Newsroom
May 29, 2014
Cordray touts youth financial literacy at field hearing
May 30, 2014 – CFPB Director Richard Cordray, during a Financial Literacy and Education Commission field hearing in Washington Thursday, touted the importance of financial literacy for youth and highlighted a bureau program aimed at working with state policymakers.
Cordray explained the motivation behind the State Engagement Project, saying that it "is designed to gather input from state policymakers on resources and information that will be helpful for states to consider when determining the best way to incorporate youth financial education into their programs. We think this is an excellent opportunity for federal agencies to partner with state policymakers to expand access to K-12 financial education and help develop ways to offer hands-on financial learning."
Cordray also said the agency is pushing for employers to take a more active role in providing financial literacy education for their employees and that it is working with the Office of Personnel Management and the Labor Department to encourage federal agencies to do so for their employees.
NAFCU Regulatory Affairs Counsel PJ Hoffman responded, "Credit unions are industry leaders in providing financial education to their members. Credit unions recognize the value and importance of financial literacy – not only for their members' sake but for the future success of their institutions and the communities they serve."
The Financial Literacy and Education Commission was established under the Fair and Accurate Credit Transactions Act of 2003. It coordinates the efforts to promote financial literacy through the federal government.
Cordray explained the motivation behind the State Engagement Project, saying that it "is designed to gather input from state policymakers on resources and information that will be helpful for states to consider when determining the best way to incorporate youth financial education into their programs. We think this is an excellent opportunity for federal agencies to partner with state policymakers to expand access to K-12 financial education and help develop ways to offer hands-on financial learning."
Cordray also said the agency is pushing for employers to take a more active role in providing financial literacy education for their employees and that it is working with the Office of Personnel Management and the Labor Department to encourage federal agencies to do so for their employees.
NAFCU Regulatory Affairs Counsel PJ Hoffman responded, "Credit unions are industry leaders in providing financial education to their members. Credit unions recognize the value and importance of financial literacy – not only for their members' sake but for the future success of their institutions and the communities they serve."
The Financial Literacy and Education Commission was established under the Fair and Accurate Credit Transactions Act of 2003. It coordinates the efforts to promote financial literacy through the federal government.
Share This
Related Resources
Knowledge breeds empathy: New research puts credit union lenders in the minds of today’s borrower
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
IRS SECURE 2.0 “Grab Bag” Guidance: Other Issues
Retirement, Credit Unions
preferred partner
Pentegra
Blog Post
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections. [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public
Ensuring Safety and Soundness with AI
preferred partner
Upstart
Podcast
Help Ease Your Members' Loan Payment Concerns
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
Get daily updates.
Subscribe to NAFCU today.