1. Consumer Financial Protection Bureau Community Financial Education Project for Georgia| November 12 2014

2. Disclaimer 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. 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. 2

3. CFPB representatives  Ken McDonnell Office of Financial Education Financial Education Outreach Analyst kenneth.mcdonnell@cfpb.gov 3

4. What we’ll cover  Background on the CFPB – how we started and what we do  Financial education tools and resources  Hearing from consumers  Community Education Program 4

5. Our vision A consumer finance marketplace…  Where customers can see prices and risks up front and where they can easily make product comparisons.  In which no one can build a business model around unfair, deceptive, or abusive practices.  That works for American consumers, responsible providers, and the economy as a whole. 5

6. CFPB mission To make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products. 6

7. The work we do 7 Study We gather and analyze available information to better understand consumers, financial services providers, and consumer financial markets. Enforce We supervise banks, credit unions, and other financial companies, and we enforce federal consumer financial laws. Educate An informed consumer is the first line of defense against abusive practices.

8. CFPB’s Statutory Objectives  To ensure that consumers have timely and understandable information to make responsible decisions about financial transactions;  To protect consumers from unfair, deceptive, or abusive acts or practices, and from discrimination;  To reduce outdated, unnecessary, or unduly burdensome regulations;  To promote fair competition by enforcing the Federal consumer financial laws consistently; and  To advance markets for consumer financial products and services that operate transparently and efficiently to facilitate access and innovation. 8

9. Real results for real people  Issued: New mortgage rules  Coming soon: Prepaid card regulations  In development: Debt collection notice of proposed rulemaking  Implemented: First federal nonbank supervision program  Moving toward: A culture of compliance in financial institutions 9 Regulation Supervision

10. Real results for real people 10

11. Meet Consumer Education & Engagement 11 ServicemembersOlder AmericansStudents Financial Empowerment Improve financial protection Protect against financial abuse Increase awareness of debt in college choice Improve financial stability for low-income and other economically vulnerable consumers Monitor complaintsImprove financial literacy Monitor complaints68 million unbanked or underbanked Coordinate with Department of Defense and other military service organizations Help with planning for life events Build campus awarenessApproximately 50 million have thin or no credit files Audience: 2.2 million military personnel and 22.6 million veterans Audience: 50 million aged 62+ Audience: 22-28 million (age 16-26) Audience: 33% of Americans earn less than twice the poverty line Financial Education Provide targeted educational content Identify and promote effective financial education practices Consumer Engagement Create interactive, informative relationships with consumers

12. Financial literacy Strategy 1.Education initiatives to reach consumers in opportune moments. 2.Evidence-based research and innovation to identify what works. 3.Outreach to share information and develop approaches and collaborations to reach consumers. 4.Measurable performance goals. All in consultation with the Financial Literacy Education Commission and aligned with the National Strategy. 12

13. 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. 13

14. Financial education Tools and resources 14

15. Ask CFPB 15 consumerfinance.gov/askcfpb

16. Consumer experience program 16 consumerfinance.gov/paying-for-college

17. CFPB en Español 17 consumerfinance.gov/es

18. Remittance transfer rule 18  Available in Spanish, Chinese, French-Creole, Tagalog  Poster, flier, factsheet, brochure

19. Mortgage rules 19  Available in Spanish, Chinese, French, Haitian- Creole, Korean, Tagalog

20. Issues facing older Americans 20  Managing Someone Else’s Money Guides  Reverse Mortgage Guide  Senior Designations Guide  Protecting Residents from Financial Exploitation  Money Smart for Older Americans

21. Outreach to Parents consumerfinance.gov/parents

22. Outreach to Parents - Share graphics

23. Outreach to Parents - How you can help  Share the key messages and graphics on social media  Share the articles with your populations  We’re listening!  Share your ideas for promoting this financial education campaign

24. Listening to consumers Helping consumers 24

25. Submit a complaint 25 consumerfinance.gov/complaint

26. Complaints we accept 26

27. Complaints over time 27 Source: Consumer Response Annual Report, January 1-December 31, 2013Consumer Response Annual Report

28. Complaint lifecycle 28 Complaint submitted Review and route Company response Consumer review Review and investigate Analyze and report

29. Consumer complaint database 29

30. Tell your story 30 consumerfinance.gov/yourstory

31. Social media 31 facebook.com/cfpb twitter.com/CFPB LinkedIn

32. Questions? 32

33. Community Financial Education Program Making libraries the go-to resource for financial education in every community 33

34. Why is financial education important? 2012 National Financial Capability Study: Study participants were asked five questions covering aspects of economics and finance encountered in everyday life. In the U.S., 61% are unable to answer more than three of the five questions correctly. Source: 2012 National Financial Capability Study http://www.usfinancialcapability.org/results.php?region=US

35. Why is financial education important?  59 percent have not planned for retirement  56 percent have no money set aside for emergencies  49 percent carry balances on their credit cards  63 percent have not saved for their child’s college education  22 percent have overdrawn on a checking account Source: 2012 National Financial Capability Study http://www.usfinancialcapability.org/results.php?region=US

36. Listening sessions  In 2011 and 2012 we conducted a number of listening sessions across the country and spoke with financial educators, service providers, representatives of local government and nonprofit organizations.  Consumers may not know where to turn for unbiased help when facing a financial decision or problem.  When this happens, small problems can grow into much bigger ones. 36

37. Challenge  High impact, community focused financial education effort:  What is a resource in every community that can offer consumers Free access Unbiased information Helpful and knowledgeable staff High degree of trust 37

38. Libraries, the obvious answer  In all, public libraries served 297.6 million people throughout the U.S.  Libraries cover virtually every community in the U.S.  On average, Americans visited a public library 5.3 times per year.  Program attendance is increasing despite declining budgets, operating revenue, service hours, and staffing.  Libraries are an “important” resource for parents and low- and moderate-income households.  In one year, 19 million (25 percent) of all public access users logged on at their public library for commercial needs or to manage their personal finances. 38

39. Community Education Library Campaign  Project launch: Summer 2013  Project goals:  Build a community financial education infrastructure in coordination with libraries and national partners to reach consumers in their neighborhoods.  Take advantage of existing programs and resources already in the field.  Expand existing financial education efforts already occurring in communities.  Encourage and amplify the sharing of best practices. 39

40. CFPB’s approach – Start by listening  We partnered with nine libraries across the U.S.  We talked with staff and surveyed more than 700 patrons.  We learned about libraries’ needs for:  Clear financial information and resources  Marketing materials  Community partnership resources  Share engaging program ideas  Provide training  Flexible and customizable 40

41. CFPB’s role  We will provide you with resources:  Webinars and in-person trainings on financial topics for staff development  Job aids  An inventory of resources for reference use and program development  Program ideas  Marketing materials  A Community Partnership Guidebook  Go to consumerfinance.gov/library-resources 41

42. Other ways we’re involved  Participated in a RUSA working group to develop financial education guidelines and best practices for libraries.  Sharing and coordinating resources and best practices from a number of stakeholders.  Starting a national conversation about libraries as a financial education resource. 42

43. Our 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  And in conversation with others … 43

44. Your role  We don’t expect you to be financial experts or provide all the help patrons need.  You can:  View the webinars to increase your financial knowledge  Start conversations to learn more about your patrons needs so you can guide them to effective resources  Establish referral partners who are objective and can help patrons when you are unable to help  Use and provide feedback on CFPB-provided resources 44

45. consumerfinance.gov/library-resources 45

46. promotions.usa.gov/cfpblibraries.html 46

47. Program idea topics  Income and benefits  Saving and paying for college  Financial institutions, products, and services  Spending  Saving  Investing  Credit, debt, and debt repair  Frauds, scams, and consumer rights  Credit reports and scores  Identity theft 47

48. Marketing materials  General marketing materials that will guide patrons to the library as a source for financial literacy materials  Materials focused on financial topics  Materials including posters, table tents, and bookmarks 48

49. Community Partnership Guidebook  The Guidebook:  Provides an overview of CFPB  Helps libraries build and strengthen community partnerships  Lists potential national, state, and local partners  Includes staff resources 49

50. Your feedback  Your feedback will help us better meet your needs.  Share your comments and questions with us at financialeducation@cfpb.gov. financialeducation@cfpb.gov  Have a good idea? Share it with us.  Program ideas  Ways to get the word out  Partners 50

51. Thank you  Get more information at www.consumerfinance.gov/library-resources www.consumerfinance.gov/library-resources  Connect with us  On Linked In – CFPB Financial Education Discussion Group  By email financialeducation@cfpb.govfinancialeducation@cfpb.gov 51

52. Questions? 52