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.