Fiscal Year 2021 

Annual Report 

to Congress 

U.S. Financial Literacy and 

Education Commission Report 
Members of the Financial Literacy 

and Education Commission 

Department of the Treasury (Treasury), Chair 

Consumer Financial Protection Bureau (CFPB), Vice Chair 

Department of Agriculture (USDA) 

Department of Education (ED) 

Department of Defense (DoD) 

Department of Health and Human Services (HHS) 

Department of Housing and Urban Development (HUD) 

Department of the Interior (DOI) 

Department of Labor (DOL) 

Department of Veterans Affairs (VA)

Board of Governors of the Federal Reserve System (FRB) 

Commodity Futures Trading Commission (CFTC) 

Federal Deposit Insurance Corporation (FDIC) 

Federal Emergency Management Agency (FEMA) 

Federal Trade Commission (FTC) 

General Services Administration (GSA) 

National Credit Union Administration (NCUA) 

Office of the Comptroller of the Currency (OCC)

Office of Personnel Management (OPM)

Securities and Exchange Commission (SEC) 

Small Business Administration (SBA) 

Social Security Administration (SSA) 

White House Domestic Policy Council (DPC) 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 3 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

 

 

 

 

Table Of Contents 

Introduction 04 

Information Concerning the Implementation 04 

of the Duties of the Commission 

Inter-Agency Efforts 19 

and Data on Mymoney.gov and Phone Number 

Activities for the Next Year 21 

Appendix: Summary of Public Meetings/Hearings 22 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 4 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

 

 

Introduction 

This report serves as the Financial Literacy and Education Commission’s (FLEC) Strategy

for Assuring Financial Empowerment (SAFE) report for FY 2021. Given the change in the 

Administration, FY 2021 was a time of transition and preparation for the future. The report 

summarizes FLEC members’ financial education activities to meet consumer needs in

response to the COVID-19 national emergency and other ongoing financial education

activities. This report also describes the direction and activities taken by the FLEC as 

it continues to focus on the risks to household financial health. In addition, this report

describes the FLEC’s initial efforts to develop financial literacy and education guidance on

cryptocurrencies and digital assets. In FY2022, the members of the FLEC intend to devote 

substantial time and effort on household financial health, digital assets, and climate risk as

recommended by the Financial Stability Oversight Council (FSOC) 2021 Report on ClimateRelated Financial Risk. 

Information Concerning the Implementation 

of the Duties of the Commission 

This section summarizes data and information reported by FLEC member agencies on the 

availability, utilization, and impact of federal financial literacy and education materials and

assessment of resources and activities targeted to communities, including resources and 

activities available in languages other than English. FLEC member agencies not listed below 

did not submit information in time for this report. 

In FY2021, and in response to President Biden’s Executive Orders 14030 and 13985, the FLEC 

reiterated its vision of sustained financial health for all individuals and households in the U.S.1 

Furthermore, FLEC agencies began to focus more on the increasing adverse effects from climate

change to households, communities, and businesses. Thus, in October 2021, the Treasury Under 

Secretary for Domestic Finance announced the launch of a new effort to study the impact of

climate change on the financial resilience of households and communities.2 FLEC member 

agencies were called upon to explore the financial challenges to households, especially those

in low-income households and communities, stemming from climate change and climate 

transition.3 In particular, the FLEC agencies will work to develop an understanding of: 

• how households, communities, and the smallest businesses experience financial

resilience in the face of climate change and climate transition, supported by financialinfrastructure-supporting environments; 

• how to map climate-related financial risks, and identify which households and regions

will be most impacted; and 

• which tools and best practices could be effective at addressing risks and vulnerabilities.

1. U.S. Department of the Treasury. Financial Literacy and Education Commission. https://home.treasury.gov/ 

policy-issues/consumer-policy/financial-literacy-and-education-commission 

2. U.S. Department of the Treasury. Treasury Launches Effort to Study Impact of Climate Change on Households 

and Communities. (October 13, 2021). https://home.treasury.gov/news/press-releases/jy0404 

3. U.S. Department of the Treasury. Financial Literacy and Education Commission (FLEC) Public Meeting 

October 13, 2021. Minutes. https://home.treasury.gov/system/files/136/MINUTES-October-Financial-Literacy-and-Education-Commission-Public-Meeting.pdf 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 5 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

DEPARTMENT OF THE TREASURY (TREASURY) 

• On January 26, 2021, Janet Yellen was sworn in as the 78th Secretary of the Treasury of the 

United States. Secretary Yellen is Chair of the FLEC. 

• Following Executive Order 14030 and 13985, Secretary Yellen charged Treasury with 

focusing on the financial risks of climate change to households and communities,

especially low-income and historically disadvantaged communities. Seeing an 

opportunity to explore this topic as a multi-agency initiative, Treasury’s Office of

Consumer Policy (OCP), which staffs the FLEC, proposed to the FLEC that it review

climate-related financial risk and prepare a report. The FLEC supported the proposal and

agreed to start a multi-agency review with the goal of publishing a report in FY2022. 

• OCP also began examining cryptocurrencies and digital assets in preparation for a more 

concerted effort by the FLEC to identify risks, opportunities, and appropriate financial

education to assist households and consumers in this area. 

COVID Response 

• In total, Treasury managed over $1 trillion in American Rescue Plan (ARP) programs and 

tax credits targeting support for the financial well-being of American households through

direct and indirect mechanisms, including: 

• The Emergency Rental Assistance Program provided more than $46 billion in funding

to assist households that are unable to pay rent or utilities; 

• The Homeowner’s Assistance Fund provided nearly $10 billion for states, territories, 

and Tribes to provide relief for our country’s most vulnerable homeowners;

• The Child Tax Credit sent over $92 billion in relief to more than 36 million

households, home to more than 61 million children;

• More than 16 million workers benefited from the ARP’s expansion of the Earned 

Income Tax Credit, including more than 8 million workers who would not have 

received any credit in the absence of the expansion; 

• The Community Development Financial Institutions Fund (CDFI Fund) awarded 

$1.25 billion in COVID-19 relief funds to 863 community development financial

institutions (CDFIs) and will provide a significant amount of flexible capital to help

distressed and underserved communities across the country take meaningful steps 

towards recovery; and 

• The Coronavirus State and Local Fiscal Recovery Funds provided $350 billion to 

state, local, and Tribal governments across the country to support struggling families 

and businesses by providing premium pay for essential workers, maintaining vital 

public services, and building a strong, resilient, and equitable recovery by making 

investments that support long-term growth and opportunity. 

INTERNAL REVENUE SERVICE 

• In total in FY 2021, there were approximately 1.6 billion total visits to IRS.gov and 1.2 

billion mobile visits. IRS.gov featured more than 30,000 web pages and more than 139,000 

additional static files including tax forms, publications, and documents. In FY 2021, seven

of the top 10 highest-traffic days in IRS.gov history occurred, peaking at the third highest 

traffic day with 46.4 million sessions on March 15, 2021.

• The Get My Payment (GMP) application, coupled with media coverage, drove taxpayers 

to IRS.gov and the GMP application in large numbers, with peaks of 34.1 million IRS.gov 

sessions in January 2021 and 46.4 million IRS.gov sessions in March 2021. 

• Visits to the Get My Payment and Where’s My Refund applications from mobile devices 

represented 70% of all applications in FY 2021, up from 64% in FY 2020. Additionally, 16.8

million people used the IRS2Go mobile application at least once during the year. 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 6 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

 

• Many pages of IRS.gov are available in Spanish, Vietnamese, Russian, Korean, Haitian 

Creole and Chinese (Simplified and Traditional), and basic tax information for filing is

available on the website in 20 languages. 

• During the FY 2021 filing season, the IRS made the Form 1040 accessible in Spanish for the

first time. IRS allows taxpayers to select one of 20 languages in which to receive written

communications. Through July 1, 2021, IRS received more than 291,000 Schedule LEPs 

(request for change in language preference to the IRA form 1040). In FY 2021, total traffic

breakdown of IRS.gov page views by language included: Spanish: 79,272,961, Chinese:

3,698,330, Russian: 1,598,864, Korean: 1,444,744, Vietnamese: 1,1598,914, and Haitian

Creole: 748,146.

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) 

• In FY 2021, seven million web users accessed CFPB resources and webpages created 

specifically to address COVID-19-related financial concerns. Eight million web users

accessed existing educational tools and resources, an increase of 700,000 users over 2020.

6.3 million publications were distributed to consumers in FY 2021.

• The CFPB published more than 100 consumer resources to help people protect 

themselves financially during the pandemic. Resources were published in various

formats, including blogs, web pages, reports, emails, physical and printable flyers, and

videos. Topics included mortgage assistance, rental assistance, resources for landlords, 

accessing government benefits, credit reporting, debt collection, student loans, frauds

and scams, and more. The CFPB’s COVID-19 portal received regular updates as legal

protections changed, key deadlines shifted, and user research highlighted ways CFPB

could improve our offerings to consumers in need, ultimately creating their most visited

web material. 

• The CFPB continued to provide updated information on economic impact payments (EIP) 

authorized under the COVID-19 relief legislation passed in late 2020 and the American 

Recovery Plan Act passed in March of 2021. The primary focus was to engage in outreach 

to people who have very low incomes and may not be required to file tax returns but who

were likely eligible to receive the EIP. The CFPB provided resources on steps they needed 

to take to provide information to the Internal Revenue Service so that they could receive 

the payments. 

• The CFPB coordinated with the U.S. Department of Labor and other federal agencies to 

develop a video and consumer advisory on unemployment fraud related to 1099- G. This 

was in response to reports of victims of widespread fraud in state unemployment systems 

who received tax forms for unemployment benefits that they did not receive or apply for.

• The COVID-19 pandemic and economic downturn has caused financial disruptions for

young people and students. The CFPB tracks data on the student loan market, borrower 

behavior, and experiences with student loans. The CFPB coordinated with other federal 

and state partners to inform borrowers about the availability of benefits through the

Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CFPB also created 

materials to help borrowers avoid falling victim to scammers and identify the warning 

signs of a debt relief scam. 

• In FY 2021, the Bureau reached a total of 41.7 million print publications and downloads,

delivered over the life of their financial education publications distribution program,

which covers financial education topics ranging from budgeting and bill paying to

avoiding fraud against older adults. 

• In FY 2021, 79,065 teachers accessed CFPB’s Building Blocks for Youth Financial Capability 

web pages and activities for classroom use. 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 7 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

• In FY 2021, CFPB continued working with institutions of higher education, college access 

advisors, and high school counselors and other K-12 professionals to use the Your 

financial path to graduation web tool with their students. 

• CFPB continued to work with service providers, financial institutions, law enforcement,

and federal, state, and local government agencies that interact with older adults and 

their families. Major initiatives include age-friendly banking recommendations to banks 

and credit unions, assistance to local stakeholders creating elder fraud prevention and 

response networks, and work to ensure housing stability for older homeowners and 

renters (including issues involving aging in place such as reverse mortgages). 

• Ask CFPB is an online educational tool that provides answers to common money 

questions. Since its launch in 2012, the Ask CFPB portal has provided answers to more 

than 33 million unique visitors. 

• Going forward, the CFPB will focus on financial education that allows families to know how

to spot risks, where to get help, and how to assert their rights when something goes wrong. 

DEPARTMENT OF DEFENSE (DOD) 

Military Response 

• As part of the Financial Readiness Common Military Training in 2020-21, DoD tracked 

the impact of financial condition, behavior, and knowledge through Status of Forces

Survey questions. 

• DoD expanded its Sen$e mobile app to include new tools for delivery of financial

education. These include a financial health assessment tool, a credit quiz tool and a

vehicle payment estimator tool to support DoD efforts to effectively deliver financial

literacy training requirements. 

• DoD expanded content on its Office of Financial Readiness (FINRED) and MilSpouse 

Money Mission websites to increase financial literacy education resources for Service

members and military spouses. DoD added its Money In Real Life campaign, shining a 

spotlight on everyday money matters through personalized content, with tips and tools 

designed to fit real life situations to help Service members and their families achieve their

real-life goals. DoD expanded the MilCommunity section of its MilSpouse Money Mission 

website to share real military spouse experiences and lessons learned. DoD also launched 

Money and Kids to promote and support discussions with kids about money. 

• DoD held a Financial Readiness Network meeting in March 2021 to connect with federal 

departments and agencies and non-federal entities that provide direct and indirect 

support to Service members and their families. Discussion included COVID-19 scams and 

consumer protections, and the results of a DoD Thrift Savings Plan contributions precommitment pilot. 

• DoD carried out a Financial Capability Month (April) digital campaign comprised of weekly 

themes to increase financial literacy. This year’s focus was on “getting back to basics” and

included topics such as budgeting, savings, and car buying. The campaign included social 

media messages, articles, and graphics to provide information. 

• DoD held Service member and spouse focus groups/listening sessions in spring 2021. In 

these groups, DoD received feedback that Service members are interested in increasing 

their financial literacy and receiving vetted and reliable information that is easy to access.

• DoD continued to provide financial counseling services to members and families as

specified in IAW 10 U.S.C. § 992. 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 8 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

 

COVID Response

• DoD provides COVID-19 support information and resources through its financial readiness

and MilSpouse Money Mission websites. 

• DoD continued flexibility in delivery of Personal Financial Counselor services through

virtual or in-person support to Service members and their families as health protection 

conditions allowed. 

• DoD continued to educate and inform Service members and families on the 2021 

repayment period for the temporary Social Security Payroll Tax Deferral, flexibilities for

Thrift Savings Plan loans, withdrawals under the CARES Act, and avoiding COVID-19-

related scams and fraud through various DoD channels. 

• DoD continued to maintain its COVID-19 resource page to share updates and timely 

information. Topics included DoD policies and flexibilities, information on avoiding scams

and fraud, federal resources on mortgage assistance from the Federal Housing Finance 

Agency, student loan deferral information, and the availability of emergency assistance 

from the military aid societies. 

DEPARTMENT OF EDUCATION (ED) 

• Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provisions for student 

loan relief, along with subsequent extensions, resulted in loan payments being 

suspended, the interest rate on all ED held loans being set at 0%, and collections on

defaulted loans being stopped for the duration of the payment pause. 

• In FY 2021, ED disbursed $26.7 billion in Pell Grants averaging approximately $4,300 to

approximately 6.2 million students. The maximum Pell Grant award was $6,345 in the

2020–21 award year and increased to $6,495 in the 2021–22 award year. Federal Pell

Grants provide need-based funding to students that promote access to postsecondary 

education in order to expand economic mobility. Pell Grants are the single largest source 

of grant aid to low-income and middle-income undergraduate students, and they vary 

according to the financial circumstances of students and their families.

• The Office of Federal Student Aid (FSA), housed within ED, hosts StudentAid.gov, the 

primary customer-facing digital front door to inform students, parents, and borrowers 

about how to apply for and manage their federal student aid. It received 241 million visits 

in FY 21. 

• A dedicated page on StudentAid.gov provides information on the flexibilities currently

offered to student loan borrowers. Approximately 13 million users accessed their

information in FY 2021. In FY 2021, FSA sent over 200 million emails to its customers on 

topics such as filling out the Free Application for Federal Student Aid® (FAFSA®) form and 

describing the resources available on StudentAid.gov. 

• In November 2020, FSA released a re-platformed Public Service Loan Forgiveness (PSLF) 

Help Tool with a new combined form and information about Temporarily Expanded PSLF. 

• The December 2020 Federal Student Aid Training Conference hosted more than 15,000 

participants nationwide in its first virtual session, covering all aspects of the federal

student aid programs. The virtual format enabled broad-based participation at more than 

twice the highest levels ever attained previously. 

• FSA hosted two-day virtual Financial Aid Bootcamps for students, parents, guidance 

counselors, college access professionals, and others to provide information about the 

financial aid process and how to complete the 2021–2022 FAFSA form, as well as how to

use the College Scorecard and Loan Simulator tools. 

• FSA engaged more than 500 media outlets, conducting outreach to specific states that

need to provide additional assistance to high school seniors on FAFSA filing, posting

more than 250 social media posts, and conducting email campaigns that reached over 41 

million customers who had previously completed the FAFSA. 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 9 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

• FSA presents user-friendly information about federal student loan availability, access, and 

repayment. 

• The StudentAid.gov website provides articles that address these topics as well as student 

loan repayment options and obligations such as: 

• 7 Things You Need to Know Before Filling Out the 2022-23 FAFSA Form

• 6 Ways to Prepare for Student Loan Repayment to Begin Again

• 6 Things to Know About Public Service Loan Forgiveness During COVID-19

• 5 Things to Know Before Consolidating Federal Student Loans 

• The College Scorecard is an online tool for consumers to compare the cost and value 

of U.S. higher education institutions. Last year, the College Scorecard logged over 1.6

million visits. 

• Through Project Success, FSA worked to improve student retention, graduation, and 

cohort default rates at more than 247 minority-serving institutions. Free of charge, these

services included tools, programs, and other resources to help students increase their 

financial literacy and achieve their higher education goals. The Minority-Serving UnderResourced Schools Division (MSURSD) within FSA also provides robust regulatory training 

and technical assistance to minority-serving institutions. 

DEPARTMENT OF HEALTH AND HUMAN SERVICES (HHS) 

• The Office of Head Start in the Administration for Children and Families at HHS created

technical assistance materials for Head Start programs for use with families as part of 

their Building Foundations for Economic Mobility Initiative. The materials centered on 

economic mobility and financial assistance resources for use during emergencies, and

more specifically throughout the pandemic. The Office of Head Start developed tip sheets

on topics related to unemployment insurance, banking, and managing credit and debt. 

Social media toolkits were developed to promote tax credit information and information 

about other benefits that were expanded through the American Rescue Plan. 

• The Interagency Working Group on Youth Programs, chaired by HHS, created content on 

Empowering Youth Through Financial Planning, which includes a blog and podcast and 

content from CFPB exploring how youth can get a head start on financial planning.

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) 

Housing Counseling Program

• In FY 2021, the HUD Housing Counseling Program provided approximately $51 million in 

grants to approximately 1,571 housing counseling agencies to provide financial education

on issues related to housing including homeownership, budgeting, managing credit, and 

understanding mortgage products. 

• In FY 2021, HUD-approved Housing Counseling agencies served 1,002,851 clients. About 

38% of the clients received group education, 27% pre-purchase housing counseling,

11% mortgage delinquency counseling, 9% rental counseling, and 8% reverse mortgage

counseling. Outcomes by households served include 

• 451,913 developed a sustainable household budget through the provision of financial

• management and/or budget services 

• 328,130 received fair housing information 

• 145,626 improved their financial capacity (e.g., increased discretionary income,

• decreased debt load, increased savings, or increased credit score) 

• 36,657 received pre-purchase/homebuying counseling and purchased housing

• 21,851 households received rental counseling and avoided eviction 

• 28,838 households received rental counseling and improved their living conditions 

• Housing Counseling Agencies are strongly encouraged to provide services in the language 

of the client and brochures are available in 10 different languages. The income of 64% of
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 10 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

 

housing counseling clients is below the area median income. Also, HUD certified housing

counselors serve a diverse population: 36% of housing counseling clients are Black; 31%

White; 16% Hispanic; and 2% Asian.

• The HUD Housing Counseling 2021 Community Conference was held August 9 – 12, 2021. 

More than 1,200 counselors and industry stakeholders registered for the event, and 

every workshop averaged between 500 -700 participants. Overall, 14 workshops were

conducted on topics such as racial equity, the mortgage Industry, and the role of housing 

counseling agencies in advancing racial equity. 

Consumer Financial Education

• Webpage for Federal Housing Administration (FHA) borrowers: 90,634 views;

• Disaster Relief Options webpage on loan modification options Lenders may offer for

victims of natural disasters: 17,275 views;

• HUD Buying a Home webpage: 1,684,485 views;

• Fair Lending webpage, which provides consumer information on how to address 

predatory and other fair lending complaints: 11,081 views; 

• Tips For Avoiding Foreclosure webpage, for homebuyers: 14,849 views; 

• Are You Ready for Homeownership? online consumer video: 9,665 views;

• Is Housing Counseling Right for You? online consumer video: 15,440 views. 

COVID Response

• COVID Information and Resources webpage: 623,203 views; across the entire

coronavirus micro-site: 1,579,862 views;

• COVID-19 Resources for renters webpage: 421,215 views; 

HUD brochures available in multiple languages include: 

• Renter’s Guide: The Bottom Line on evaluating rental affordability, how credit affects

renting, and other rental housing concerns: 552 downloads; 

• Renters: Guide: Renting 101 helps renters understand leases, agreements, and other 

kinds of rental housing concerns: 1,103 downloads; 

• Homeowner’s Guide: Dealing with Default encourages individuals to use a housing 

counselor when facing default: 369 downloads;

• Homeowners Guide: Facing Foreclosure encourages borrowers to reach out to a 

housing counselor when facing foreclosure: 480 downloads; 

• Keys to Successful Homeownership explains how housing counselors can help 

existing homeowners maintain their homes, understand insurance policies, maintain 

household systems, and prepare for unexpected repairs: 496 downloads;

• On The Money provides general information regarding financial areas to consider

when buying a home: 655 downloads;

• Mortgage 101 provides general information on the homeownership process, 

including obtaining a mortgage: 1,006 downloads;

• Housing Counseling and You highlights the benefits of housing counseling:

2,035 downloads; 

• Credit 101 provides general information regarding the importance of managing 

credit: 3,147 downloads.
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 11 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

DEPARTMENT OF INTERIOR (DOI) / BUREAU OF TRUST FUNDS

ADMINISTRATATION (BTFA) 

• In 2021, BTFA hosted eight “Virtual Financial Literacy” classes, reaching a total of 300

American Indian and Alaska Native beneficiaries. Attendees rated overall satisfaction and

content of the classes at 96.8%.

• In 2021, BTFA partnered with the University of Oklahoma College of Law to provide 

five will clinics. The clinics provided information to participants, including answering

questions such as how payment is calculated, what to do after a will is completed, and

the difference between conveyance and writing a will.

DEPARTMENT OF LABOR (DOL) 

• DOL Rapid Response sessions (webcasts) for Dislocated Workers on workplace-based 

retirement and health benefits: 710 sessions reached 13,569 dislocated workers in English

and Spanish. 

• DOL implemented the COBRA4

 premium subsidy provisions in the American Rescue Plan, 

issuing guidance for employers and plan service providers, along with education and 

outreach, to create awareness of the assistance so workers could take advantage before 

the subsidy ended in September 2021. 

• DOL distributed approximately 190,000 printed publications on workplace retirement 

plans and saving for retirement (also available on website) for populations ranging 

from college seniors about to enter the workforce through all stages of an individual’s

career, as well as employers with a retirement plan and small business owners without a 

retirement plan. 

• DOL released the Protecting Retirement and Health Care Benefits after Job Loss

publication for dislocated workers in five new languages (Arabic, French, Portuguese,

Russian, and Tagalog). This is in addition to Spanish, Simplified and Traditional Chinese,

Korean, Vietnamese, Polish, and Haitian Creole. 

• DOL updated its publications, including those developed with the IRS addressing 

lifetime income and pooled employer plans under the Setting Every Community Up for 

Retirement Enhancement Act of 2019 (SECURE ACT), as well as cybersecurity guidance 

and tips. 

• DOL responded to 102,442 inquiries related to workplace retirement plans and saving 

for retirement, recovered $473.6 million in pension benefits for 70,267 individuals, and

conducted 2,346 outreach events related to retirement benefits reaching 40,570 individuals.

• DOL posted a Financial Toolkit for People with Disabilities, providing information, tools 

and additional resources to improve financial literacy through work events experienced

over a career. DOL held a webcast with supporting guidance to create awareness of the 

new toolkit. DOL also held a national online dialogue to solicit feedback on the toolkit. 

• DOL created webinars entitled Helping Women Near Retirement (targeted at older 

workers), with the SSA and HHS (Centers for Medicare & Medicaid Services and the 

Administration for Community Living); Your Financial Future Starts Now, with ED 

and Federal Trade Commission (FTC); and Helping Small Business Owners and their 

Employees Save for Retirement, targeted at small business owners with no retirement 

plan. Attendance at these three webinars was 360 with over 90% customer satisfaction.

• DOL hosted two Getting It Right – Know Your Fiduciary Responsibilities Campaign 

webinars, which received over 420 attendees and 86% customer satisfaction. These

webinars are for employers, especially small business owners, to assist them in 

complying with the Employee Retirement Income Security Act (ERISA). 

4. Consolidated Omnibus Budget Reconciliation Act (COBRA) 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 12 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

 

 

DEPARTMENT OF VETERANS AFFAIRS (VA) 

• Since April 2021, VA has hosted Financial Literacy classes including classes during the 

National Financial Capability Month of April as well as “Wellness Wednesday Financial

Education” classes on the third Wednesday of every month. As of July 20, 2022, VA

completed 343 classes reaching 12,849 registering Veterans. Attendees rated overall 

satisfaction and content of the classes at 96.4%.

• VA partnered with Prudential Insurance Company of America, Inc. to provide a 

comprehensive website that contains various financial literacy articles, white papers,

calculators, and debt management tools. The website (prudential.com/Veteran) is 

provided at no cost to Veterans. 

• Since December 2019, VA has partnered with the Association of Military Banks of America 

(AMBA) to implement the Veterans Benefits Banking Program (VBBP). This program 

focuses on providing banking options, financial education, and credit counseling for

Veterans and beneficiaries through financial institutions and organizations that address

the unique challenges facing the Veteran community. The cornerstone of the program 

is the VBBP website, veteransbenefitsbanking.org, which provides information on banks 

and credit unions offering low-cost or no-cost accounts for electronic funds transfer (EFT).

In 2021, the website logged over 90,000 new visitors and, by the end of 2021, over 131,000 

Veterans (who had previously been receiving payments via paper check or prepaid debit 

card) converted to a safer and more reliable direct deposit option for their compensation, 

pension, and education benefits.

• In FY2021, VA updated existing policy to assist Veteran borrowers navigate COVID-related 

financial hardship, including an expansion of loss-mitigation options for servicers to

assist Veterans in retaining their homes throughout the pandemic. 

• VA Home Loan Buyer’s Guide assists Veterans in understanding the homebuying process 

and how to make the most of the VA home loan benefit.

• VA Guidance on Natural Disasters provides information to Veteran borrowers and 

the mortgage industry on steps to take following a natural disaster and resources 

for assistance. 

• VA Help to Avoid Foreclosure outlines actionable steps and resources available to Veteran 

borrowers who are having trouble making mortgage payments. 

• Coronavirus Frequently Asked Questions: What Veterans Need To Know | Veterans Affairs

(va.gov) is a comprehensive resource intended to promote Veteran home loan benefit

access during the COVID-19 pandemic. 

• VA published the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 

Guidance for Borrowers with VA-guaranteed Home Loans. 

• CARES ACT Forbearance Fact Sheet for Mortgagees and Servicers of FHA, VA, or USDA 

Loans is a joint-agency resource for servicers with loans insured or guaranteed by the 

Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or the

Rural Housing Service (RHS). 

• VA Partial Claim Program (VAPCP) is a home retention program created to assist Veteran 

borrowers specifically impacted by the COVID-19 pandemic to resume making their

regular mortgage payments after exiting forbearance. VAPCP is available from July 27,

2021 through October 28, 2022. 

• COVID-19 Home Retention Waterfall and COVID-19 Refund Modification option to assist 

Veterans who require a significant reduction in their monthly mortgage payments

because of the COVID-19 pandemic. This temporary program, which includes 

Loan Deferment as a COVID-19 Home Retention Option, is available from July 27, 2021

through June 30, 2023. 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 13 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) 

• The FDIC’s #GetBanked public awareness campaign highlights the benefits of opening

a bank account. Since its launch in the spring of 2020, the #GetBanked webpage and 

related coronavirus online resources received over 1.4 million visits. In 2021, the FDIC’s

#GetBanked campaign launched a targeted pilot in the Houston and Atlanta areas, where 

research finds Black and Hispanic households are disproportionately unbanked. The goal

of this effort is to support financial empowerment by encouraging consumers to consider

opening a checking account to gain access to safer and lower-cost financial products.

• FDIC released How Money Smart Are You? on September 30, 2021. This suite of 14 

self-paced games and related resources is available at playmoneysmart.fdic.gov. It is 

optimized for use on smartphones, tablets, and computers. Individuals play games to 

learn more about everyday financial topics. How Money Smart Are You? complements

FDIC’s other Money Smart products, and includes resources to engage K-12 students,

adults, older adults, and small businesses. 

• The FDIC recognizes organizations that contribute to the delivery of the Money Smart 

curriculum to consumers and small businesses through the Money Smart Alliance 

Program. Over 150 organizations joined the Money Smart Alliance during 2021, bringing 

total members to 1,500. 

• The FDIC has continued its support of youth employment programs that have a unique 

opportunity to help young people build financial capacity and develop banking

relationships. In 2021, the FDIC partnered with federal agencies and other organizations 

to foster more collaborations between banks and youth workforce providers that resulted 

in youth receiving financial education and an opportunity to easily open a bank account.

For example, the FDIC worked with banks and the City of Philadelphia to help facilitate 

the delivery of six financial empowerment sessions to over 2,000 youth. The banks also

offered accounts to the participants.

• FDIC Money Smart News is the FDIC’s monthly newsletter to financial educators, featuring

tips, updates, and success stories for financial educators and other relevant practitioners.

FDIC Money Smart News, available in English and Spanish, is distributed to nearly 97,000

practitioners in the financial education community.

• FDIC Consumer News is the FDIC monthly newsletter to consumers, providing practical 

guidance on how to become a smarter, safer user of financial services, including helpful

hints, quick tips, and common-sense strategies. FDIC Consumer News, available in 

English and Spanish, is distributed to over 148,000 consumers a month. 

FEDERAL EMERGENCY MANAGEMENT AGENCY (FEMA) 

• In cooperation with Operation HOPE, FEMA developed the Emergency Financial First Aid 

Kit (EFFAK), a tool which helps individuals and families organize critical financial, medical,

and household information. It includes a checklist of important documents and forms for 

users to compile relevant information. The EFFAK provides guidance on how to safeguard 

documents and is considered part of the emergency planning process. A total of 220,369

copies of the EFFAK were distributed across the nation in 2021. This includes 177,354

print copies, of which 19% were Spanish versions, and 43,015 digital copies. The EFFAK is

also offered in Chinese (Traditional), Chinese (Simplified), Vietnamese, Spanish, Korean,

Large Print English, and Braille. 

• FEMA supported a webinar event, “Three Unexpected Ways to Save and Prepare for

Emergencies” for America Saves Week 2021. Out of 49 attendees, 100% reported that they

had learned something useful to their financial preparedness efforts. 10% of attendees

did not have an emergency savings fund at the beginning of the webinar and did not feel 

prepared for a financial emergency; by the end of the webinar, they all reported feeling

more ready to prepare to save for an emergency. 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 14 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

• FEMA participated in National Financial Capability Month in April 2021 with the goal of 

encouraging individuals to download and complete the EFFAK. An EFFAK Community 

Webpage was developed, which includes links to download the EFFAK, an EFFAK Fact 

Sheet, and five short videos to learn how the EFFAK works

FEDERAL RESERVE BOARD (FRB) 

• Federal Reserve Board staff released the following research papers on financial

education topics: 

• Lloro, Alicia (2021) “Childcare Disruptions and Mothers’ Availability to Work during

the Pandemic: Evidence from the Survey of Household Economics and Decision 

making” Consumer and Community Context 3(1): 2–6. Board of Governors of the

Federal Reserve System (U.S.) https://www.federalreserve.gov/publications/files/

consumer-community-context-20211105.pdf 

• Dumont, Andrew (2021) “The Effects of COVID-19, as Reported by Local

Communities” FEDS Notes 2021-02-12. https://www.federalreserve.gov/ 

econres/notes/feds-notes/the-effects-of-covid-19-as-reported-by-localcommunities-20210212.html 

• •Greene, Claire, Ellen Merry, and Joanna Stavins (2021) “Has COVID Changed

Consumer Payment Behavior?” Federal Reserve Bank of Boston Working Paper

21-12. https://www.bostonfed.org/publications/research-department-workingpaper/2021/has-covid-changed-consumer-payment-behavior.aspx 

• Lim, Katherine, and Mike Zabek (2021) “Women’s Labor Force Exits during COVID19: Differences by Motherhood, Race, and Ethnicity”. https://www.federalreserve. 

gov/econres/feds/womens-labor-force-exits-during-covid-19-differences-bymotherhood-race-and-ethnicity.htm 

• FEDS Working Paper 2021-067FRB released COVID-19 Resources for Consumers and 

Protect Yourself from Fraud and Scams 

FEDERAL TRADE COMMISSION (FTC) 

• COVID-19 Social Media posts: published 167 posts in English and Spanish related to

COVID scams, which generated 1,237,246 impressions, 18,612 engagements, and 4,279

post link clicks. 

• COVID-19 consumer blogs: published 180 blog posts in English and Spanish related to 

treatment claims, financial impact, stimulus payments, scam alerts, privacy and online

security: over 2.9 million views. 

• COVID-19 page ftc.gov/coronavirus: a central source of information about COVID-19 for 

consumers, businesses, and enforcement: nearly 224,000 views. 

• COVID-19 videos in English and Spanish helping consumers detect and avoid scams 

related to COVID-19 and economic impact payments: nearly 17,000 views.

• COVID-19 infographics in English and Spanish helping consumers learn about vaccine and 

contract tracing scams. These infographics are also shared with the National Association 

of Attorneys General (NAAG) consumer resources website and include COVID-related topics 

such as: Four Ways to Stay Ahead of COVID-19 Vaccine Certificate Scammers, How To

Avoid COVID-19 Vaccine Scams, Contact Tracing Call? 5 Things to Know, Coronavirus Relief 

Checks Scams, and Keep Calm and Avoid Coronavirus Scams: over 9,130 downloads. 

• COVID-19 business blogs for the business community about COVID-related topics, such as 

COVID scams aimed at businesses, unproven COVID claims, COVID fraud on social media 

platforms, student loan debt and COVID: nearly 136,000 views.

• During Military Consumer Month (July), FTC and DoD developed and executed a campaign 

focused on five key areas: earn, spend, borrow, save, and invest.
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 15 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

GENERAL SERVICES ADMINISTRATION (GSA) 

• USA.gov and USA.gov/espanol content 

• Content related to financial capability: USA.gov – 2,812,442 webpage visits and

12,994 phone calls/chats. USA.gov/espanol – 425,006 webpage visits and 1,146

phone calls/chats. 

• Content related to higher education: USA.gov – 210,463 webpage visits and 889 phone

calls/chats. USA.gov/espanol –75,157 webpage visits and 103 phone calls/chats.

• Content related to housing counseling: USA.gov – 1,063,018 webpage visits and

2,045 phone calls/chats. USA.gov/espanol – 386,809 webpage visits and 174 phone

calls/chats. 

• Content related to saving, investing, and retirement: USA.gov – 645,568 webpage visits

and 2018 phone calls/chats. USA.gov/espanol – 267,247 webpage visits and 276 phone

calls/chats. 

• Content related to COVID relief: USA.gov – 4,364,009 webpage visits and 8,389 phone

calls/chats. USA.gov/espanol – 917,223 webpage visits and 48 phone calls/chats.

NATIONAL CREDIT UNION ADMINISTRATION (NCUA) 

• NCUA Your Insured Funds & How Your Accounts Are Federally Insured: 25,003 print copies 

distributed; NCUA.gov/Coronavirus: 39,182 page views; NCUA Financial Literacy Social 

Media Posts Facebook and LinkedIn: 328,885 reached. 

• NCUA MyCreditUnion.gov and Consumer Assistance Center: 1,287,107 page views in

English, 132,733 in Spanish; NCUA Financial Literacy videos: 89,327 views.

• NCUA webinars/virtual meetings included resources for underserved and low- to 

moderate income consumers/communities and COVID-19 related topics: 6,709 total

participants. 

• Pathways to Consumer Financial Well-Being: The Importance of Financial Inclusion 

and Minority Depository Institutions (NCUA and CFPB) 

• Financial Readiness Resources and Information for Servicemembers, Veterans, and 

their Families (NCUA and CFPB) 

• Payday Alternative Loans and Short-Term Lending 

• Fair Lending and Consumer Compliance Regulatory Update 

• Tax Time Resources for Credit Unions and Consumers (NCUA and IRS) 

• Pandemic Related Credit Risks for Credit Unions 

• Account Access and Financial Education for Youth Participating in Employment 

Programs: Part 1 (NCUA and FDIC) 

• Financial Readiness and Fraud Prevention Resources for Service Members (NCUA, 

CFPB, and FTC) 

• CDFI Small Dollar Loan Program (NCUA and Treasury) 

OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC) 

• HelpWithMyBank.gov provides information and assistance for customers of national 

banks and federal savings associations and includes frequently asked questions, 

an online complaint form, and other information. In FY 2021 HelpWithMyBank.gov 

received 775,557 visits and the Frequently Asked Questions Regarding COVID-19 page on

HelpWithMyBank.gov received 39,780 visits. The Frequently Asked Questions Regarding

COVID-19 page on OCC.gov received 11,543 visits. 

• The OCC published five issues of Financial Literacy Update, a bimonthly newsletter 

that reports financial literacy events, initiatives, and resources of the OCC and other

organizations. In FY 2021, Financial Literacy Update received 4,624 visits and the Financial 

Literacy Resource Directory on OCC.gov 4,898 visits. 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 16 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

 

• The High School Scholars Internship Program’s (HSSIP) Interagency Financial Literacy

Workshop involved 93 high school students (83 HSSIP interns from the OCC, five HSSIP

interns from the SEC, and five HSSIP interns from the NCUA).

• Project REACh (Roundtable for Economic Access and Change) was launched in 2020 to 

promote financial inclusion through greater access to credit and capital. The project

brings together leaders from the banking industry, national civil rights organizations, 

business, and technology to reduce specific barriers that prevent full, equal, and fair

participation in the nation’s economy. Nationally, Project REACh is working in four key

areas: (i) affordable homeownership; (ii) inclusion for credit invisibles; (iii) revitalization

of minority depository institutions; and (iv) access to credit and capital for small and 

minority-owned businesses. Local Project REACh initiatives were launched in Dallas, 

Detroit, and Milwaukee in 2022, in Washington, D.C., in 2021, and in Los Angeles in 2020. 

OFFICE OF PERSONNEL MANAGEMENT (OPM) 

• OPM Training Events provide the federal HR community with tools to properly counsel 

and serve federal employees. The training program covers an array of benefits related

topics, but also has components that increase financial literacy. Streamed videos can be

accessed through OPM’s official YouTube Channel. 

• OPM provides Federal Benefits Training Events annually, covering topics on the basics

of Retirement Programs, Thrift Savings Plan, Social Security Benefits, Flexible Spending

Accounts, Federal Employees Group Life Insurance, and Long-Term Care Insurance. The 

event was held virtually on August 10 through September 2, 2021. 

• Developed by OPM, Agency Financial Literacy Plans5

 requires all federal agencies to 

develop a retirement financial education plan based on the educational model in the

strategy. The purpose of the plans is to develop programs to communicate information 

to employees so they can plan for retirement and make informed decisions. Retirement 

Financial Literacy and Education Strategy is available on the OPM website. 

• Retirement Savings Calculators are available on the OPM website. 

SECURITIES AND EXCHANGE COMMISSION (SEC) 

• SEC hosts Investor.gov, which includes resources to inform investment decisions and 

avoid fraud: 19.7 million sessions, 75% of respondents surveyed indicated that they

learned something that might impact their behavior. 

• SEC produced the following Investor Alerts on investment frauds involving COVID-19 

claims and other scams: Digital Assets and “Crypto” Investment Scams; Fraudsters Posing

as Brokers or Investment Advisers; Investment Scam Complaints on the Rise; Frauds 

Targeting Main Street Investors; Look Out for Coronavirus Related Investment Scams; and 

COVID-19 Related Early Withdrawals from Retirement Accounts—Be Careful of Fraudsters 

and other Bad Actors Targeting Your Retirement Savings. 

• Investor.gov also includes a page of materials and resources translated into Spanish; 

certain resources are translated into Chinese, Portuguese, Vietnamese, and Creole. 

SMALL BUSINESS ADMINISTRATION (SBA) 

• The US Small Business Administration continues to share educational content on 

financial literacy and credit readiness through its 2,000 partner network, online tutorials

and inter-agency collaborations. 

5. U.S. Office of Personnel Management. Benefits Administration Letter. (June 3, 2019). https://www.opm.gov/ 

retirement-services/publications-forms/benefits-administration-letters/2019/19-104.pdf
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 17 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

 

 

 

• SBA is proud to partner with FDIC on the Money Smart for Small Business curriculum 

offered through hundreds of economic development organizations and community

institutions. 

• SBA’s recent expansion of technical assistance through its Community Navigators Pilot

features financial coaches, specialized curricula and digital tools to reach underserved

markets. 

• SBA continues to promote business awareness of financial management, risk mitigation,

cybersecurity hygiene and operational considerations related to oversight of Federal 

finance resources.

SOCIAL SECURITY ADMINISTRATION (SSA) 

• In February 2021, SSA participated in America Saves Week (ASW), the annual call to 

action for everyday Americans to commit to saving successfully. Along with thousands 

of participating organizations and agencies, SSA encouraged the public to review their 

finances, set savings goals, and create a financial plan. To assist with the theme, “Saving

for Retirement”, SSA provided materials on planning for retirement and updated its social

media accounts with targeted messaging. 

• In February 2021, SSA created a new website, Information for People Helping Others, 

to provide easy and convenient information about its benefits and services in a central

location for individuals and organizations looking to help others. 

• SSA’s Inspector General designated March 4, 2021, as “National “Slam the Scam” Day. 

This outreach campaign is a part of National Consumer Protection Week and has the 

goal to raise public awareness of government imposter telephone scams. SSA released 

messaging via multiple channels and other pertinent resources on how to protect 

yourself from scammers. 

• On March 25, 2021, SSA hosted a national conference call inviting organizations to partner 

with SSA in delivering critical financial assistance to vulnerable populations during

COVID-19. The conversation focused on efforts to raise awareness of the Supplemental

Security Income (SSI) and Social Security Disability Insurance (SSDI) programs. SSA also 

discussed establishing local-level partnerships with organizations to assist with claimstaking and referrals to our local offices.

• In September 2021, SSA shared information with a targeted list of financial professionals

on the Taxpayer First Act, which allows the Internal Revenue Service (IRS) to lower the 

electronic threshold for filing W-2s. Additionally, SSA updated the employer section of its

website to explain the Act and the tentative implementation schedule. 

• In September 2021, SSA participated in a Department of Labor webcast focused on 

women and retirement planning. SSA provided a presentation on Social Security 

Retirement Benefits including relevant facts and statistics, what to know and how to

prepare for a financially secure retirement, and general benefit information.

• In October 2021, SSA introduced supplemental fact sheets to accompany the Social 

Security Statement(Statement). The fact sheets are designed to provide clarity and useful 

information and are tailored to a person’s age group and earnings situation. Go to the

Statement page to see samples of the fact sheets (in English and Spanish). 

• In FY 2021, SSA released eight Dear Colleague Letters to advocates, third-party 

organizations, and federal agencies on various financial topics. These communications

provided information on areas such as Economic Impact Payments (EIP), the Child Tax 

Credit (CTC), the Taxpayer First Act, and the agency’s rules related to pandemic-related

financial assistance and Supplemental Security Income (SSI).

• In FY 2021, SSA facilitated a series of meetings to obtain feedback on the proposed 

changes to the Statement. The Statement is one of the most effective tools the public

can use to learn about their earnings and future Social Security benefits. SSA received
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 18 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

feedback from representatives from areas such as the financial services community,

Language Access Professionals, and disability advocates. SSA released the newly 

redesigned Statement in October 2021. 

• During FY 2021, SSA published 14 blog post related to financial literacy on its Social

Security Matters Blog. These blogs covered topics such as Economic Impact Payments, 

saving for retirement, Financial Literacy Month, and how our online services help plan for 

a secure financial future.

• In FY 2021, SSA created 29 Facebook and 32 Twitter posts on financial literacy. Our

Facebook page has approximately 416,000 followers, while our Twitter account reaches

approximately 99,000 individuals and organizations. 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 19 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

Inter-Agency Efforts 

• During Military Consumer Month (July), DoD, FTC, and CFPB developed and executed 

a campaign focused on increased financial preparedness in response to COVID-19, and

education on how to protect against misleading consumer practices and scams. 

• The CFPB, USDA, HUD, Treasury, VA, and FHFA launched a Joint Mortgage and Housing 

Assistance Website to create a unified, interagency housing website to be the one-stop-shop

to provide information and resources for homeowners, renters, and landlords to navigate 

housing insecurity challenges brought on by COVID-19. The interagency housing website 

provides accurate, impartial information to let consumers know their options, connect to 

assistance available in their communities, and make the best decision for their situations. 

• Starting in May 2020 and through 2021, the interagency housing portal provided 

assistance to over 5.5 million consumers. Many of the financial education materials

published by the CFPB are available in six additional languages: Spanish, Traditional 

Chinese, Vietnamese, Korean, Tagalog, and Arabic. Nearly 350 original translations and 

updates to translated content were made to ensure those with limited English proficiency

had equal access to valuable information. 

• FDIC and the NCUA cohosted two webinars in 2021 focused on fostering collaborations 

between banks and credit unions with youth workforce practitioners to help set young 

people (ages 16–24) participating in youth employment programs on the road to financial

stability. The series Account Access and Financial Education for Youth Participating 

in Employment Programs ccovered topics such as establishing good financial habits

and how young people’s first paycheck experiences can be used to integrate them into

banking, saving, and credit-building. 

• FDIC and SBA Money Smart for Small Business (MSSB) is a cobranded curriculum 

designed to be delivered to aspiring or existing small business owners. The FDIC regularly 

convened practitioners within the Money Smart for Small Business community to share 

promising practices and approaches. For example, in June 2021 the FDIC hosted a MSSB 

Town Hall call that featured speakers from a community bank in Connecticut and a 

community college Associate Professor in Texas, who both shared best practices on how 

to use the MSSB. Money Smart for Small Business is available in English and Spanish. 

FLEC Member Agency Housing Counseling Pilot Projects 

• Tuscaloosa, Alabama, was selected by HUD as a pilot project to bring additional housing 

counseling services to the area and its surrounding counties. The goal is to build the 

financial capability of those living in the small towns and rural areas of west Alabama

by (1) expanding the ability and capacity of Community Service Programs (CSP) of West 

Alabama, a HUD-approved housing counseling agency, to provide services and resources 

to clients living inside and outside the city of Tuscaloosa (2) developing and enhancing 

partnerships with community stakeholders, major employers, and anchor institutions to 

support and expand the impact of housing counseling offered by CSP and (3) expanding

the number and type of financial institutions providing funding for housing counseling,

financial assistance to first-time homebuyers, and banking services to CSP clients living in

its ten-county coverage area. 

• St. Louis metro area was selected by HUD as a pilot project to launch an initiative with 

the goal of reducing the minority homeownership gap over five years in the metro

area. The pilot will leverage a variety of mechanisms to reach the goal, including 

leveraging strategies that focus on sustainable homeownership, developing focused 

marketing efforts to reach the target population, and addressing common obstacles to

homeownership. The pilot will also measure progress and keep track of the most effective

strategies during the pilot performance period. 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 20 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

Frequently Asked Questions on COVID Coverage

• DOL, HHS and Treasury issued Frequently Asked Questions on the Families First 

Coronavirus Response Act and the CARES Act addressing coverage of COVID-19 diagnostic 

testing and vaccines. The agencies also developed Frequently Asked Questions on rapid 

coverage of preventive services for COVID-19 and the Health Insurance Portability and 

Accountability Act of 1996 (HIPAA) nondiscrimination and wellness programs, which were 

then issued in early FY 2022. DOL and IRS both issued notices providing guidance on the 

continuation of COVID-19 relief. 
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 21 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

 

Activities for the Next Year 

• In response to the Administration’s Executive Order 14008 on Tackling the Climate Crisis 

at Home and Abroad, the FLEC will undertake an analysis to consider how households, 

communities, and the smallest businesses experience financial resilience in the face of

climate change and climate transition, supported by financial infrastructure supporting

environments. 

• The analysis will use existing government data and mapping of climate change and 

economic disruption risk to identify which households and places may be most 

impacted. The analysis will use a holistic framework that considers the various factors 

that contribute to resilience and vulnerability. These factors include impacts on small 

business, rural and agricultural economies, as well as household savings and assets, 

income, employment, housing quality, and availability of household funds for essential 

expenses and household and community resources to mitigate impacts. The FLEC 

will draw on expertise from across government and beyond to help households and 

communities understand, prepare for, and mitigate climate-related financial risk through

financial education efforts. The FLEC will also leverage information on available programs

and practices that can foster resiliency and mitigate risks at both household and 

community levels. 

• In 2021, there was a growing interest in digital assets by FLEC’s Retirement Savings

and Investor Education Working Group, which includes Treasury, CFPB, DOD, DOL, 

FDIC, HHS, OPM, SSA, SEC, and FLEC member agencies overall. The working group 

focuses on helping Americans plan, save, and invest for retirement and for long-term 

needs, and avoid frauds and scams that can imperil their savings and investments. 

The working group began to discuss projects in the digital asset space, including 

appropriate education to avoid fraud and scams that can occur with digital assets. In 

2022, the Retirement Savings and Investor Education Working Group created a sub group 

devoted specifically to digital assets. The goals of this sub group include: increasing the

knowledge and understanding of FLEC member agencies and staff on this topic; assessing

the needs and gaps of information based on input from FLEC agencies; and developing 

trustworthy tools and information that will empower people to understand and navigate 

these new financial products and enable informed decision making.
FISCAL YEAR 2021 ANNUAL REPORT TO CONGRESS n 22 n U.S. FINANCIAL LITERACY AND EDUCATION COMMISSION 

Appendix: Summary of Public Meetings/Hearings and 

Summary Data on Mymoney.gov and Phone Number 

Summary of Public Meetings/Hearings 

• October 13, 2021. Virtual meeting focused on the need for further collaboration as climate 

change becomes a more significant risk to the financial security of American families.

Five initial goals include: understand financial health of households and communities,

consider financial products landscape, understand local government, community, and

financial architecture landscape, create a geography, or mapping, of vulnerabilities, and

identify what FLEC and others can do to support better household financial resilience.

• May 26, 2021. Virtual meeting focused on quality financial education as an important

tool to help address economic disparities. Financial experts discussed how financial

education is used to expand opportunities, particular for marginalized communities. 

• Additional information about FLEC Public Meetings is available on the FLEC webpage. 

Summary Data on www.Mymoney.gov and Phone Number 

• In FY 21, www.mymoney.gov received a total of 589,403 views. Mymoney.gov provided 

links to other government coronavirus response pages and provided information about 

FLEC public meetings and the National Strategy. 

• In FY 2021 1-844-USA-GOV1 received 16,204 calls in English related to financial capability,

saving, investing, higher education, and housing, and 5,638 calls in Spanish on these

topics. 
U.S. Financial Literacy and 

Education Commission 

MYMONEY.GOV