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Category Archives: Financial Literacy

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CFPB issues fourth Financial Literacy Annual Report

Posted in Financial Literacy

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… More >

CFPB to Compile List of Companies Providing Free Credit Scores

Posted in Credit Reports, Financial Literacy

On October 5th, the CFPB published a notice announcing the CFPB Office of Financial Education’s intent to compile a list of companies offering existing customers free access to their credit score.  The CFPB’s stated intent in compiling this list is to educate consumers and help them make better informed financial decisions.  Comments must be submitted… More >

CFPB reports on research project offering savings incentive to prepaid card users

Posted in Financial Literacy, Prepaid Cards

The CFPB released a report, “Tools for saving: Using prepaid accounts to set aside funds,” that presents the results of a research project involving a pilot program offering an incentive to prepaid card users to use a savings feature. In December 2014, as part of its Project Catalyst, the CFPB’s initiative for facilitating innovation in… More >

CFPB issues report on achieving youth financial capability

Posted in Financial Literacy

The CFPB has issued a report that describes a new “developmentally informed, skills-based model” for helping youth achieve financial capability.  Entitled “Building blocks to help youth achieve financial capability,” the report highlights key milestones from early childhood through young adulthood that support the development of adult financial capability, and makes recommendations “for delivering evidence-based, age-appropriate,… More >

CFPB to Participate in FTC Workshop on Consumer Disclosures

Posted in CFPB General, Financial Literacy, FTC, Privacy, Research, UDAAP

On September 15th, the FTC will hold a workshop to examine the testing and evaluation of disclosures that companies make to consumers about advertising claims, privacy practices, and other information.  The FTC’s workshop will explore how to test the effectiveness of these disclosures to ensure consumers notice them, understand them, and can use them in… More >

CFPB releases issue brief on financial education programs serving immigrant populations

Posted in Financial Literacy

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… More >

CFPB issues advisory for older consumers about asset recovery scams

Posted in Elder Financial Abuse, Financial Literacy

The CFPB recently issued an advisory for older consumers about asset recovery companies that target older consumers who are past victims of fraud, such as bogus timeshare investments and in-home business opportunities. The advisory describes a typical asset recovery scam as one in which the  asset recovery company contacts a defrauded older consumer claiming it… More >

CFPB issues guide on pension payouts

Posted in Financial Literacy

The CFPB has issued a guide that is intended to assist near-retirees with private sector payment plans in deciding whether to choose monthly payments or a lump-sum payout.  The guide includes a series of questions for consumers to consider before accepting a lump sum.  For consumers who plan to take a lump-sum payout, the guide also… More >

CFPB issues scale to measure financial well-being

Posted in Financial Literacy

Last week, the CFPB released “A guide to using the CFPB Financial Well-Being Scale.”  The guide builds on a report issued by the CFPB in January 2015, “Financial well-being: The goal of financial education,” in which it defined “financial well-being” as a state of being wherein people: Feel in control of their day-to-day and month-to-month finances Have… More >

CFPB plans national survey on financial well-being

Posted in Financial Literacy

The CFPB has published a notice in the Federal Register indicating that it is planning to conduct a “Financial Well-Being National Survey.” In the notice, the CFPB states that through its prior research, it has determined that improvement in consumer financial well-being is the ultimate goal of its financial literacy initiatives.  To inform its identification… More >

Financial literacy highlighted in Director Cordray’s remarks to the American Bankers Association

Posted in Financial Literacy

Financial literacy was the focus of Director Cordray’s remarks last week at the American Bankers Association Annual Convention.  He identified three areas where the CFPB is focusing its efforts and where financial institutions can “band together with [the CFPB]” to advance such efforts. The first area of focus is financial education in schools, with the… More >

CFPB releases report on retirement security and planning tool

Posted in Financial Literacy

In conjunction with the retirement planning event that the CFPB is holding in Washington, D.C. today with the Social Security Administration, the CFPB has issued a report, “Issue Brief: Social Security claiming age and retirement security,” and unveiled a new online “Planning for Retirement” tool. The report discusses the CFPB’s research regarding the important role… More >

CFPB issues third Financial Literacy Annual Report

Posted in Financial Literacy

The CFPB has issued its third Financial Literacy Annual Report to Congress.  The report covers the CFPB’s activities to improve consumer financial literacy during the period from June 2014 through September 2015.  The report’s Appendix contains a list of the CFPB’s currently available financial education resources, which includes web-based tools, CFPB brochures and other publications,… More >

CFPB to hold retirement planning event

Posted in Financial Literacy

The CFPB has announced that it will be holding an event about retirement planning with the Social Security Administration in Washington, D.C. on November 12, 2015.  After remarks from Director Cordray and Acting Commissioner of Social Security, Carolyn W. Colvin, the event will feature an expert panel discussion about retirement planning.  

CFPB releases financial education curriculum tool

Posted in Financial Literacy

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… More >

CFPB issues financial guides for new immigrants

Posted in Financial Literacy

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.  They also include information… More >

CFPB launches initiative for individuals with disabilities

Posted in Financial Literacy

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… More >

CFPB launches financial coaching initiative

Posted in Financial Literacy

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… More >

An Opportunity to Collaborate? The CFPB’s credit report study

Posted in CFPB General, Credit Reports, Financial Literacy, Hot Issues, Research

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. In… More >

CFPB issues report on financial well-being

Posted in Financial Literacy

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… More >

Financial Services Roundtable and CFPB join forces in financial education initiative

Posted in Elder Financial Abuse, Financial Literacy

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… More >

CFPB plans to launch financial education project for disabled individuals

Posted in Financial Literacy

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… More >

CFPB announces pilot to promote consumer savings

Posted in Financial Literacy, Prepaid Cards

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.  The CFPB hopes… More >

Director Cordray provides update on CFPB’s public library partnerships

Posted in Financial Literacy

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… More >