Financial Education Initiatives

News & Analysis as of

CFPB issues final rule on homeownership counseling requirements

The CFPB has issued a final rule to assist lender compliance with RESPA and TILA homeownership counseling requirements. Under RESPA, a lender must provide applicants for a federally related mortgage loan with a list of...more

Tax Law Blog: Financial Literacy at Tax Time

Were you aware you could use your tax refund to buy a U.S. Savings Bond? Or that you could split the refund between multiple accounts (such as savings and checking) with direct deposit? If you prepared your own return with an...more

CFPB’s Credit Union Advisory Council to meet March 12

A meeting of the CFPB’s Credit Union Advisory Council has been scheduled for March 12, 2015 at the CFPB’s offices in Washington, D.C The agenda indicates that the Council will discuss financial education and financial...more

Federal Agencies Issue Guidance on Youth Savings Programs

Federal banking agencies have issued guidance encouraging financial institutions to develop and implement programs to expand the financial capability of youth and build opportunities for financial inclusion for more families....more

CFPB Partners with Industry Group to Improve Financial Education

On January 28, the Financial Services Roundtable (FSR) announced a joint initiative with the CFPB to promote effective financial education throughout the country. The public-private partnership will provide tools and...more

CFPB issues report on financial well-being

A new CFPB report entitled “Financial well-being: The goal of financial education” describes the CFPB’s initial research into how people acquire financial capability. The CFPB states in the report that it undertook the...more

Financial Services Roundtable and CFPB join forces in financial education initiative

The Financial Services Roundtable and CFPB are joining forces in a nationwide public-private initiative to promote effective financial education. According to an announcement posted on the Roundtable’s website, the CFPB and...more

CFPB plans to launch financial education project for disabled individuals

The CFPB continues to seek comments on its plans to launch in the winter of 2015 what it describes as “a multi-site financial education demonstration project to provide one-on-one and group financial counseling/coaching...more

CFPB seeks organizations to host financial coaches

In July 2013, the CFPB announced its plans to launch a financial coaching project in 2014 for transitioning veterans and economically vulnerable consumers. Last week, the CFPB announced that it has contracted with the Armed...more

Congress and the Higher Education Act: what’s on the table? What’s to come? Our look at the major proposals

Congress is well into the process of passing a reauthorization of the Higher Education Act (HEA), and many members of Congress have introduced bills addressing many aspects of higher education that concern the public....more

Will the CFPB’s mortgage education campaign encourage consumers to sue?

Last week, the CFPB announced that it has launched “a campaign to educate the public about the new protections provided by the Bureau’s mortgage rules.” Consumers could, however, misinterpret the CFPB’s message as an...more

CFPB Publishes Final Rules on Dodd-Frank Requirements for Homeownership Counseling

On November 14, the Bureau of Consumer Financial Protection (the “Bureau”) published final rules in the Federal Register interpreting the homeownership counseling amendments to its Regulation Z (Truth in Lending) and...more

CFPB Report Claims Financial Education Efforts Insufficient

On November 18, the CFPB published a report that examines the amount of money spent by financial institutions to inform and influence consumers’ decisions about financial products and services. The study analyzed spending...more

CFPB issues study comparing financial education and financial marketing spending

Earlier this week, the CFPB issued a study comparing annual spending on financial education to annual spending on financial industry marketing efforts. Intended to support the CFPB’s call for increased financial education and...more

InfoBytes Special Alert: CFPB Issues Final Civil Penalty Fund Rule With Request For Comment

On April 26, the Consumer Financial Protection Bureau (CFPB or the Bureau) issued a final rule, effective immediately, that sets forth procedures for the administration of the Consumer Financial Civil Penalty Fund (Civil...more

CFPB Proposes Financial Education Policies

On April 30, the CFPB published policy recommendations for advancing K-12 financial education. The paper, “Transforming the Financial Lives of a Generation of Young Americans,” identifies perceived problems for young people...more

Director Cordray urges financial education for young Americans

In remarks given earlier this week at the Investing in Our Future Conference in Washington, D.C., Director Cordray spoke about the need to make financial education a part of the school curriculum for the nation’s children and...more

CFPB proposes more information collections

Earlier this week, the CFPB published in the Federal Register a request for comments on its plans to submit a request to the Office of Management and Budget for generic clearance of an information collection to assist the...more

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