Consumer Agency and Financial Industry Offer Rare Display of Teamwork

In a sign of rare harmony between the Consumer Financial Protection Bureau and the finance industry, the agency on Wednesday joined with private sector executives to announce an initiative to spread the benefits of financial education to schoolchildren and workers.

Following a roundtable discussion, the agency’s Office of Financial Education announced that it would work beginning this month with the Financial Services Roundtable to host working groups and listening sessions nationwide to determine best practices to help consumers—particularly the elderly—steer clear of exploitative products and promotions.

On Tuesday, the agency published its latest report on financial education. The report discusses consumers’ need for: control over day-to-day and month-to-month finances, the freedom make choices to enjoy life, the capacity to absorb a financial shock, and the ability to stay on track to meet financial goals.