July 18, 2014

CUs noted in CFPB financial literacy report

July 21, 2014 – CFPB on Friday released a 2014 annual report on its financial literacy efforts that points, among other things, to credit unions' involvement in protecting older consumers from financial exploitation.

The report focused on the efforts of different bureau departments to promote financial literacy and awareness about the financial consequences of going to college or buying a home, and how to manage debt and begin saving. The efforts particularly targeted groups such as servicemembers, students, low-income consumers and older consumers.

CFPB noted that its guides for people who handle the financial affairs of older relatives and friends have been made available through credit unions, where they "are likely to reach people when they first take on these responsibilities." The report also mentioned that credit union professionals sponsored presentations held by the bureau's Office for Older Americans throughout the year.

The report also highlighted a webinar held in cooperation with the National Association of Community Development Credit Unions focusing on raising awareness about elder financial exploitation.