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To assist servicemembers recently transitioned out of active duty and other, economically vulnerable consumers, CFPB says it plans to place 60 certified financial coaches at organizations throughout the nation to provide individualized educational services.

"Having a trusted, well-informed financial coach can increase your odds of financial success," said CFPB Director Richard Cordray. "Our project aims to provide financial coaching services at critical points in consumers' lives, especially as they transition from military service or from being unemployed."

CFPB noted that the coaches hired for this program have experience working with servicemembers and the economically vulnerable, are trained in financial coaching techniques and will be accredited by the Association for Financial Counseling and Planning Education.

Pointing out the solid resources current defense credit unions already provide to their members, NAFCU Military Liaison Quincy Enoch said, "Defense credit unions and those credit unions in locations with lots of military servicemembers provide a host of resources and tools to promote saving and responsible banking to veterans and active duty military personnel and their families."

The 60 partner organizations that will host the financial coaches were selected by CFPB and the Department of Labor and include various nonprofits and Department of Labor American Job Centers.