WASHINGTON (4/8/14)--In Chicago Monday, the Consumer Financial Protection Bureau launched a financial literacy initiative that eventually will give communities' librarians "unbiased" education materials they can, in turn, share with their visitors.
According to a number of librarians who spoke at the CFPB launch event, folks sometimes seem to stream into their libraries seeking written guidance on financial challenges or planning.
While there is no dearth of available financial education materials, the librarians said their limited resources make it a daunting challenge to provide the right information (American Banker April 8). CFPB Director Richard Cordray said he hoped the pilot program would address these concerns and added he'd like to turn the neighborhood library into a "hub" for financial education.
So far, the pilot program has partnered with such federal agencies as the Institute of Museum and Library Services, the Federal Deposit Insurance Corp., the Federal Reserve Bank of Chicago, and also national organizations like the Financial Industry Regulatory Authority's Investor Education Foundation and the American Library Association.
During the live-streamed Chicago event, Cordray said the bureau will support this effort by providing both online and in-person training for library staff and managers. He added that his agency is considering creating its own financial education materials to share.
The CFPB has said a recording of the session will be available soon on its site. Use the resource link for more information.