Feb 24 -- The Consumer Financial Protection Bureau (Bureau or CFPB) invites comments to OMB by March 27, 2023 regarding its planned revision of an existing information collection titled “Evaluation of Financial Empowerment Training Program” approved under OMB Control Number 3170-0067.
The Bureau's Office of Community Affairs (OCA) is responsible for developing strategies to improve the financial capability of low-income and economically vulnerable consumers, such as consumers who are unbanked or underbanked, those with thin or no credit file, and households with limited savings. To address the needs of these consumers, OCA has developed Your Money, Your Goals, a suite of financial empowerment materials with an accompanying training program. These resources equip frontline staff and volunteers in a range of organizations to provide relevant and effective information, tools, and resources designed to improve the financial outcomes and capability of these consumers. The collection focuses on evaluating Your Money, Your Goals virtual and in-person training practices in enhancing the ability of frontline staff and volunteers to inform low-income consumers about rights and options for managing their finances and how to prevent and address consumer harm.
The resources used in this program are designed to enhance the ability of frontline staff and volunteers to inform and educate low-income consumers to:
-- understand and assert their rights,
-- manage their finances, and
-- find high quality information to make choices among available financial products and services.
Staff from CFPB will use data from surveys of workshop participants to collect qualitative input concerning the training practices in this program. The results of this analysis will inform the CFPB’s subsequent adjustments to Your Money, Your Goals training and technical assistance.
The pre- and post-training surveys are designed to determine participants’ confidence in understanding financial topics and providing information to the people they serve. Their responses to these surveys will inform adjustments to the Your Money, Your Goals training program and technical assistance provided to partner organizations.
Your Money, Your Goals:
https://www.consumerfinance.gov/consumer-tools/educator-tools/your-money-your-goals/
CFPB submission to OMB:
https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202301-3170-001 Click IC List for information collection instrument, View Supporting Statement for technical documentation. Submit comments through this webpage.
FRN:
https://www.federalregister.gov/d/2023-03886
For AEA members wishing to submit comments, "A Primer on How to Respond to Calls for Comment on Federal Data Collections" is available at
https://www.aeaweb.org/content/file?id=5806