July 15, 2019

July 15, 2019

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CFPB seeks comment on consumer financial education programs

The CFPB has issued a request for information that seeks comment on its consumer financial education programs.  Comments on the RFI must be received on or before 90 days after the date the RFI is published in the Federal Register, which the CFPB expects to occur on approximately April 9, 2018.

The CFPB seeks feedback on all aspects of its consumer financial education programs, including the following topics:

  • The CFPB’s focus on specific financial education topics and delivery channels, and its use of technology and contractors
  • Measuring the effectiveness of the CFPB’s financial education programs
  • Avoiding duplication between the CFPB and other federal agencies or other entities

In response to the CFPB’s question asking what financial education topics it should address, we would suggest that the CFPB educate consumers about arbitration, something it has not previously done.

The new RFI represents the eleventh in a series of RFIs announced by Mr. Mulvaney.  The subjects of the CFPB’s first ten RFIs and their comment deadlines are as follows:

(The initial comment deadlines for the first three RFIs listed above were extended to the dates indicated.)

In its press release announcing the latest RFI, the CFPB stated that the twelfth and final RFI in the series will be issued next week and will address consumer inquiries.

Copyright © by Ballard Spahr LLP

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About this Author

Barbara S. Mishkin, Ballard Spahr, Philadelphia, Deceptive Practices Lawyer, Fair Debt Collection Practices Act, Gramm Leach Bliley
Of Counsel

Barbara Mishkin focuses on consumer compliance and banking law. The federal laws with which Ms. Mishkin has dealt extensively include the Truth in Lending Act, Equal Credit Opportunity Act, Real Estate Settlement Procedures Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, and Gramm-Leach-Bliley Act. She also has significant experience with state usury and lender licensing laws, as well as state laws prohibiting unfair and deceptive acts and practices.

American Bar Association, member, Consumer Financial Services Committee;...

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