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CBA Comments on Bureau Financial Education Programs RFI
On Monday, July 9, 2018, CBA submitted comments to the Bureau of Consumer Financial Protection’s request for information on its financial education programs. To complement the work already being done by banks, CBA recommended the Bureau partner with community organizations, like churches and youth centers, as well as the U.S. Department of Education to ensure financial literacy resources help those most in need.
“Banks have long supported community financial education efforts and have provided free financial education tools through multiple channels to all consumers, regardless of a bank-customer relationship,” wrote CBA Associate General Counsel and Vice President David Pommerehn. “Most importantly, CBA strongly urges the Bureau to focus more attention on youth-based education opportunities … Incorporating financial education into school curriculums in an on-going manner is a vital component to making our future generations financially literate.”
By working with the Department of Education and local groups, CBA suggested the Bureau could build programs to boost financial literacy as early as preschool.