WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced that it will partner with seven communities across the country to help build financial resiliency among Americans. The partnerships, part of the Bureau’s Start Small, Save Up initiative, aim to increase the number of people having sufficient liquid savings by testing new approaches as well as identifying existing approaches that can assist Americans to become more financially secure.
“The Bureau started Start Small, Save Up nearly two years ago to promote financial resiliency among Americans. If people don’t have enough to cover unexpected emergencies, it’s going to be harder for them to recover and achieve bigger financial goals,” said CFPB Director Kathleen L. Kraninger. “Today’s partnership will help us identify different approaches that can effectively promote financial resiliency in these communities.”
The CFPB will provide training, technical assistance and other technical supports to help community-based organizations build or expand their financial resiliency initiatives. The communities selected are: Great Falls MT; Little Rock, AR; Louisville, KY; Manchester, NH; Richmond, VA; Seattle, WA; and St. Louis, MO. The seven communities were among a large number that were considered and represent a broad cross section of the country’s population. Lead organizations in each community applied to the Bureau to participate in this partnership and after thorough consideration and due diligence these seven were selected.
The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. For more information, visit www.consumerfinance.gov.