Bureau releases 2018 financial education report

Providing financial education directly to the public, and expanding local delivery of financial information, are two goals of the federal consumer financial protection agency that are outlined in its report on financial literacy, made public Friday.

The report, according to the Bureau of Consumer Financial Protection (BCFP, formerly known as the CFPB) is aimed at providing an update on the agency’s strategy and “work to improve the financial capability of Americans.” The report includes descriptions of the bureau’s FY18 financial education activities, and the Bureau’s progress in meeting its FY18 performance goals and measures, the agency said.

The report also notes that, in April, the bureau published a “Request for Information (RFI)” about consumer financial education. The RFI, the 11th in a series issued by BCFP to gather public feedback about its work, sought comment and information from the public about the efficiency and effectiveness of its consumer financial education programs.

The RFI generated about 132 comments, relatively low compared to the number of comments received by other RFIs. The largest number returned concerned the agency’s supervision programs (more than 55,000).

The bureau has not taken any additional action on the comments it received on financial education or any of the RFIs to date.

2018 Financial Literacy Annual Report