On April 4, 2018, the Consumer Financial Protection Bureau (“CFPB”) released its latest Request for Information (“RFI”), which seeks comments on the “overall efficiency and effectiveness” of the CFPB’s consumer financial education programs. Generally, the CFPB is requesting comment on its focus on various topics, programs, and delivery channels and methods (presumably to identify if those are the right topics and tools); its use of technology in delivering financial education; and the procurement process it uses to support this work. More specifically, the CFPB is requesting suggestions on ways to:
- Improve existing consumer financial education programs, including delivery mechanisms for such programs;
- More effectively evaluate and measure the effectiveness of the CFPB’s financial education work; and
- Eliminate or minimize the overlap between the CFPB’s consumer financial education programs and the work that other agencies perform.
Notably, financial education was the first topic discussed in the CFPB’s recent semi-annual report and appears to be an area on which the CFPB is quite focused. The CFPB will accept comments for 90 days after the RFI is published in the Federal Register.
The RFI on consumer financial education programs is the eleventh in a series of RFIs issued under the direction of Acting Director Mick Mulvaney. Covington has published a number of blog posts that discuss these RFIs, all of which can be found on the Cov Financial Services Blog. In the press release announcing this RFI, the CFPB stated that it will issue another RFI regarding consumer inquiries next week.