[Federal Register Volume 83, Number 68 (Monday, April 9, 2018)]
[Notices]
[Pages 15131-15133]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-07222]
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BUREAU OF CONSUMER FINANCIAL PROTECTION
[Docket No. CFPB-2018-0015]
Request for Information Regarding Bureau Financial Education
Programs
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice and request for information.
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SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is
seeking comments and information from interested parties to assist the
Bureau in assessing the overall efficiency and effectiveness of its
consumer financial education programs.
DATES: Comments must be received by July 9, 2018.
ADDRESSES: You may submit responsive information and other comments,
identified by Docket No. CFPB-2018-0015, by any of the following
methods:
Electronic: Go to http://www.regulations.gov. Follow the
instructions for submitting comments.
Email: [email protected]. Include Docket
No. CFPB-2018-0015 in the subject line of the message.
Mail: Comment Intake, Consumer Financial Protection
Bureau, 1700 G Street NW, Washington, DC 20552.
Hand Delivery/Courier: Comment Intake, Consumer Financial
Protection Bureau, 1700 G Street NW, Washington, DC 20552.
Instructions: The Bureau encourages the early submission of
comments. All submissions must include the document title and docket
number. Please note the number of the question on which you are
commenting at the top of each response (you do not need to answer all
questions). Because paper mail in the Washington, DC area and at the
Bureau is subject to delay, commenters are encouraged to submit
comments electronically. In general, all comments received will be
posted without change to http://www.regulations.gov. In addition,
comments will be available for public inspection and copying at 1700 G
St NW, Washington, DC 20552, on official business days between the
hours of 10 a.m. and 5 p.m. eastern standard time. You can make an
appointment to inspect the documents by telephoning 202-435-7275.
All submissions in response to this request for information,
including attachments and other supporting materials, will become part
of the public record and subject to public disclosure. Sensitive
personal information, such as account numbers or Social Security
numbers, or names of other individuals, should not be included.
Submissions will not be edited to remove any identifying or contact
information.
FOR FURTHER INFORMATION CONTACT: Davida Farrar, Counsel, Consumer
Education and Engagement Division, at 202-435-9523, or Katherine
Gillespie, Deputy Associate Director, Consumer Education and Engagement
Division, at 202-435-7847. If you require this document in an
alternative electronic format, please contact
[email protected].
SUPPLEMENTARY INFORMATION: The Consumer Financial Protection Act of
2010 (Act) lists ``conducting financial education programs'' as one of
six primary functions of the Bureau.\1\ One
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of the Bureau's statutory objectives under the Act is to ensure that,
with respect to consumer financial products and services, ``consumers
are provided with timely and understandable information to make
responsible decisions about financial transactions.'' \2\ The Act
directs the Bureau to develop and implement ``initiatives intended to
educate and empower consumers to make better informed financial
decisions.'' \3\ The Act also directs the Bureau to develop and
implement a strategy to improve consumers' financial literacy by, among
other things, providing opportunities for consumers to access
information and resources related to a range of financial topics
including credit products, histories, and scores; savings, borrowing
and other services found at mainstream financial institutions;
preparing for major purchases such as education; debt reduction;
improving the consumer's financial situation; the development of long-
term savings strategies; and wealth-building.\4\ Pursuant to the Act,
the Bureau develops programs to serve the general public,\5\ as well as
specific populations, including servicemembers, veterans and their
families,\6\ older Americans,\7\ students,\8\ and traditionally
underserved consumers.\9\
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\1\ 12 U.S.C. 5511(c)(1).
\2\ 12 U.S.C. 5511(b)(1).
\3\ 12 U.S.C. 5493(d)(1).
\4\ 12 U.S.C. 5493(d)(2)(B)-(F).
\5\ 12 U.S.C. 5493(d)(1).
\6\ 12 U.S.C. 5493(e)(1)(A).
\7\ 12 U.S.C. 5493(g)(1).
\8\ 12 U.S.C. 5535(a); 5493(d)(2)(D)(i).
\9\ 12 U.S.C. 5493(b)(2).
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The Bureau conducts various financial education programs covering a
range of financial topics. Currently, the Bureau offers information
directly to Americans through the Bureau's website and indirectly
through community channels, such as libraries and social service
agencies. The topics covered on the Bureau's website and through its
print publications include mortgages, credit reporting, student loans,
debt collection, and bank accounts. The Bureau has also created guides
for specific financial decisions, including Buying a House,\10\ Paying
for College,\11\ and Planning for Retirement.\12\ The Bureau also
focuses on providing information to specific audiences, including older
Americans, families, students and servicemembers. The Bureau also
provides financial educators with tools, research, webinars, training,
and tips on delivering financial education and on ways to measure and
increase the financial well-being of the people served through
financial education. The Bureau has contracted with outside entities to
support specific elements of the Bureau's financial education work.
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\10\ https://www.consumerfinance.gov/owning-a-home/.
\11\ https://www.consumerfinance.gov/paying-for-college/.
\12\ https://www.consumerfinance.gov/consumer-tools/retirement/.
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The Bureau uses various metrics to measure the reach and
effectiveness of its financial education work, including the number of
consumers and financial educators using the Bureau's information and
tools, qualitative user feedback, increased understanding of certain
topics, and user satisfaction ratings. The Bureau has also developed an
evidence-based scale to measure financial well-being as an outcome of
financial education programs.\13\ The Bureau has used this scale to
conduct a National Financial Well-being Survey.\14\ The scale and
underlying research are also available for financial educators to use
as they measure their own programs.
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\13\ https://www.consumerfinance.gov/data-research/research-reports/financial-well-being-scale/.
\14\ https://www.consumerfinance.gov/data-research/financial-well-being-survey-data/.
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The Bureau is a member of the federal Financial Literacy and
Education Commission (FLEC), and the Bureau's Director is the Vice-
Chair of FLEC. The Bureau has coordinated with other Federal agencies
to deliver financial education, such as cooperating with the Federal
Deposit Insurance Corporation (FDIC) to create Money Smart for Older
Adults.
Overview of This Request for Information
The Bureau is using this request for information to seek public
input regarding the efficiency and effectiveness of the Bureau's
financial education programs, including its focus on various topics,
programs, delivery channels and methods, the use of technology, and the
use of the procurement process to support its work. The Bureau
encourages comments from all interested members of the public. The
Bureau anticipates that the responding public may include individual
consumers, financial educators, members of industry, consumer
advocates, researchers or members of academia, state and local
officials, and others. This RFI is not the vehicle to express interest
in contracting with the Bureau. Additionally, the Bureau does not
provide grants.
Questions for Commenters
The Bureau requests that, where possible, comments include specific
suggestions regarding ways to:
Improve the Bureau's existing programs and delivery
mechanisms;
Better measure and evaluate the effectiveness of the
Bureau's financial education work; and
Eliminate or minimize the duplication of the Bureau's
financial education work with work performed by other entities,
including federal, state, and local agencies.
The following list of general questions represents a preliminary
attempt by the Bureau to identify elements of Bureau financial
education programs that are of the greatest interest to the public.
This non-exhaustive list is meant to assist in the formulation of
comments and is not intended to restrict the issues that may be
addressed. Please feel free to comment on some or all of the questions
below, but please be sure to indicate on which area you are commenting.
The Bureau is seeking feedback on all aspects of its consumer
financial education programs, including but not limited to the
following topics:
1. The Bureau's focus on specific financial education topics and
delivery channels, and use of technology and contractors.
a. Are the Bureau's financial education programs focusing on the
right topics and areas to educate and empower consumers to make better
informed financial decisions?
b. What financial education topics should the Bureau address?
c. What delivery channels should the Bureau use to conduct
financial education programs?
d. What technologies should the Bureau use to provide financial
education?
e. How should the Bureau use contractors in its financial education
work?
f. Should the Bureau's financial education work focus on other
populations or audiences, in addition to the general population and
those specific populations referenced in the statute?
2. Measuring the effectiveness of the Bureau's financial education
programs.
a. How should the Bureau measure the success of its financial
education programs?
b. How should the Bureau measure return on investment of financial
education programs?
c. How should the Bureau measure the benefit of its financial
education work? Should the measures vary depending on the type of
education, the topic, or the delivery channel?
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d. Is there one set of metrics for program effectiveness that the
Bureau could use across its financial education programs, or should it
use different metrics depending on the type of program and delivery
method (e.g., online versus through a community channel)?
e. How can the Bureau's financial well-being scale be used to
measure the effectiveness of financial education programs?
f. Should the Bureau consider adopting any measures of success for
financial education that are used by others? What are those measures?
3. Avoiding duplication in financial education between the Bureau
and other federal agencies or other entities.
a. Are there programs at other federal agencies that are similar to
the Bureau's programs? Are these programs or aspects of these programs
more or less effective than the Bureau's? If so, how and why?
b. Are there ways to improve coordination in financial education
activities between the Bureau and other agencies?
4. Are there other perspectives or information that will assist the
Bureau in its financial education work?
Authority: 12 U.S.C. 5511(c).
Dated: April 3, 2018.
Mick Mulvaney,
Acting Director, Bureau of Consumer Financial Protection.
[FR Doc. 2018-07222 Filed 4-6-18; 8:45 am]
BILLING CODE 4810-AM-P