CFPB Convenes Summit Focused on Increased Savings
Earlier this month, the Consumer Financial Protection Bureau (CFPB) hosted a summit intended to discuss how to implement successful savings programs for consumers. Participants at the event included credit unions, community banks, large banks, non-profits, insurance companies, and other financial institutions who can play a role in finding opportunities to make saving easier.
In a press release following the summit, the Credit Union National Association (CUNA) highlighted its participation, with CUNA Senior Director of Advocacy and Counsel Alexander Monterrubio noting that “credit unions’ presence at the event reinforced the credit union ‘people helping people’ philosophy, as credit unions empower them with the tools, information and decision-making skills necessary based on the various stages of life.”
Other highlights of the event noted by the Bureau included “a spotlight on new savings opportunities, ideas for how to effectively reach consumers on their saving options, and measuring effectiveness of current savings programs through research partnerships.”
Collaborations with financial institutions, community groups, and employers are also part of the CFPB’s Start Small, Save Up initiative. The Bureau and other agencies aim to not only increase saving opportunities, but also to empower consumers to reach their emergency savings goals. The attendees discussed how partnerships with employers specifically can play an important role in the economic livelihood of employees.
The CFPB says that it will continue bringing institutions together to develop strategies to increase consumer savings.