WASHINGTON (11/2/12)--The Consumer Financial Protection Bureau should work closely with other federal agencies that are currently pursuing financial literacy efforts in order to reduce government redundancies as well as to make it easier for consumers to access reputable sources of information on financial issues.
Those are key recommendations made by Credit Union National Association (CUNA) in a comment letter sent to the CFPB on Oct. 31.
CUNA, in a letter by Assistant General Counsel Luke Martone, noted that emotions and outside influences are among the common challenges that often prevent consumers from making effective financial decisions.
"Specifically, the ability to exhibit proper self-control is a major challenge for many consumers. Similarly, we believe many consumers struggle to accurately understand how today's financial decisions will impact tomorrow's financial position,'' CUNA wrote.
In addition, a major challenge is that "those with the greatest need for financial education are the ones with the least amount of available time to pursue such efforts.''