CFPB Issues Third Annual Financial Literacy Report to U.S. Congress

In its continuing effort to improve consumer financial education, the Consumer Financial Protection Bureau (CFPB) released its third Financial Literacy Annual Report to the United States Congress detailing the CFPB’s various activities in which it engaged to enhance financial education from June 2014 through September 2015.

Several primary elements of the CFPB’s financial literacy strategy comprised the major focus of the report, including: (i) financial education, both direct and with channel partners who can help the CFPB reach and connect with the public; (ii) research focused on the identification and development of effective financial education initiatives; (iii) outreach to a highly diverse range of key constituencies; and (iv) resources for use by recipients of financial literacy, which include research reports, educational brochures and web-based information and tools.

Financial literacy professionals contend that the annual financial literacy reports prepared and issued by the CFPB to Congress continue to provide a census of recent activities by the organization and a roadmap for effective implementation of financial education initiatives in the months ahead.

A copy of the CFPB’s Report can be found here.