WASHINGTON (7/22/13)--The Consumer Financial Protection Bureau made its first report to the U.S. Congress last week to detail what the bureau has done since its inception in 2011 to promote consumers' financial literacy.
"Empowering people to take more control over their economic lives is absolutely essential to our mission" of providing consumer financial protection, newly confirmed CFPB Director Richard Cordray says in an introduction to the report.
The 58-page document notes that the bureau's approach to consumer financial education is three-pronged:
Make sure people have the help they need, when they need it. It cites "Ask CFPB" as an example of a resource that "provides unbiased answers to commonly asked questions" about personal finance;
Research and identify financial education methods that work to inform the design of financial education policies and programs; and
Collaborate with other groups to apply and fine-tune the best approaches to financial education. The CFPB has conducted more than 300 stakeholder meetings, including those with the Credit Union National Association and credit unions.
Use the resource link to access the full report.