On October 18, 2012, the Financial Literacy and Education Commission (FLEC) held its quarterly meeting; FLEC is comprised of the heads of 20 federal agencies, including NCUA and the other financial regulators. Consumer Financial Protection Bureau (CFPB) Director Corday made several remarks regarding financial literacy and the CFPB’s role and responsibilities in addressing the issue. Director Cordray noted that the CFPB is focusing its efforts in the following three areas:
Each of the FLEC member agencies provided an update on their efforts regarding financial literacy and education, including Tonya Sweat, NCUA’s Director of Consumer Compliance Policy and Outreach. Of note, Sweat mentioned NCUA’s recent updates to its microsite Pocket Cents that is intended to introduce young people to the benefits of credit unions and the importance of setting financial goals.
In addition, Ted Beck, President and CEO of the National Endowment for Financial Education (NEFE) and member of the President’s Advisory Council on Financial Capability, spoke about the importance of having adequate data prior to making decisions regarding the specific direction of financial education efforts.