Last week, the Financial Literacy and Education Commission (FLEC) held its first quarterly meeting of the year. FLEC is comprised of the heads of 20 federal agencies, including the National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), and other financial regulators.
CFPB Director Cordray made several opening remarks regarding financial literacy and the CFPB’s role and responsibilities in addressing the issue. Speaking to the other member agencies, Cordray remarked that, as leaders within the federal government, they are in the unique position to help their employees develop financial strategies from their first day on the job. And that it is critical that employees understand the benefits that are available to them, such as opportunities for regular retirement savings and how to make the most of those savings. Further, Cordray noted that, over the past year, the CFPB has reviewed the results and recommendations of studies about financial decision-making in the workplace, and that the agency is using that information to build a set of best practices to help its employees and those of other federal agencies be financially fit.
In addition to Director Cordray, Phyllis Borzi, Assistant Secretary of Labor at the U.S. Department of Labor, and Robin Diamonte, Chief Investment Officer of United Technologies Corporation, shared insight into approaches that have worked on a smaller scale that may prove effective in achieving greater financial stability for America’s increasingly younger workforce.