The CFPB is looking for responses by April 12 to two Requests for Information it has filed seeking information on how to build financial capabilities for people with disabilities, veterans in transition, and people who are economically vulnerable.
One RFI requests input from organizations and vendors that have an interest in and/or experience in providing financial coaching, particularly to veterans and economically vulnerable consumers. It also requests information from subject matter experts (practitioners, non-profits, potential vendors) about the best practices related to delivering effective financial coaching to these groups.
The other RFI requests information from community-service providers, financial institutions, research organizations, and potential vendors concerning strategies to build the financial capability of people with disabilities. One component of the RFI seeks information from subject matter experts about: (1) the availability of appropriate financial tools, services, products, and programs or policies directed at building the financial capability of people with disabilities; and (2) best practices related to building the financial capability of people with disabilities, particularly those who are receiving job training or are re-entering the workforce. A second component of the RFI seeks information on the ability of potential vendors to provide relevant services on a nationwide basis through local and regional partners who have significant experience serving people with disabilities.
We are strong supporters of the CFPB’s efforts in the financial education arena and initiatives directed at veterans and vulnerable members of society seem particularly worthwhile.