CFPB launches new financial education efforts directed at low-income consumers

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Last week, the CFPB announced a new partnership with national and local nonprofit and public social services programs across the country to train staff to provide financial education and tools to clients with low-to-moderate incomes.

As part of that partnership, the CFPB unveiled a new online toolkit entitled “Your Money, Your Goals.” The toolkit, which the CFPB describes as “rigorously field tested,” is intended to serve as a comprehensive guide to empower financial decision-making. The toolkit includes information, checklists, and worksheets and covers topics such as:

  • Making spending decisions
  • Ordering and fixing credit reports
  • Avoiding tricks and traps in choosing financial products
  • Making decisions about repaying debts and taking on new debt
  • Keeping track of income and bills
  • Deciding whether to open a checking account and understanding what is needed to open one 

We think the CFPB once again deserves praise and support for its innovative efforts in improving the financial education resources available to consumers.


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.

© Ballard Spahr LLP | Attorney Advertising

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