CFPB announces plans to launch financial coaching project

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In a notice published in today’s Federal Register, the CFPB announced that in late 2014, it plans to launch a financial coaching project for transitioning veterans and economically vulnerable consumers and seeks comments to include with its request for approval from the Office of Management and Budget.

The CFPB estimates that the project, which will provide direct financial coaching to these individuals, will serve tens of thousands of consumers over three years. The CFPB indicates that it will need to evaluate the program to understand whether it is effective and for financial coaches to deliver efficient services and track clients over time. The key data collection efforts that will be involved in the evaluations are administrative data collected by financial coaches about clients, interview data collected by evaluators, and self-reported survey data from coaches and coaching clients. Such data is expected to include personal information, performance data and other related information.

Comments are due by November 3, 2014.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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