By Debbie Gregory.
When leaving active duty, many servicemembers are unsure how to set a path to financial security. The Department of Defense’s Transition Assistance Program may offer assistnace with finding the right job and re-establishing a permanent residence, but may not provide a good financial management plan.
The Consumer Financial Protection Bureau (CFPB) has recently established a financial coaching program, with a goal to provide 60 financial coaches at job centers and nonprofits across the country to assist veterans free of charge.
In addition to the some 250,000 military personnel leaving active duty each year, the Financial Coaching Initiative also supports those who may have recently become unemployed. It’s estimated that 49.1 million people are living below the poverty line, and an additional 68 million are financially underserved. With this initiative, more of these vulnerable consumers may make better financial decisions and reach their financial goals.
The organizations hosting these financial coaches were selected by the CFPB after a nationwide search, in partnership with the Department of Labor. They plan to assist with resources for employment and training programs, especially to gain skills in growing industries.
The CFPB is a landmark agency whose sole mission is to protect consumers in the financial marketplace. Utilizing various authorities such as regulation, enforcement, market research, financial education, and the authority to deal directly with consumer complaints, the CFPB is working to restore trust in consumer financial products and services.
The Financial Coaching Initiative proudly states that it is the first program paid for by the CFPB’s Civil Penalty Fund. In a three year period, the FCI forecasts that it will served tens of thousands consumers.
“Having a trusted, well-informed financial coaches can increase your odds of financial success,” said CFPB Director Richard Cordray.
More information is available here.
Military Connection proudly serves those who serve in the Army, Navy, Air Force, Marines, Coast Guard, Guard and Reserve, Veterans and their families. We are the go-to site for Veteran Employment and information on Veteran education. Militaryconnection.com provides Veterans with and Directory of Employers, a Job Board, information on the Post-9/11 GI Bill, and a blog that offers Veterans boundless information. Be sure to visit Militaryconnection.com, the go-to site.
Consumer Financial Protection Bureau: Military Connection: by Debbie Gregory