Financial Literacy

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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

In July 2013, the CFPB announced its plans to launch a financial coaching project in 2014 for transitioning veterans and economically vulnerable consumers.  Last week, the CFPB announced that it has contracted with the Armed Forces Services Corporation (AFSC), a Service-Disabled Veteran-Owned Business, to run the project and that ASFC is looking for 20 organizations in geographically diverse locations across the country to host financial coaches.… Continue Reading

In a notice published in today’s Federal Register, the CFPB announced its plans for evaluating a financial coaching project for transitioning veterans and economically vulnerable consumers that it expects to launch in late 2014 and seeks comments to include with its request for approval of the data collection from the Office of Management and Budget.… Continue Reading

Last week, the CFPB published a report entitled “Financial wellness at work” that reviews “promising practices to promote financial wellness in the workplace.” 

The CFPB’s research found that particularly since the recession, financial distress is widespread among the American workforce and can result in large associated costs to employers in terms of productivity loss and higher health care spending. … Continue Reading

Last week, the CFPB announced a new partnership with national and local nonprofit and public social services programs across the country to train staff to provide financial education and tools to clients with low-to-moderate incomes.  

As part of that partnership, the CFPB unveiled a new online toolkit entitled “Your Money, Your Goals.” … Continue Reading

The CFPB has issued its second Financial Literacy Annual Report to Congress.  The report covers the CFPB’s activities to improve consumer financial literacy during the period from June 2013 through May 2014.  The report’s Appendix contains a list of the CFPB’s financial education resources as of May 31, 2014.   

The report discusses the CFPB’s activities as they relate to the three key components of the CFPB’s financial literacy strategy: education initiatives, research and innovation, and outreach to key stakeholders who can help to reach the public. … Continue Reading

The CFPB has issued a new guide designed to help operators and staff of nursing facilities and assisted living residences protect residents from financial abuse.  The guide indicates that it is for administrators as well as business office staff, social service personnel, and any staff members involved in the admissions process. … Continue Reading

Director Cordray spoke at the Financial Literacy and Education Commission (FLEC) Field Hearing this week, emphasizing the federal government’s role as the nation’s single largest employer. In order to lead by example, Director Cordray described how the CFPB has been working with the Office of Personnel Management and the Department of Labor to encourage and assist other federal agencies in developing robust financial education plans for their employees.… Continue Reading

The CFPB has announced that it plans to launch a new Community Financial Education Project in which it will work with public libraries across the country to help them provide free financial information and referrals.  The launch will be the subject of an event hosted by the CFPB’s Office of Financial Education that is scheduled for April 7 and will be streamed live on the CFPB’s website.… Continue Reading

On February 25, the Financial Literacy and Education Commission (FLEC) held a field hearing as part of America Saves Week to discuss financial education in the workplace, including how to deliver financial education to employees. During the field hearing, CFPB Director Richard Cordray, who also serves as the FLEC vice chair, delivered remarks encouraging employers to voluntarily implement financial education programs for their employees.… Continue Reading