CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB recently announced that it has developed “the Newcomer’s Guides to Managing Money to provide recent immigrants with straightforward information about basic money decisions.”
According to the CFPB, each guide features tips to help new immigrants, and people who may be new to the U.S. banking system, avoid financial pitfalls. … Continue Reading
The CFPB has launched “a first-of-its-kind nationwide initiative to provide financial counseling services to people with disabilities who are working or transitioning into the workforce.” The program is named “ROADS to Financial Independence.” ROADS stands for “Reach Outcomes. Achieve Dreams. Succeed.”
The initiative is based on the CFPB’s view that “in-person, individualized guidance delivered at trusted and accessible locations” is the best way to achieve financial capability. … Continue Reading
The CFPB has announced the launch of its Financial Coaching Initiative which targets
recently-transitioned veterans and economically vulnerable consumers. (The CFPB first announced its plans for launching the program in 2013, at which time it was expecting a 2014 launch date.)
The CFPB is calling the Financial Coaching Initiative its first program paid for by the CFPB’s Civil Penalty Fund (CPF). … Continue Reading
On February 19, 2015, the CFPB released its credit report study, entitled “Consumer voices on credit reports and scores.” After conducting focus groups with 308 consumers in four major metropolitan areas, the study concludes that while many consumers do access their credit scores and credit reports in various ways, confusion about both still persists.… Continue Reading
A new CFPB report entitled “Financial well-being: The goal of financial education” describes the CFPB’s initial research into how people acquire financial capability. The CFPB states in the report that it undertook the research specifically to inform financial education and improve consumer outcomes. According to the CFPB, its “overarching objective” was to determine how to define and measure the success of different financial literacy strategies so that it would have a basis for measuring the effectiveness of different strategies. … Continue Reading
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. … Continue Reading
The CFPB continues to seek comments on its plans to launch in the winter of 2015 what it describes as “a multi-site financial education demonstration project to provide one-on-one and group financial counseling/coaching services to individuals with disabilities transitioning into the workplace or already employed.”
The project has two goals. One goal is to improve the financial capability of approximately 15,00 disabled individuals to effectively navigate the financial marketplace. … Continue Reading
As part of its Project Catalyst, the CFPB’s initiative for facilitating innovation in consumer-friendly financial products and services, the CFPB has announced a new research pilot using insights from behavioral economics and an American Express trial program to evaluate the effectiveness of certain practices to encourage prepaid card users to develop regular saving behavior. … Continue Reading
In his remarks last week at the Columbus Metropolitan Library, Director Cordray spoke about the partnerships that the CFPB is building with public libraries around the country to promote accessible financial education information for consumers.
Director Cordray noted that the Columbus Metropolitan Library system was one of the first nine public libraries from across the country that joined the CFPB’s national pilot project. … Continue Reading
Recently the CFPB joined the FDIC’s program against financial abuse of senior citizens by cooperating on the creation of a Spanish language tool for Hispanic seniors. We have previously blogged about the CFPB’s initiatives to prevent elder financial abuse. This new product is a Spanish-language version of a pre-existing FDIC publication in English, Money Smart for Older Adults, which is a financial resource tool that is distributed free of charge and is designed to help adults age 62 and older and their caregivers prevent, identify, and respond to elder financial exploitation.… Continue Reading
