The Consumer Financial Protection Bureau (CFPB) has launched the Financial Coaching Initiative, a program aimed at helping recently transitioned veterans and “economically vulnerable” consumers reach their financial goals.
Through the program, 60 certified financial coaches will be placed at organizations nationwide to provide individualized educational services to the cohort.
“Having a trusted, well-informed financial coach can increase your odds of financial success,” said CFPB Director Richard Cordray, in a written statement. “Our project aims to provide financial coaching services at critical points in consumers’ lives, especially as they transition from military service or from being unemployed.”
Sixty partner organizations around the country will host the financial coaches. The locations, which were selected by the CFPB in partnership with the Department of Labor, include various nonprofits, as well as Department of Labor American Job Centers. They provide resources to help people find a job, identify training programs and gain skills in growing industries.
All of the nonprofit organizations selected to host financial coaches for economically vulnerable consumers also provide services that complement financial coaching, such as job training and education, social and housing services, according to the CFPB.
“This initiative will allow us to deliver financial coaching as an effective way to provide these veterans and vulnerable families with client-driven, one-on-one advice and encouragement, in places where they are already normally going for help,” Cordray said at the program’s launch in Arlington, Va., on Wednesday.
Written by Emily Study