CFPB Strikes Partnership With Libraries on Financial Literacy

April 8, 2014
American Banker 
The Consumer Financial Protection Bureau (CFPB) announced on April 7 that as part of the Community Financial Education Project, it will partner with libraries, organizations, and other federal regulators -- including the FDIC and the Federal Reserve Bank of Chicago -- to ensure librarians have access to unbiased financial literacy education materials to guide consumers seeking financial help.

CFPB Director Richard Cordray is hopeful the pilot program will turn libraries into "hubs" for financial education, with library staff and managers offered both online and in-person training. "Our goal is to provide librarians with a collection of financial education resources and tools. We want to help libraries identify and connect with local partners in their communities," Cordray said. "We want to help them build an online community for local financial education librarians."

Nine public libraries -- including those in Brooklyn, San Francisco, Orlando, and Columbus, Ohio -- have signed onto the program. The CFPB says it could expand to university libraries and other organizations down the road.

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