Summary: BCFP Request for Information Regarding Bureau Financial Education Programs (May, 2018)

Summary: BCFP Request for Information Regarding Bureau Financial Education Programs

Bureau of Consumer Financial Protection
Prepared by NASCUS Legislative & Regulatory Affairs Division
May 2018

The Bureau of Consumer Financial Protection (BCFP) is seeking comments and information from interested parties to assist the Bureau in assessing the overall efficiency and effectiveness of its consumer financial education programs.

Comments are due on July 19, 2018.  You can find the RFI here,

The BCFP conducts various financial education programs covering a range of financial topics.  The Bureau offers information directly to Americans through the Bureau’s website and indirectly through community channels, such as libraries and social service agencies.  The Bureau is seeking public input regarding the efficiency and effectiveness of the Bureau’s financial education programs, including its focus on various topics, programs, delivery channels and methods, the use of technology and the use of the procurement process to support its work.

The Bureau is requesting specific suggestions regarding ways to:

  • Improve the Bureau’s existing programs and delivery mechanisms;
  • Better measure and evaluate the effectiveness of the Bureau’s financial education work and;
  • Eliminate or minimize the duplication of the Bureau’s financial education work with the work performed by other entities including federal, state and local agencies.

The Bureau is seeking feedback on all aspects of its consumer financial protection education programs, including but not limited to the following topics:

The Bureau’s focus on specific financial education topics and delivery channels and use of technology and contractors

  • Are the Bureau’s financial education programs focusing on the right topics/areas to educate and empower consumers to make better informed financial decisions?
  • What financial education topics should the Bureau address?
  • What delivery channels should the Bureau use to conduct financial education programs?
  • What technologies should the Bureau use to conduct financial education programs?
  • How should the Bureau use contractors in its financial education work?
  • Should the Bureau’s financial education work focus on other populations or audiences, in addition to the general population and those specific populations referenced in the statute?  

Measuring the effectiveness of the Bureau’s financial education programs.

  • How should the Bureau measure the success of its financial education programs?
  • How should the Bureau measure return on investment of financial education programs?
  • How should the Bureau measure the benefit of its financial education work? Should the measures vary depending on the type of education, the topic or the delivery channel?
  • Is there one set of metrics for program effectiveness that the Bureau could use across its financial education programs, or should it use different metrics depending on the type of program and delivery method?
  • How can the Bureau’s financial well-being scale be used to measure the effectiveness of financial education programs?
  • Should the Bureau consider adopting any measures of success for financial education that are used by others? What are those measures?

Avoiding duplication in financial education between the Bureau and other federal agencies or other entities.

  • Are there programs at other federal agencies that are similar to the Bureau’s programs? Are these programs or aspects of these programs more or less effective than the Bureau’s? If so, how and why?
  • Are there ways to improve coordination in financial education activities between the Bureau and other agencies?
  • Are there other perspectives or information that will assist the Bureau in its financial education work?