AFSA Submits Letter to CFPB on Financial Education

On July 9, AFSA submitted its penultimate letter in response to the Bureau of Consumer Financial Protection’s dozen requests for comment. The intent of the letter is to help the Bureau assess the overall efficiency and effectiveness of its consumer financial education programs.

The letter stated, “AFSA believes that: (1) financial education should be informative and not favor any specific product, (2) the Bureau should measure the effectiveness of the financial education programs it supports, and (3) the Bureau should not duplicate existing financial literacy programs.”

AFSA highlighted the AFSA Education Foundation’s free, comprehensive, online personal finance program, MoneySKILL®.  To date, MoneySKILL has over 810,000 student users and over 23,000 teachers registered to teach from all 50 states as well as 38 foreign countries. Thanks to the generous support of AFSA members over the years, MoneySKILL is available at no cost to middle schools, high schools, and colleges.[1] MoneySKILL fills an important gap in financial education and is available in Spanish.