CFPB invites input on financial empowerment

December 13, 2012

CFPB invites input on financial empowerment

The CFPB on Wednesday invited input on ways to help promote financial empowerment of persons with low or limited incomes, and it is sending visitors to a web page that asks consumers about their experiences with financial products.

Cliff Rosenthal, assistant director of the CFPB Office of Financial Empowerment, pointed to the two-day session held at the CFPB – and which was attended by NAFCU – with representatives from the financial industry, federal regulators, state and local governments, community organizations, researchers and product developers. The object of the meeting, which include CFPB Director Richard Cordray, was to share ideas about how to empower low-income and economically vulnerable consumers.

In a blog post yesterday, Rosenthal said the meeting generated discussion about strategies being carried out now to help improve the financial lives of low-income consumers. He said the mission for the CFPB is to help ensure consumers have access to safe, affordable products and services and access to information and tools that allow them to choose the ones that best fit their needs.

The OFE staff will develop strategies over the months ahead based on the Nov. 28-29. "To achieve this, the financial empowerment field needs data to show that financial coaching, counseling, and other methods are effective in helping consumers manage their financial lives," he wrote. "At the same time, we need to understand and expand the ways in which low-income people can access responsible financial services."

The CFPB is collecting input on this initiative online. NAFCU remains in contact with bureau representatives on the ways credit unions work to meet the needs of low-income consumers.

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