Assets & Opportunity Network Tells CFPB What Effective Financial ...

By Jennifer Brooks on 11/09/2012 @ 02:00 PM

Tags: Assets & Opportunity Initiative, Education

In one of its first collective actions, the Assets & Opportunity Network sent comments to the Consumer Financial Protection Bureau (CFPB) on what works and what doesn?t to build financial capability.

The comment letter, which you can read here, identifies two pressing challenges to making financial education effective. First, it argues, there is behavioral resistance; many people who need financial education the most are not open to receiving it. Second, there is no agreed-upon definition of ?financial capability,? nor is there a clear and coherent means of assessing the effectiveness of financial education programs.

Addressing each of these gaps will need to be central to CFPB?s efforts to build financial capability. As the Network argues in the Letter, ?if our ultimate goal is to raise the general financial capability of American households, we will need to reach beyond the households who are already receptive to new information and behavior change. Behavioral resistance to financial education must be understood, confronted and overcome. If we fail in this endeavor, households who don?t get the benefit of financial education will only fall further behind in their own financial security, while at the same time posing a ?systemic risk? to the nation?s overall financial health.?

CFED and the 60 Assets & Opportunity Network organizations applaud the CFPB?s efforts to bolster financial capability and invite you to read the Comment Letter and learn more about some of the challenges facing this important endeavor.

The Following Organizations Signed Onto This Letter:

• AAA Fair Credit Foundation
• AHEAD, Inc.
• Bilbrew Consulting Services, LLC
• Center for Asset Building Opportunities (CABO)
• Cambridge Economic Opportunity Committee, Inc.
• Catholic Charities of Maine
• CFED
• CHANGE, Inc,
• Chautauqua Opportunities Inc.
• ClearPoint Credit Counseling Solutions
• Coalition for the Advancement of Financial Education, Montgomery, Maryland
• Coastal Enterprises, Inc.
• Community Action Board of Montgomery County, Maryland
• Community Action Partnership of Utah
• Delta Citizens Alliance
• Doorways to Dreams (D2D) Fund
• Florida Prosperity Partnership
• Glory Temple Ministries, Inc.
• Haven Neighborhood Services
• Hawaii Alliance for Community-Based Economic Development
• HomeCounselor.org
• Innovative Changes
• KaizenRhino Solutions International
• Keiser Consulting, LLC
• Kemetic Business Consultants (KBC)
• Lower Columbia Community Action Council
• Lucy Gorham (A&O Network Steering Committee Member)
• Maryland CASH Campaign
• Midas Collaborative
• Mission Asset Fund
• Mutual Housing California
• National Community Tax Coalition
• Neighborhood Partnerships
• New York State Community Action Association
• Oklahoma Policy Institute
• Opportunity Fund
• Our Daily Bread, Inc.
• Partners for Prosperity
• Pathfinder Community Connections
• Peaceful Paths Domestic Abuse Network
• Pine Hills Community Development Corporation
• RAISE Texas
• Real$ense Prosperity Campaign
• Rural Dynamics, Inc.
• Sage Financial Solutions
• Southern Bancorp Community Partners
• Step Up Savannah
• Suncoast Community Capital
• Supports to Encourage Low-Income Families (SELF)
• Tacoma Housing Authority
• The Coalition for Debtor Education
• Treasure Island Homeless Development Initiative
• Turtle Mountain CDFI
• United Way of Greater Houston
• United Way of Northeast Florida
• United Way of the Costal Bend
• Urban Enterprise Association of Richmond
• Woodstock Institute
• Yakima County Asset Building Coalition
• YWCA Delaware

Source: http://cfed.org/blog/inclusiveeconomy/assets_opportunity_network_authors_comment_letter/

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