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WBK Industry News - Federal Regulatory Developments

CFPB Requests Comments on Evaluation of Financial Empowerment Training Program

On June 24, 2019, the CFPB published a request for comments on its proposal to renew the Office of Management and Budget approval for an existing information collection program that is used to determine the effectiveness of a program designed to help low-income and economically vulnerable consumers.

The CFPB’s Office of Community Affairs (OCA) is responsible for developing strategies to improve the financial capability of low-income and economically vulnerable consumers, such as consumers who are unbanked or underbanked, those with thin or no credit file, and households with limited savings.  The OCA developed the “Your Money, Your Goals” suite of financial empowerment material with a training program.  These resources equip frontline staff and volunteers in a range of organizations to provide relevant and effective information, tools, and resources designed to improve the financial outcomes and capability of these vulnerable consumers.  The CFPB is proposing to renew approval of the information collection plan titled “Evaluation of Financial Empowerment Training Program” in order to collect qualitative data related to evaluating the effectiveness of the “Your Money, Your Goals” training program.

Comments must be submitted by August 23, 2019.