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  • CFPB Issues Companion Guide to Your Money, Your Goals Toolkit, Targets “Justice-Involved” Individuals

    Consumer Finance

    Earlier this month the CFPB published its Focus on Reentry companion guide to the Your Money, Your Goals toolkit introduced in 2014. The companion guide, intended to assist organizations and their staff on how to address the unique financial challenges facing individuals pre- and post-release from incarceration as well as encourage financial empowerment and consumer financial protection education, also contains tools designed to aid “justice-involved” individuals. In particular, Focus on Reentry helps frontline staff teach these individuals to:

    • Assess financial goals and understand their current financial situation to identify financial challenges to successful transition;
    • Set “SMART” goals (Specific, Measurable, Able to be reached, Relevant, and Time bound) and identify steps to achieve them;
    • Understand potential issues they may face when trying to secure documents related to identification to help ease the transition process;
    • Identify and prioritize debt—both debt arising from the individual’s involvement in the criminal justice system (criminal justice debt) as well as consumer debt—in order to set debt management goals;
    • Understand the process for accessing and reviewing credit reports and how to dispute errors to credit reporting agencies; and
    • Understand individual rights to obtain and review criminal background screening reports and how to dispute and correct errors in criminal background checks.

    In addition, Focus on Reentry provides information and resources on the impact of incarceration on student loans, access to financial aid, tax obligations, as well as many other categories.

    Consumer Finance CFPB Consumer Education

  • 30 Organizations Join the 2017 Edition of the CFPB’s “Your Money, Your Goals Cohort”

    Consumer Finance

    On March 10, the CFPB announced the 30 organizations selected to join the Your Money, Your Goals Cohort. These organizations, selected from a pool of respondents to the Bureau’s October invitation to submit letters of interest, will receive training and technical assistance on how to use the program’s “financial empowerment materials” to better serve low-income and economically vulnerable populations.

    Consumer Finance CFPB Consumer Education

  • FDIC Announces Enhancements to Financial Education Program for Older Adults

    Consumer Finance

    On March 13, the FDIC announced enhancements to Money Smart for Older Adults, its financial education program geared toward preventing elder financial exploitation. The program, which the FDIC developed in partnership with the CFPB, was designed as a response to the growing concerns about financial abuse of senior citizens, which often goes unreported. Statistics provided by the National Adult Protective Services Association show that “only one in 44 cases of financial abuse comes to the attention of authorities, and 90 percent of victims are exploited by a relative, friend, or trusted acquaintance.” The program, which covers topics such as identity theft and scams that target homeowners, also provides tools to help better educate seniors on money management and financial awareness. The recently-announced enhancements include new information and resources aimed at preventing elder financial exploitation.

    Consumer Finance Consumer Education FDIC Elder Financial Exploitation

  • PA Department of Banking & Securities Releases Consumer Pamphlet on Credit Reporting

    State Issues

    On March 7, the Pennsylvania Department of Banking and Securities announced it has published a new brochure to help consumers better understand what information should be included in their credit report and what steps to take if there is an issue.

    State Issues Credit Scores PA Department of Banking and Securities Consumer Education Consumer Reporting Agency

  • White House Releases Proclamation Announcing National Consumer Protection Week

    Consumer Finance

    On March 9, President Trump issued Proclamation 9577 announcing March 5 through March 11 as National Consumer Protection Week 2017. The President “call[ed] upon government officials, industry leaders, and advocates to educate our citizens about the protection of personal information and identity theft through consumer education activities in communities across the country.” As previously covered in InfoBytes, several events have been planned nationally to educate and empower consumers.

    Consumer Finance Trump Consumer Education

  • National Consumer Protection Week 2017 Announced

    Consumer Finance

    On February 28, the FTC issued a statement to promote the 19th annual National Consumer Protection Week to be held March 5-11, 2017, in partnership with more than 100 agencies at the federal, state, and local level, as well as consumer groups and national advocacy organizations. The week is a nationally-coordinated campaign dedicated to the mission of “informing Americans of their consumer rights while providing them access to free consumer-related resources.” Activities include a Facebook live video stream where FTC staff will answer questions about fraud prevention, Twitter chats with both the Connecticut Department of Consumer Protection and the Colorado Attorney General’s office, as well as numerous events across the country geared towards promoting consumer education.

    Consumer Finance FTC Consumer Education

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