The Consumer Bankers Association (CBA) submitted comments to the Consumer Financial Protection Bureau (CFPB), recommending that the bureau partners with community organizations to ensure financial literacy resources help those most in need.
CBA officials said the recommendation to reach out to churches and youth centers with financial education information stems from the CFPB’s request for feedback on their resource outreach endeavors. The CBA stated that the Bureau could build programs to boost financial literacy as early as preschool by working with the Department of Education and local groups.
“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,” David Pommerehn, CBA vice president and associate general counsel, said. “Most importantly, CBA strongly urges the Bureau to focus more attention on youth-based education opportunities. Incorporating financial education into school curriculums in an ongoing manner is a vital component to making our future generations financially literate.”
CBA represents America’s retail banks above $10 billion in assets and advances legislation and policies geared toward creating a stronger industry and economy. The CBA’s corporate member institutions account for 1.6 million jobs in America, officials said, extend roughly $3 trillion in consumer loans and provide $270 billion in small business loans.