Consumer Financial Protection Bureau and Libraries Partner to Tackle Financial Literacy

In a significant move to ensure that libraries and librarians have access to essential and impartial financial education materials for consumers looking for assistance with their personal finances, the Consumer Financial Protection Bureau (CFPB) announced a broad partnership with libraries, organizations, and other federal regulators such as the FDIC and the Federal Reserve Bank.

To date, nearly ten public libraries have formally associated with the program, including libraries in Ohio, Florida, New York and California.  The CFPB also is looking to broaden this initiative in future years to include university libraries and other organizations that could assist consumers across a wide range of age, geographic and socio-economic population segments.

This CFPB pilot project was developed to include both in-person training and online financial education components.  This mix of “live” and “virtual” resources is consistent with best practices in the financial literacy industry, as consumers access financial information in different ways, with some preferring to do so in-person, while others desire to utilize the Internet and other virtual resources to obtain personal finance information.

Financial literacy professionals will be watching this initiative closely, as many report that this could serve as an effective model for development and execution in other countries as well.  It also is a great example of cross-constituency alliances, consistent with the fast-growing trend of partnerships among government, corporations, NGOs, foundations, academia and other important organizations throughout the financial literacy industry.