The Financial Services Roundtable and CFPB are joining forces in a nationwide public-private initiative to promote effective financial education. According to an announcement posted on the Roundtable’s website, the CFPB and Roundtable plan to work together to facilitate the gathering and sharing of information about effective financial education strategies, to encourage adoption of financial education initiatives, especially in K-12 schools and in the workplace, and to protect older Americans from financial exploitation. The Roundtable indicated on its website that the announcement followed a closed meeting of financial industry executives and CFPB officials.
The CFPB and Roundtable plan to host a series of working groups and listening sessions at various locations throughout the country to determine best practices and a path forward.
We have often commented that we consider the CFPB’s Dodd-Frank mandates to improve the financial literacy of American consumers and protect older Americans from financial exploitation deserving of industry support. We applaud the Roundtable for partnering with the CFPB in furtherance of these worthwhile mandates.