Consumer Financial Protection Bureau April 1, 2015 Consumer Financial Protection Bureau Institute for Financial Literacy: Annual Conference on Financial Education This presentation is being made by a Consumer Financial Protection Bureau representative on behalf of the Bureau.  It does not constitute legal interpretation, guidance or advice of the Consumer Financial Protection Bureau.  Any opinions or views stated by the presenter are the presenter’s own and may not represent the Bureau’s views.   Note: This document was used in support of a live discussion.  As such, it does not necessarily express the entirety of that discussion nor the relative emphasis of topics therein.

The Consumer Financial Protection Bureau Our mission is to make markets for consumer financial products and services work for Americans. Educate An informed consumer is the first line of defense against abusive practices. Enforce We supervise banks, credit unions, and other financial companies, and we enforce federal consumer financial laws Study We gather and analyze available information to better understand consumers, financial services providers, and consumer financial markets. 2

Consumer Education and Engagement Financial Education Provide targeted educational content Identify and promote effective fin ed practices Consumer Engagement Create interactive, informative relationship with consumers Servicemembers Improve financial protection Monitor complaints Coordinate w/ DoD, etc. 2.2 million military personnel 22.6 million veterans Older Americans Protect against financial abuse Improve financial literacy Planning for life events 50 million aged 62+ Students Increase awareness of debt in college choice Build campus awareness 22-28 million (age 16-26) Financial Empowerment Improve financial stability for low-income & other economically vulnerable consumers 68 million unbanked or underbanked 33% of Americans earn less than twice the poverty line Approximately 50 million have thin or no credit files 7

Research and Policy Recommendations 4

What does success look like in financial capability? CFPB’s Financial Well-Being Research Project Better understand how to design and to measure the success of financial literacy programs Support consumers in ways that will resonate with them, with their own views of financial well-being, and with their own goals for their financial lives Financial well-being : a state of being wherein a person can fully meet current and ongoing obligations, has secured the future, and is able to make choices that allow her to enjoy life.  Having control over day to day, month to month finances. Having the capability to absorb a financial shock Being on-track to meet financial goals, and Having the financial freedom to make choices that allow one to enjoy life   5

Youth financial education Introduce key financial education concepts early and continue to build on that foundation consistently throughout the K-12 school years. Include personal financial management questions in standardized tests. Provide opportunities throughout the K-12 years to practice money management through innovative, hands-on learning opportunities. Create consistent opportunities and incentives for teachers to take financial education training with the express intention of teaching financial management to their students. Encourage parents and guardians to discuss money management topics at home and provide them with the tools necessary to have money conversations with their children. 6

Tools for Intermediaries 7

Your Money, Your Goals Toolkit with financial education modules and tools geared to needs of underserved population Training social services workers, legal aid staff and others who work directly with low income and economically vulnerable consumers Scalable – within first 2 years, aim to reach more than >5,000 front line staff and >30,000 consumers National perspective, local context – help to identify financial need and link consumers to local resources Customizable – address unique needs of intermediaries; user-friendly with plain language text Preview Module Online - Managing Debt consumerfinance.gov/your- money-your-goals/ 8

CFPB Community Education Project Goal: Making libraries the go-to resource for financial education in every community National Partners: Institute of Museum and Library Services American Library Association Public Library Association Reference and User Services Association FINRA Investor Education Foundation USDA Cooperative Extension Service Money Smart Week by the Federal Reserve Bank of Chicago Federal Deposit Insurance Corp. Federal Trade Commission Over 1700 library branches nationwide are involved to date 9

Tools for Consumers 10

Paying for College consumerfinance.gov/paying-for-college/ 11

Parents and Caregivers consumerfinance.gov/parents 12

CFPB & FDIC Partnership on Teacher Resources fdic CFPB & FDIC Partnership on Teacher Resources fdic.gov/consumers/education/teachers.html 13

Owning a Home 14

How to submit a complaint Online: consumerfinance.gov/complaint Phone: (855) 411-2372 or TTY/TDD (855) 729-2372 Monday-Friday, 8am – 8pm ET | 180+ languages 6

Issues facing older Americans Managing Someone Else’s Money Guides Reverse Mortgage Guide Senior Designations Guide Protecting Residents from Financial Exploitation Money Smart for Older Americans 16

Ask CFPB: A Question and Answer Platform Curated homepage content Search autocomplete Filter search results by topic or audience

Resources Tell Your Story: http://help.consumerfinance.gov/app/tellyourstory Complaints: http://www.consumerfinance.gov/complaint/ Ask CFPB: http://www.consumerfinance.gov/askcfpb/ Rulemakings: http://www.consumerfinance.gov/notice-and-comment/ CFPB Twitter: @CFPB CFPB Facebook: http://www.facebook.com/CFPB CFPB Blog: http://www.consumerfinance.gov/blog/ LinkedIn: http://www.linkedin.com - CFPB financial education discussion group Order Materials: http://promotions.usa.gov/cfpbpubs.html