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From Banking and Finance Law Daily, July 22, 2013

CFPB launches new financial education and literacy program for veterans, economically vulnerable

By Stephanie K. Mann, J.D.

The Consumer Financial Protection Bureau has launched a new initiative to provide a consumer education and financial literacy program, to be funded by the Civil Penalty Fund, aimed at providing direct financial coaching services to transitioning veterans and economically vulnerable consumers. The CFPB stated that, “Whether you are a veteran transitioning to life in the civilian world or a consumer facing economic challenges—for example, seeking work after becoming unemployed or coping with a housing crisis—having a trusted, well-informed advisor can increase your odds of success.”

The goal of this initiative is to provide financial coaching services at critical points in consumers’ lives as they move along the path to financial stability, particularly veterans transitioning to civilian life and economically vulnerable consumers seeking assistance from social service providers.

Beginning in 2014, financial coaches will be placed in locations where consumers currently receive other services, such as job training or housing counseling. The locations will be selected based on need and veteran population density. In addition, 20 local organizations will be selected nationwide to integrate and oversee the delivery of financial coaching services to serve economically vulnerable consumers. The CFPB estimates than within three years, tens of thousands of consumers will be served by this initiative.

RegulatoryActivity: CFPB

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