On July 27, 2026, CFPB Deputy Director Mark Paoletta delivered remarks at a meeting of the Financial Literacy and Education Commission that left little doubt that the Bureau’s approach to financial education has undergone a dramatic philosophical shift under Acting Director Russell Vought. In his remarks, Paoletta sharply criticized former CFPB Director Rohit Chopra’s views on financial literacy while outlining the Bureau’s new priorities under the Trump Administration.

The Financial Literacy and Education Commission, chaired by Treasury Secretary Scott Bessent, coordinates financial education efforts across the federal government. Paoletta used the occasion not only to describe the CFPB’s current financial education initiatives, but also to contrast them with the policies of the Bureau during the Biden Administration.

A Fundamental Change in Philosophy

Paoletta emphasized that the CFPB under Acting Director Vought has viewed financial education as a central component of consumer protection, asserting that informed consumers are better equipped to make sound financial decisions and avoid fraud and abusive practices. In contrast, Paoletta highlighted Chopra’s observation that financial education, standing alone, may not always improve consumer outcomes and, in some circumstances, can even make consumers “worse off.” Paoletta characterized those views as demonstrating a distrust of consumers’ ability to educate themselves and make informed financial decisions.

A Critique of Chopra’s Enforcement Priorities

Paoletta also contrasted the Bureau’s educational mission with what he characterized as the Chopra CFPB’s emphasis on enforcement. According to Paoletta, the prior Bureau devoted its resources to pursuing enforcement actions after consumers had already suffered financial harm rather than investing in meaningful financial education designed to prevent such harm in the first place.

He asserted that Director Chopra hired approximately 100 additional enforcement attorneys while showing little interest in expanding the Bureau’s educational efforts. In Paoletta’s view, educating consumers before problems arise is a more effective and appropriate use of CFPB resources than relying primarily on enforcement actions after the fact.

Current Financial Education Initiatives

Paoletta described a number of initiatives currently underway at the Bureau:

  • The Bureau is exploring the use of artificial intelligence to improve consumer access to educational materials.
  • The CFPB continues to develop educational resources addressing fraud and scams.
  • The Bureau is targeting educational efforts toward servicemembers, veterans, older Americans, and young adults.

He noted that other initiatives are described in the CFPB’s May 2026 Financial Literacy Report and he also emphasized research suggesting that consumers are more likely to absorb financial information when it is provided at the point they are making important financial decisions, an observation that is generally consistent with findings from behavioral economics.

Trump Accounts

As the Bureau did in the Financial Literacy Report, Paoletta described Trump accounts as an opportunity to teach children the value of investing and long-term wealth creation. He announced that the CFPB is developing educational materials designed to help parents, teachers, and communities use the program as a vehicle for improving financial literacy among young Americans, an initiative that may indicate how the Bureau intends to integrate financial education into broader Administration priorities designed to encourage savings and investment.

Our Take

Whether these remarks signal a mere change in messaging or a more enduring transformation of the Bureau’s approach remains to be seen. What is clear is that under the Trump Administration the CFPB intends to distinguish itself sharply from its predecessor, not only through its regulatory agenda, but also through its public philosophy regarding the role of government in promoting consumer education as a way of advancing financial well-being.