Other Issues

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Abandoned or Unclaimed Property
Property that is lost or forgotten will be considered abandoned or unclaimed. Unclaimed property can include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler's checks, trust distributions, unredeemed money orders, insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes. When property is determined to be abandoned or unclaimed, states have provisions to hold the property until it is reclaimed by the rightful owner.

Financial Literacy
The financial world in which consumers must navigate has changed significantly and grown more complex, increasing the need for financial literacy and raising questions regarding consumers’ financial capability. Financial literacy focuses on the specific knowledge and concepts consumers need to know to manage their money and build wealth, depending on an individual’s situation. It may mean learning how to create and manage a household budget, learning how to invest money for retirement, or participating in one-on-one coaching and counseling to determine how to buy a house or start a business. Financial literacy is one factor in the larger analysis of the financial capability of consumers, which is the broader picture of how consumers manage their resources and how they use their financial literacy to make financial decisions.

State Owned Financial Institutions
Banking consists of separate state and federal chartering, supervision and regulation of banks, thrifts and credit unions. The dual banking system enables state governments to apply state laws and regulations that serve the needs of local economies and that respond to the values and concerns of local citizens, thus, encouraging diversity and innovation. With the struggling economy, state legislators are investigating state-owned banks, similar to the Bank of North Dakota, as a way to encourage economic development and generate revenue. This kind of institution is also known as a public or partnership bank. The Bank of North Dakota, formed in 1919 by the North Dakota Legislative Assembly, is the only state-owned bank operating in the United States.

Use of Credit Information in Employment
More than four billion pieces of data are entered into consumers' credit records monthly. Concerns are growing regarding how well consumers understand the credit reporting system, how the data is used by employers and the impact the economic downturn is having on consumers’ credit histories. NCSL tracks both the state laws and pending legislation seeking to limit the use of credit information in employment decisions.

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