Newsroom

CFPB Director Richard Cordray announced a partnership with Financial Services Roundtable on an initiative to provide more financial education to consumers, noting credit union efforts to reach out to students.

Cordray said the joint initiative would focus on schools, workplaces, and reaching out to older Americans. He praised existing programs where banks or credit unions operate in schools – "where students can get hands-on experience by taking part in their everyday activities."

"We are already engaging to develop opportunities to leverage resources, scale ideas, expand access, and identify high-level, measurable results," Cordray said at an FSR event Wednesday. "We have agreed to conduct working sessions on each of the three subjects just identified between now and May. Our joint efforts will create more visibility and focused effort to promote financial education and share promising practices around the country."

Cordray also said the initiative will support teacher training in financial education. For workplace education, Cordray said the bureau will work with FSR on existing initiatives such as "Save Ten," which encourages workers to save ten percent of income for retirement.

For education for older Americans, Cordray said the focus would be "the ‘three Rs': recognize record and report" – relating to preventing and responding to elder financial abuse.