News & Analysis as of

Financial Education Initiatives

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Investment education is all about a process

Advisors ask me all the time of the role of education in participant-directed 401(k) plans. Participant directed 401(k) plans that are governed under ERISA §404(c) offer the plan sponsors liability protection based on a...more

Bradley Arant Boult Cummings LLP

ABI Commission’s Final Report on Consumer Bankruptcy Issues, What Creditors Need to Know

The American Bankruptcy Institute’s Commission on Consumer Bankruptcy  released its Final Report and recommendations on April 12, 2019. The commission was created in 2016 to research and develop recommendations to improve the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Don’t discount offering participants at least an education

Advisors ask me all the time of the role of education in participant-directed 401(k) plans. Participant-directed 401(k) plans that are governed under ERISA §404(c) offer the plan sponsors liability protection based on a...more

Goodwin

CFPB Releases Prototypes of “Know Before You Owe” Overdraft Disclosure Forms

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On August 4, 2017, the Consumer Financial Protection Bureau (CFPB) published four prototypes of model overdraft disclosure forms the Bureau is testing as part of its broader “Know Before You Owe” efforts. The prototypes are...more

Ballard Spahr LLP

CFPB issues report on achieving youth financial capability

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The CFPB has issued a report that describes a new “developmentally informed, skills-based model” for helping youth achieve financial capability. Entitled “Building blocks to help youth achieve financial capability,” the...more

Ballard Spahr LLP

CFPB releases issue brief on financial education programs serving immigrant populations

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The CFPB has released an “issue brief” entitled “Financial Education Programs Serving Immigrant Populations.”  The report is intended “to raise visibility about the financial education challenges that many immigrants face.”...more

A&O Shearman

EU Regulation Proposal for Program to Enhance Consumer and End User Protection and Involvement in Financial Services Policy Making

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The European Commission published a proposal for a Regulation to provide funding for two financial expertise non-profit organizations: Finance Watch and Better Finance...more

Ballard Spahr LLP

CFPB issues scale to measure financial well-being

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Last week, the CFPB released “A guide to using the CFPB Financial Well-Being Scale.” The guide builds on a report issued by the CFPB in January 2015, “Financial well-being: The goal of financial education,” in which it...more

Ballard Spahr LLP

Financial Literacy Highlighted in Director Cordray’s remarks to the American Bankers Association

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Financial literacy was the focus of Director Richard Cordray’s remarks last week at the American Bankers Association Annual Convention. He identified three areas where the CFPB is focusing its efforts and where financial...more

Ballard Spahr LLP

Financial literacy highlighted in Director Cordray’s remarks to the American Bankers Association

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Financial literacy was the focus of Director Cordray’s remarks last week at the American Bankers Association Annual Convention. He identified three areas where the CFPB is focusing its efforts and where financial institutions...more

Ballard Spahr LLP

CFPB releases financial education curriculum tool

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The CFPB has released a “youth financial education curriculum review tool” for curriculum developers and educators to use to review financial education materials and determine which curricula best suits their students. The...more

Ballard Spahr LLP

CFPB launches initiative for individuals with disabilities

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The CFPB has launched “a first-of-its-kind nationwide initiative to provide financial counseling services to people with disabilities who are working or transitioning into the workforce.” The program is named “ROADS to...more

Ballard Spahr LLP

CFPB launches financial coaching initiative

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The CFPB has announced the launch of its Financial Coaching Initiative which targetsrecently-transitioned veterans and economically vulnerable consumers. (The CFPB first announced its plans for launching the program in 2013,...more

Ballard Spahr LLP

CFPB issues final rule on homeownership counseling requirements

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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

Ballard Spahr LLP

CFPB’s Credit Union Advisory Council to meet March 12

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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

Ballard Spahr LLP

CFPB issues report on financial well-being

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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

Ballard Spahr LLP

Financial Services Roundtable and CFPB join forces in financial education initiative

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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

Ballard Spahr LLP

CFPB plans to launch financial education project for disabled individuals

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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

Ballard Spahr LLP

CFPB seeks organizations to host financial coaches

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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

Ballard Spahr LLP

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

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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

Williams Mullen

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

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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

Ballard Spahr LLP

CFPB issues study comparing financial education and financial marketing spending

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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

Ballard Spahr LLP

Director Cordray urges financial education for young Americans

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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

Ballard Spahr LLP

CFPB proposes more information collections

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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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