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

Earlier this week, the CFPB issued a report entitled “Rigorous evaluation of financial capability strategies: Why, when and how.”  The report is an outgrowth of research the CFPB is conducting to learn what approaches to financial education are most effective.  The research is intended to inform the CFPB’s efforts to develop and implement financial education initiatives aimed at improving financial decision making and outcomes (which the CFPB refers to as “financial capability strategies”). … Continue Reading

Earlier this week, the CFPB issued a study comparing annual spending on financial education to  annual spending on financial industry marketing efforts.  Intended to support the CFPB’s call for increased financial education and financial skill building opportunities for American consumers, the study’s key findings are that 25 times as much is spent on marketing financial products and services to consumers each year than on financial education and about two dollars per person per year is spent nationally on financial education.  … Continue Reading

In remarks given earlier this week at the Investing in Our Future Conference in Washington, D.C., Director Cordray spoke about the need to make financial education a part of the school curriculum for the nation’s children and unveiled a white paper titled “Transforming the Financial Lives of a Generation of Young Americans” setting forth the CFPB’s policy recommendations for advancing financial education and capability. … Continue Reading

Earlier this week, the CFPB published in the Federal Register a request for comments on its plans to submit a request to the Office of Management and Budget for generic clearance of an information collection to assist the CFPB’s development of financial education initiatives.  According to the CFPB’s notice, the collection “will focus on identifying financial education and empowerment strategies, practices, and experiences that inform or improve consumer financial decision-making.”  … Continue Reading

The CFPB has issued a reminder that comments on its Request for Information on Effective Financial Education are due by October 31, 2012.  Published in the Federal Register on August 2, the request seeks responses to a series of questions designed to assist the CFPB’s Office of Financial Education in developing “effective financial education approaches that create opportunities for consumers to improve their financial decision making capabilities.” … Continue Reading

The CFPB’s Office of Servicemember Affairs wants to know what consumer financial services and products and financial education opportunities are now offered to servicemembers and their families. These are among the questions the Office has asked in a request for information published today.  According to the Office, the answers it obtains will help it develop a knowledge base that will inform its planning not only for monitoring complaints from servicemembers and their families as required by the Dodd-Frank Act but also for fulfilling the Act’s mandate that the CFPB provide financial education to the military community.… Continue Reading