Mary Griffin, Senior Advisor, Office of Financial Empowerment, Consumer Financial Protection Bureau

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1 April 14, 2015 Mary Griffin, Senior Advisor, Office of Financial Empowerment, Consumer Financial Protection Bureau Patricia Avery, Program Specialist, Office of Financial Empowerment, Consumer Financial Protection Bureau

Council of State Governments Jus4ce Center Na4onal non- profit, non- par4san membership associa4on of state government officials Engages members of all three

2 Council of State Governments Jus4ce Center Na4onal non- profit, non- par4san membership associa4on of state government officials Engages members of all three branches of state government Jus4ce Center provides prac4cal, nonpar4san advice informed by the best available evidence Council of State Governments Jus4ce Center 2

3 The Na4onal Reentry Resource Center The NRRC is a project of the CSG Jus4ce Center and is supported by the Bureau of Jus4ce Assistance. NRRC staff have worked with over 600 SCA grantees, including 40 state correc4ons agencies. The NRRC provides individualized, intensive, and targeted technical assistance training and distance learning to support SCA grantees. ü Please register for the monthly NRRC newsleper at: hpp://csgjus4cecenter.org/subscribe/ ü Please share this link with others in your networks that are interested in reentry! hpp://csgjus4cecenter.org/nrrc/ 3

What Works in Reentry Clearinghouse one- stop shop for research on the effec4veness of a wide variety of reentry programs and prac4ces Developed by the NRRC and the Urban Ins4tute, with funding

4 What Works in Reentry Clearinghouse one- stop shop for research on the effec4veness of a wide variety of reentry programs and prac4ces Developed by the NRRC and the Urban Ins4tute, with funding provided by BJA Key Features Rigor or reliability ra4ngs Outcome of effec4veness ra4ngs Key findings/takeaways h,p://whatworks.csgjus7cecenter.org Prac44oner- oriented Recommenda4ons for prac4ce Recommenda4ons for future research Council of State Governments Jus4ce Center 4

The Experts Presenters Mary Griffin, Senior

of Financial Empowerment, Moderator Angela

5 The Experts Presenters Mary Griffin, Senior Advisor, Office of Financial Empowerment, Consumer Financial Protec4on Bureau Patricia Avery, Program Specialist, Office of Financial Empowerment, Consumer Financial Protec4on Bureau Moderator Angela Tolosa, Deputy Program Director, Reentry, Na4onal Ini4a4ves Council of State Governments Jus4ce Center 5

6 Live Poll: Check on your screen bopom right corner. Select which region you are located: q Northeast (CT, DE, MA, MD, ME, NH, NY, PA, NJ, RI, VT) q Southeast (AL, DC, GA, FL, KY, NC, OH, PR, SC, TN, VA, WV) q Middle (AR, IA, IL, IN, LA, MI, MN, MO, MS, WI) q West (AL, AZ, CA, CO, HI, ID, KS, MT, ND, NE, NM, NV, OK, OR, SD, TX, WA, WY, UT) Select which choice best describes your organiza4on: q State correc4ons or community correc4ons agency q Local correc4ons or community correc4ons agency q Behavioral health service provider q Court q Policymaker Office q Community- based organiza4on q Other Council of State Governments Jus4ce Center 6

7 Welcome to the Consumer Financial Protection Bureau This presentation is being made by a Consumer Financial Protection Bureau representative on behalf of the Bureau. It does not constitute legal interpretation, guidance or advice of the Consumer Financial Protection Bureau. Any opinions or views stated by the presenter are the presenter s own and may not represent the Bureau s views. Note: This document was used in support of a live discussion. As such, it does not necessarily express the entirety of that discussion nor the relative emphasis of topics therein.

8 CFPB s Mission The mission of the Consumer Financial Protection Bureau is to make markets for consumer financial products and services work for consumers by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.

9 CFPB s Statutory Objectives To ensure that consumers have timely and understandable information to make responsible decisions about financial transactions; To protect consumers from unfair, deceptive, or abusive acts or practices, and from discrimination; To reduce outdated, unnecessary, or unduly burdensome regulations; To promote fair competition by enforcing the Federal consumer financial laws consistently; and To advance markets for consumer financial products and services that operate transparently and efficiently to facilitate access and innovation.

Announced: Proposed prepaid card regulations;

other short-term loans First stage: Debt

10 Real results for real people Regulation Supervision Issued: New mortgage rules Announced: Proposed prepaid card regulations; outline of proposal to address payday and other short-term loans First stage: Debt collection notice of proposed rulemaking Implemented: First federal nonbank supervision program Moving toward: A culture of compliance in financial institutions

11 Real results for real people Enforcement $5.3 billion in relief for consumers harmed by illegal practices Refunds for consumers Nearly 16 million consumers are entitled to redress or refunds

12 Supervision Depositories Non- Depositories Banks, thrifts, and credit unions over $10 billion in assets (as well as their affiliates) Payday lending, mortgage, and private student loan markets Larger Participants in non-bank markets Entities that pose risks to consumers with regard to consumer financial products or services

13 Submitting a complaint

14 Products we re taking complaints about now

15 Tell your story consumerfinance.gov/yourstory

16 CFPB en español consumerfinance.gov/es

17 Tools and resources Education and Engagement

Division of Consumer Education and Engagement Financial Education Provide targeted educational content Identify and promote effective fin ed practices Consumer Engagement Create interactive,

18 Division of Consumer Education and Engagement Financial Education Provide targeted educational content Identify and promote effective fin ed practices Consumer Engagement Create interactive, informative relationship with consumers Servicemembers Older Americans Students Financial Empowerment Improve financial protection Monitor complaints Coordinate w/ DoD, etc. 2.2 million military personnel 22.6 million veterans Protect against financial abuse Improve financial literacy Planning for life events 50 million aged 62+ Increase awareness of debt in college choice Monitor complaints Build campus awareness million (age 16-26) Improve financial stability for low-income & other economically vulnerable consumers 68 million unbanked or underbanked 33% of Americans earn less than twice the poverty line Approximately 50 million have thin or no credit files

19 Ask CFPB: A Question and Answer Platform Curated homepage content Search autocomplete Filter search results by topic or audience

20 Older Americans Initiatives Education Programs Consumer Guides Reports Research Consumer Complaints Consumer Advisories Supervisory Guidance Outreach

21 Office of Servicemember Affairs

22 Office of Financial Empowerment Tools & Services Collaboration Research & Policies Your Money, Your Goals Financial Coaching Tiered services for People w/ Disabilities HHS Summer Youth Tax-Time Savings Dep t of Labor - People w/ Disabilities Federal Interagency Reentry Council Credit builder loan evaluation Checking Account Screening Financial Outcome Measures

23 CFPB and Reentry

24 Your Money, Your Goals Financial empowerment toolkit and training

25 Your Money, Your Goals Toolkit and Training

26 Financial empowerment toolkit and training Toolkit with financial education modules and tools geared to needs of underserved population Training social services workers, legal aid staff and others who work directly with low-income and economically vulnerable consumers Scalable within first 2 years, aim to reach more than >5,000 front line staff and >30,000 consumers National perspective, local context help to identify financial need and link consumers to local resources Customizable address unique needs of intermediaries; written in plain language Available Online - consumerfinance.gov/your-money-your-goals/

27 Your Money, Your Goals Train-the-trainer format Used in-person, small group setting to train-the-trainers Trainers trained group of front-line staff with training guide developed for YMYG, in person or via webinar Front-line staff uses toolkit with clients Training enhances confidence about discussing finances with clients Modular toolkit is user-friendly with plain language text Available for download in English and Spanish

28 Feedback from the field test and expert panel Overall positive about the information and the training 100 percent agreed or strongly agreed that the toolkit will improve their ability to meet the needs of their clients Narrow the focus of the modules Make it digital and interactive to help save time Integrate it with current online sites and tools already accessed by legal aid Make it shorter and more plain language Felt more confident in discussing financial topics through training More real life examples to illustrate financial challenges

29 Toolkit can help clients Set goals and calculate how much money they need to save to reach these goals. Establish an emergency savings fund. Access and use tax refunds. Make a simple plan to pay down debt. Know better how to respond to debt collectors. Get and review their credit reports; fix errors on their credit reports. Evaluate financial products and services. Recognize when their consumer rights may have been violated and know how to take action.

30 Two audiences front-line staff + consumers Narrative for front line staff Tools for clients plain language

31 Organization of Your Money, Your Goals Introductory modules Module 1: Introduction to the toolkit Module 2: Assessing the situation Module 3: Starting the conversation Module 4: Emotional & cultural influences on financial decisions Module 5: Using the toolkit

32 Client driven Client-driven selfassessment Responses build a roadmap to relevant information and tools

33 Module 3: Starting the conversation

34 Module 5: Using the toolkit Roadmap to modules

35 Connecting resources What would you do if your client Wants to file for bankruptcy? 2. Wants to know how to respond to a creditor s threat to sue? 3. Is facing eviction? 4. Is facing foreclosure? 5. Is not able to provide enough food for herself and other members of her household? 6. Is in danger of losing her car due to nonpayment? 7. Wants to take out a debt consolidation loan? 8. Wants to know how to finance her child s college?

36 Identifying resource and referral partners Area of Assistance Cash Flow Budgeting Possible Referral Partner Benefits Screening Income Tax Preparation and Filing Managing Debt Dealing with Debt Collectors Understanding Credit Reports and Scores Fixing Errors on Credit Reports and Scores Using Financial Services Protecting Consumer Rights Asset Building Other

37 Organization of Your Money, Your Goals Content modules Module 6: Setting goals Module 7: Saving for the unexpected, emergencies, & goals Module 8: Managing income & benefits Module 9: Paying bills & other expenses Module 10: Managing cash flow Module 11: Dealing with debt Module 12: Improving credit reports & scores Module 13 Evaluating financial service providers, products, & services Module 14: Protecting consumers rights

38 Module 6: Setting goals Training Exercise Hopes, wants, and dreams I d like to buy a new television. Strong goal I will save $400 and purchase a new television in six months. I want to get out of credit card debt. I will pay down $1,000 of my debt in the next year.

39 Module 9, Tool 5: Prioritizing bills

40 Your Money, Your Goals

41 Your Money, Your Goals

42 Your Money, Your Goals online

44 Resources Tell Your Story: Complaints: Ask CFPB: Rulemakings: CFPB CFPB Facebook: CFPB Blog: LinkedIn: - CFPB financial education discussion group Order Materials:

45 Next Steps Reach out to us with questions: Subscribe for announcements at:

46 Questions and Answers Council of State Governments Justice Center 46

47 Thank You! This material was developed by the presenters for this webinar. Presentations are not externally reviewed for form or content and as such, the statements within reflect the views of the authors and should not be considered the official position of the Bureau of Justice Assistance, Justice Center, the members of the Council of State Governments, or funding agencies supporting the work. To receive newsletters and other announcements, please visit our website: Council of State Governments Justice Center 47 Council of State Governments Justice Center 47

National Federation of Community Development Credit Unions

National Federation of Community Development Credit Unions May 15, 2014 This presentation is being made by a Consumer Financial Protection Bureau representative on behalf of the Bureau. It does not constitute