CFPB Releases Study on Financial Education Programs for Immigrants

On Friday, July 15, 2016, the CFPB published a report about “Financial education programs serving immigrant populations,” in follow up to a November of 2015 CFPB Consumer Advisory Board meeting.  The Bureau conducted a field scan of financial education programs serving immigrant populations, which indicated financial educators employ many promising strategies, but face many challenges.  Specifically, the agency highlighted socioeconomic status barriers unique to immigrants (such as documentation), limited English proficiency, and financial provider difficulties serving such populations. 

To address these challenges, the CFPB suggested financial educators use direct financial education, culturally appropriate and language-accessible materials as well as integration into social-services organizations, employer-based programs, school-based programs, and individual development account initiatives.  The Bureau also proposed educators create outreach campaigns and encouraged institutions to produce targeted financial products and services.