The CFPB has issued a request for information that seeks comment on its consumer financial education programs.  Comments on the RFI must be received by July 9, 2018.

The CFPB seeks feedback on all aspects of its consumer financial education programs, including the following topics:

  • The CFPB’s focus on specific financial education topics and delivery channels, and its use of technology and contractors
  • Measuring the effectiveness of the CFPB’s financial education programs
  • Avoiding duplication between the CFPB and other federal agencies or other entities

In response to the CFPB’s question asking what financial education topics it should address, we would suggest that the CFPB educate consumers about arbitration, something it has not previously done.… Continue Reading

The CFPB has issued its fourth Financial Literacy Annual Report to Congress.  The report covers the CFPB’s activities to improve consumer financial literacy during the period from October 2015 through September 2016.  The report discusses the CFPB’s financial literacy strategy, its financial education initiatives (which include consumer tools and information and collaborations with community institutions and other government agencies), and its research initiatives (which include identifying effective financial education approaches).… Continue Reading

The CFPB has released an “issue brief” entitled “Financial Education Programs Serving Immigrant Populations.”  The report is intended “to raise visibility about the financial education challenges that many immigrants face.”

The report shares the results of a “field scan” in which the CFPB identified financial education programs and providers and spoke with experts in the field. … Continue Reading

The CFPB has released a “youth financial education curriculum review tool” for curriculum developers and educators to use to review financial education materials and determine which curricula best suits their students.  The tool is intended to address the needs of the education community which, according to the CFPB, is increasingly recognizing the importance of requiring personal finance education for K-12 students but generally does not feel well-equipped to choose the most promising or appropriate financial education curricula or develop their own curricula.… 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

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

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

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