Category: At the CFPB

A federal partnership to increase financial capability for workers with disabilities

We know that individuals with disabilities often face barriers and challenges in moving toward economic security and self-sufficiency. That’s why we’re committed to making sure that these individuals have the help and support they need to begin planning and saving for their financial goals. Over the past year, our team has traveled across the country; we’ve heard directly from consumers and the organizations that serve them about the importance of timely, relevant, and accessible financial information.

If individuals with disabilities are entering the workforce for the first time, they may never have had a savings or checking account, or may have no credit record. If they are going back to work after an injury or illness, their credit score may have suffered because their income was halted or reduced. Today, we’re proud to announce that CFPB and the Department of Labor have signed a memorandum of agreement that formalizes our joint commitment to help workers with disabilities increase their financial capability.

Consumers, regardless of their disability status, need to understand money management, savings, credit, and how to evaluate financial choices. Equally important, consumers need to know where to get assistance if they are treated unfairly or their rights are violated.

The new partnership between CFPB and the Office of Disability Employment Policy (ODEP) aims to help consumers with disabilities get the information and assistance they need. We are working together to develop and provide educational materials, resources, and technical assistance to the clients and professional staff of America’s Job Center’s (AJCs), operated by the Department of Labor. We’re promoting and sharing strategies that effectively help improve the financial capability of consumers with disabilities, and identifying policy-oriented reforms.

By working with and through ODEP’s national network of local and state government, employers, and disability constituencies nationwide, we will reach consumers with disabilities at crucial times, when they are entering employment training, seeking a job, or starting one. As our joint efforts expand, we hope to help many thousands of consumers build their confidence and knowledge as they advance toward their financial goals.

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