Elissa to participate in Consumer Financial Protection Bureau workgroup

Articles of Interest, Firm News & Events, YeBu in the MediaPosted on June 15th, 20125 Comments

Elissa has been invited to participate in the Financial Education Innovation Meeting of the newly formed Consumer Financial Protection Bureau. This meeting is bringing together academics, behavioral finance experts and financial counselors to identify and brainstorm solutions to common consumer decision-making problems.  First of all, we’re very happy that a government agency is bringing in actual financial planners, who work with consumers, to participate in a brainstorming session.  Elissa would greatly appreciate your thoughts on this topic.  The meeting is this coming Tuesday and any feedback or suggestions you have prior to that would be GREATLY appreciated!

The CFPB is the government agency created out of the Dodd-Frank Act that is charged with looking out for the interests of financial consumers.

Here’s a column by Joe Nocera on the CFPB (Government’s Not Dead Yet).

Here’s a link to the CFPB’s website (http://www.consumerfinance.gov/) and here’s a link to the CFPB’s blog (http://www.consumerfinance.gov/blog/help-the-cfpb-solve-the-most-common-consumer-mistakes/).

We look forward to getting your feedback!

5 Responses to “Elissa to participate in Consumer Financial Protection Bureau workgroup”

  1. Scott Buie says:

    Something I run across quite often is the concept of tax write-offs. The general public seems to be confused about “needing” more tax write-offs, even though they’re only saving 20-30 cents on the dollar. I have had several conversations with clients who balked at refinancing, because they felt they needed as much mortgage interest as possible to deduct. There’s also a misunderstanding about the concept of tax deductible items vs. the standard deduction everyone gets.

  2. John Comer says:

    Dave and Elissa,

    Would you like me to share it with some friends at Minnesota Jump$tart, a few high school teachers and my financial literacy LinkedIn group to get ideas?

    John

  3. Dave Yeske says:

    Yes please! Feel free to run this by any individuals or groups that you think might have relevant feedback.

  4. Mike Maloy says:

    I don’t know if this is under the umbrella of what Elissa is getting involved in, but I think a lot of problems are caused by shear ignorance from the get go about all things financial. I think it would be really helpful to have a class that all high school seniors have to take to learn how loans, credit cards, bills, bank accounts, credit scores, etc. work (among other things that aren’t relevant here like laundry, dishwashers, bus schedules). I think most of us leave home when we’re 18 or so and all of a sudden you have banks throwing $50,000 at you for student loans, credit card companies giving out free t-shirts for opening an account, signing leases and moving into an apartment where utilities have to be set up and paid. We’re going in blind, a lot of companies are taking advantage of that, and I think that a lot of problems could be solved just by giving young adults to knowledge to fight back.

  5. Joe Alfonso says:

    For pre-retirees, especially couples, understanding when and how to take Social Security benefits. The optimal strategy varies by situation and there are few resources available to consumers to help them with this decision. Even the SSA calculators are of limited use in this regard.

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