January 09, 2020

NAFCU meets with CFPB on financial literacy, savings initiative

CFPBNAFCU's Regulatory Affairs team and other industry stakeholders met yesterday with CFPB leaders to discuss the bureau’s ongoing financial literacy efforts and savings initiatives. Late last month the CFPB released its Financial Literacy Annual Report for fiscal year 2019 in order to highlight the activities, strategies and education tools used to ensure the financial literacy of consumers.

Last year, NAFCU teamed up with the bureau to offer a webinar that covered financial literacy efforts and ways to encourage consumers to save following the launch of the CFPB’s initiative "Start Small, Save Up". The initiative was created as a result of a report from the bureau in early 2019 found that many consumers don't have enough liquid savings to cover unexpected, emergency expenses.

Back in 2018, the CFPB issued a request for information (RFI) on the effectiveness of the bureau’s consumer financial literacy programs to garner input on how its financial education programs can be improved. In response, NAFCU recommended that the CFPB collaborate with the NCUA and partner with credit unions to distribute financial resources effectively.

NAFCU has pledged to promote financial literacy and ensure credit unions’ members can reach their financial goals by working closely with credit unions, lawmakers and regulators. Many credit unions offer services to help members reach their financial goals and the CFPB has many additional financial literacy resources available.

NAFCU will remain engaged with the CFPB on these issues to ensure Americans make well-informed financial decisions and that vulnerable populations are protected from financial exploitation.