the 4th Annual Insurance Summit presented by Networks Financial Institute in Washington, D.C. on March 7, 2007. (The Summit occurred on the same day that the Senate Judiciary Committee held a hearing on legislation to repeal the insurance industry's antitrust exemption!)

Dr. Lloyd Benjamin III, President of Indiana State University, and Liz Coit, Executive Director of NFI, made introductory remarks about NFI's education, outreach, and research initiatives since the last Summit. Major federal and state policymakers, as well as Professors Sharon Tennyson of Cornell University and Hal Scott of Harvard University, and industry representatives participated.

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State Regulators "On The Ground" Helping Consumers

March 7, 2007

National Association of Insurance Commissioners

NAIC President Highlights Daily Consumer Protection at Insurance Reform Summit

National Association of Insurance Commissioners (NAIC) President and Alabama Insurance Commissioner Walter Bell today told an insurance reform summit that state insurance officials are on the ground protecting consumers every day, and efforts to modernize insurance regulation must "enhance rather than supplant" effective state consumer protections.

"For insurance commissioners, protecting consumers is not merely a hundred–thousand–foot policy discussion," Bell said. "It is our jobs. It is our responsibility. It is what we do every day." Bell’s statements came during the Networks Financial Institute’s 4th Annual Insurance Reform Summit at the Ronald Reagan Building and International Trade Center in Washington, D.C.

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Second Annual Ethics and Corporate Responsibility Conference set for March

February 22, 2007

Amber WilliamsJunior President's, Networks and Gongaware scholars at Indiana State University have been working hard to plan the second annual Ethics and Corporate Responsibility Conference, which is set to take place from 9 a.m. to 3 p.m. March 19 in the Hulman Memorial Student Union.

Conference planning and logistics are part of the scholars' junior year objectives-to enhance both their experiential learning opportunities and their leadership skills. And, this year's organizers are hoping to improve on their 300-plus attendance from last year and to draw in more students from other colleges and universities as well.

"We have chosen topics that not only pertain to ethical business issues but also ethical dilemmas which are faced by many employees in a variety of fields," said Amber Williams, executive director of the 2007 Ethics Conference Committee. "We are offering sessions that appeal to students who are studying economics, family and consumer sciences, education, political science, women's studies and many other areas. By becoming more aware of the issues, students will have the knowledge to become better business leaders in the future."

Conference break-out sessions will feature expert speakers and industry panelists on hot ethical issues of the day, such as "Cooking the Books," "Tax Reform," "Decision Making in an Ethical Dilemma," "Monitoring and Censoring Cyperspace," "Product Recall," and "Whistle Blowing," to name a few.

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Networks Financial Institute to Host Fourth Annual Insurance Reform Summit

February 2, 2007

Networks Financial Institute will be hosting its Fourth Annual Insurance Reform Summit on Mar. 7 at the Ronald Reagan Building in Washington, D.C. The 2007 Summit will once again be the forum for participants to learn the latest legislative and regulatory developments in insurance reform as well as preview Administration and Congressional agendas for the upcoming year. At press time, House Financial Services Committee Chairman Barney Frank (D-MA), optional federal charter author Rep. Ed Royce (R-CA), NAIC President Walter Bell, and Professors Sharon Tennyson and Hal Scott from Cornell and Harvard, respectively, were on the agenda. Also expected are Administration participants and industry leaders.

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ISU's Money Bus Visits Terre Haute Schools

February 1, 2007

Indiana State University's Networks Financial Institute is bringing its interactive financial literacy classroom on wheels to a school near you! The Money Bus, which is the size of a 40-passenger coach -- will be making stops at schools in Terre Haute tomorrow and next week. The bus' curriculum is experienced through an in-school bank and 13 different financial literacy activities inside and outside the bus. Some of its features include a swipe-card technology to track a student's participation and purchases while on board, and a "Build Your Own Sundae" exhibit, which shows students how sundaes vary in price based on the ingredients.

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China Conference Forges Relationships, Encourages Partnerships

January 30, 2007

If any message came through loud and clear at Indiana State University's first China business conference, it was that the United States and China have a lot to learn from each other, and that partnerships - at any level - can only serve to make both entities stronger. The Jan. 24-25 conference, entitled "China: A Two-Way Street," was an opportunity for ISU and China\'s Liaoning University - partners in international education since 1990 - to partner again for the sake of global economic development.

The event, which was also sponsored by Liaoning University and ISU's Networks Financial Institute, drew a crowd of more than 250 to the Westin Hotel in downtown Indianapolis. A highlight of the conference was the visit by a trade delegation led by Sun Dagang, deputy director general of the Liaoning provincial government's Foreign Affairs Office, and several representatives from the Liaoning business, government and academic sectors.

Paul C. Lo, CEO of Bank SinoPac Holdings, Taiwan, and an ISU alumnus, was among the presenters. Lo, who earned his master of business administration degree from Indiana State in 1970, founded 15 years ago Bank SinoPac (with locations throughout Asia and California), which has been recognized by Asiamoney as "The Best Commercial Bank in Taiwan." SinoPac boasts more than 8,000 employees and over $35 billion in assets, but beyond financial capital, Lo said he feels that human capital should be a business' most prized possession.

Indiana State University President Lloyd W. Benjamin III

Indiana State University President Lloyd W. Benjamin III introducing China: A Two Way Street

Photos: China delegation visits Indiana Statehouse | China: A Two Way Street day 1 | China: A Two Way Street day 2 | Paul Lo Campus Visit

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Program Teaches Kids Money Sense

January 24, 2007

A local mother is bringing her money sense to Indiana classrooms. The Money Bus is a mobile financial literacy classroom that teaches kids about earning, saving, spending, giving, budgeting and making sound financial decisions. Liz Coit is a woman you should know.

Kids at Valley Mills Elementary School in Decatur Township learn a lot from playing. One valuable lesson is taking turns on the basketball court. Everyone gets a shot to get it in the hoop. The students are also learning money sense.

"A credit card is cool but I don't think it's cool to pay more for something if you don't have to," said one student.

Fourth graders here are getting some lessons about the cost of money and how abusing it can send you down a financial rollercoaster. It's the pitfall Liz Coit wants Indiana children to avoid.

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ISU's Insurance and Risk Management Career Expo Jan. 25

January 10, 2007

Indiana State University's Insurance and Risk Management Career Expo is set to take place on Thursday, Jan. 25 from 2 to 5:30 p.m. in Dede I of ISU's Hulman Memorial Student Union. During this event, employers seek internship candidates as well as graduating seniors for their open positions.

"The Career Expo is a great opportunity for students of all majors to see what the insurance industry has to offer," said Jocelyn Gohman who is from Dana, Expo co-coordinator and a senior insurance and risk management major from Dana. "Students will have a valuable opportunity to make industry connections to last a lifetime.â€

More than 20 companies are expected to attend the third annual event. Some of those attending will include: American United Life (a OneAmerica Financial Partner); Amerisure Mutual Insurance Company; Arlington/Roe & Co.; Auto-Owners Insurance Company; Employers Security Insurance Co.; Federated Insurance Company; Forrest Sherer Inc.; Great American Insurance Group; Horizon Planning Group, Inc.; JW Flynn Company; Lockton Companies; National Interstate Insurance; Northwestern Mutual Financial Network (The Kentucky Southern Indiana Group); State Auto Insurance Companies; State Farm; and Thrivent Financial for Lutherans.

ISU student organizations are being encouraged to set up "brag" tables about their groups as part of Expo activities, and ISU professors are asked to contact organizers so class sign-in sheets can be on hand for attendance purposes, according to Jon Lough, a sophomore insurance and risk management major from Fort Wayne and also a co-coordinator for the event.

In addition to serving as co-chairs of the Expo, both Gohman and Lough are involved in a variety of other activities at ISU. Gohman, an ISU Networks Scholar (for financial services majors), serves as the student representative on the Insurance Advisory Council, is a member of Gamma Iota Sigma, the Insurance and Risk Management Honors Corps (GPA of 3.6 or above), Beta Gamma Sigma (Business Honorary Fraternity), Alpha Lambda Delta (Honorary Fraternity) and the Dean’s Student Advisory Council.

Lough, an ISU Gongaware Scholar (for insurance and risk management majors) from Fort Wayne, also a member of Gamma Iota Sigma, participates in Toastmasters International, Student Government Association, Freshman Council, Fresh Faces, Insurance and Risk Management Honors Corps and Campus Outreach.

Jocelyn Gohman and Jonathan Lough

Jocelyn Gohman and Jonathan Lough

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Contact Us

Networks Financial Institute
Scott College of Business

Federal Hall
30 N. 7th St., Room 105
Indiana State University
Terre Haute, IN 47809


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