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Financial Literacy and Education Commission Public Meeting 

May 26, 2021

U.S. Department of the Treasury – Virtual

9:00 a.m. to 11:00 a.m.

Minutes

Louisa Quittman, Director, Financial Security/Education, U.S. Department of the Treasury,

called the meeting to order at 9:00 a.m. She introduced Secretary of the Treasury Janet Yellen. 

Secretary Yellen welcomed the audience and recognized the topic of racial inequality as it relates

to wealth building. She noted that the wealth disparity has changed very little since the 1960s. 

Secretary Yellen also referenced the disproportionate financial strain economic crises like the 

2008 recession and Covid-19 have had on communities of color--in both intensity and lasting 

effects. In remedying this, big fiscal policy is required to build an economy that works for 

everyone. Secretary Yellen referenced the recent signing of the American Rescue Plan by the 

President and the proposed American Families and Jobs Plan. In closing, Secretary Yellen stated 

the importance of including financial education in any push for financial inclusion and 

highlighted the relevant impact of early financial education on adult decision making.

Director Louisa Quittman then introduced Deputy Secretary of the Treasury Wally Adeyemo 

who moderated the panel of experts in financial education. Deputy Secretary Adeyemo began by 

stressing the topic of the meeting--how do we use financial education to expand opportunities 

and in particular for those who have been marginalized? He proceeded to mention the President’s 

agenda in the rebuilding of the economy following COVID-19 and highlighted the 

administration's focus on the inclusion of people of color.

Following an introduction of the panelist, Deputy Secretary Adeyemo opened with a question to 

Marc H. Morial, President and CEO of the National Urban League about the linkage between 

financial education and racial equality. In response Mr. Morial opened with a remark on the 

rhetoric of financial education. “People do not like being told that they need to improve their 

financial literacy; it makes them feel illiterate.” Mr. Morial stated the need for reframing 

financial literacy efforts as “financial empowerment” in recognizing the dignity of its 

participants and in attracting additional ones who need it. Mr. Morial focused on the mechanism 

of increasing the “acceptability” of financial education services. He underscored the importance 

of knowledge about financial products and services, in addition to regulation as a step towards 

improving racial equality. Housing counseling and services to small businesses and others are 

essential to the ability to grow and protect assets and close the wealth and income gaps.

Deputy Secretary Adeyemo then introduced Marietta Rodriguez, President and CEO of 

NeighborWorks and asked about the importance of financial education in counseling minority 

homeowners and renters on how to stay in their homes. Ms. Rodriguez began by highlighting the 
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priorities of NeighborWorks additional funding from the American Rescue Plan housing stability 

counseling program, which will help people and neighborhoods facing financial instability. 

NeighborWorks has found financial education to be most successful when it is delivered by 

trusted resources like trained financial coaches, housing counselors, or resident service providers 

in affordable housing. The organization’s focus on outreach and relationships has allowed it to 

be effective in developing a network that reaches people in crisis, including minority households. 

Ms. Rodriguez emphasized the need for community-based organizations and government 

agencies to develop a relationship of trust and provide higher-touch services to minority and lowincome communities before they are ever at risk of losing their homes. She noted that many 

people have been exposed to unscrupulous landlords and scams, making it harder for them to 

trust in assistance.

Following Ms. Rodriguez, Deputy Secretary Adeyemo introduced Chief Investment Officer and 

co-CEO of Ariel Investments, John W. Rogers and asked about the role of financial education in 

teaching new investors how to invest responsibly. Mr. Rogers began by stressing the importance 

of teaching young people not only about saving but also investing in bonds and equities. During 

his time chairing President Obama’s Council on Financial Capability for Young Americans, Mr. 

Rogers pushed for major financial institutions and urban public schools to partner to inform 

students on the stock market and potential careers in the financial sector. His recommendation 

for robust financial education focused on practical exposure, getting local corporations to 

educate students on how to save and invest long-term.

Deputy Secretary Adeyemo then introduced the CEO of Neighborhood Trust Financial Partners, 

Justine Zinkin and asked about getting people back to work following the pandemic and what 

models could we use to address the financial challenges of it. Ms. Zinkin described her 

organization’s work providing financial coaching as a worker benefit and training to credit 

unions to embed financial coaching. She provided information about low-income workers who 

rely on public assistance, and who are disproportionally people of color such as domestic 

workers and food service workers, who were disproportionality effected by Covid-19. She 

described the financial status of clients, including being “extremely worried” about making ends 

meet. Ms. Zinkin suggested that it is essential to bundle financial education with other services,

and reiterated earlier points of reframing the narrative on financial education as a tool to help 

workers navigate structural disadvantaged in the economy. She noted that data from qualitative 

data can also help improve policy. Ms. Zinkin also suggested the need for integrating financial 

education and coaching into policies that improve unstable jobs, such as home care workers, 

restaurant workers, and small businesses.

Deputy Secretary Adeyemo then introduced the CEO and Chairman of Operation Hope, John 

Hope Bryant with a question about responses to natural disasters and what lessons it could teach 

us in response to the Covid-19 pandemic. Mr. Bryant opened with a remark about families’ 
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recoveries following disasters, using 9/11 as an example. He stated that the number one reason 

people do not recover from disasters is because of poverty. He noted various steps that have 

been taken by government in the past, noting that “the urgent has always crowded out the 

important in this country.” Mr. Bryant described how the pandemic affected not only black and 

brown communities but also middle-class families, mainstream retailers, and nearly everyone in 

the economy. He noted the importance of financial education in all aspects of people’s lives. He 

described his organization’s response and framework for future action, working with large 

business investments in black entrepreneurship, given that businesses need financial education 

and coaching. He recommended making the solution bigger and embed it in the “business plan” 

of the nation and be properly resourced and reimagined.

Deputy Secretary Adeyemo then transitioned to the next part of the discussion, asking the 

panelists their recommendations on how to advance the financial education agenda. Deputy 

Secretary Adeyemo then proceeded to list out five areas he was focused on at the Department of 

the Treasury: service provider diversity, connecting capital to marginalized communities, tax 

enforcement and resources, affordable housing, and recruiting and retention government 

agencies that are diverse.

Mr. Rogers responded by mentioning the example of NYC Kids RISE which starts off 

kindergarteners with stock investments through 529 programs that follow them to college. He 

also mentioned the Ariel Community Academy, which he co-created, which teaches elementary 

school children how to invest in the market with real stocks and real money. These two programs 

serve as examples of financial institutions partnering with urban schools to promote wealth 

building. Mr. Rogers then raised the issue of minority workers participation in 401k programs 

due to their discomfort in the market. He gave the example of McDonald’s education initiatives 

for minority workers that teach employees about the market and investing. He encourages 

employers to track retirement savings and investing by race.

Ms. Rodriguez offered three suggestions for consideration by the FLEC: (1) housing counselors 

should be considered a resource for educating consumers and connecting renters to emergency 

rental assistance, (2) rental resident services are critical for success of tenants in affordable 

housing properties, (3) real time collaboration between the private sector, government, and 

nonprofits is crucial in identifying challenges and forming solutions. She noted that this last 

approach was effective during the last financial crisis and enabled innovation. She noted the 

challenge for people in crisis to navigate to find the help that they need. Financial coaching can 

help people move out of crisis and to stability. She encouraged using local organizations to reach 

people in communities about federal programs.

Mr. Morial followed with his recognition of the many federal agencies in attendance and the 

recommendation that the FLEC do a full inventory of all the financial education programs either 
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funded by or provided by the federal government. He recommended the scaling of federal 

programs and funding as it relates to financial education. The tendency to reinvent the wheel is 

not the solution, when sometimes all that is needed is to put air in an existing tire. Secondly, Mr. 

Morial expressed that embedding financial education into the curriculum of every classroom in 

America could have a huge impact on the future. To ensure progress, he suggested that there be a 

person put in charge of coordinating financial education efforts on the federal level, someone to 

be held responsible. Lastly, Mr. Morial remarked that financial education efforts be pragmatic 

and be focused on the basics of homeownership, small businesses, community-based providers, 

and in the workplace.

Ms. Zinkin highlighted the importance of counseling on racial equity in recovery. She pointed 

out that job quality is key, including —prevailing wages, safe working environments, and the 

ability to organize. Job quality standards should be the norm, which has a return on investment. 

Ms. Zinkin noted that timely cash infusions were a lifeline for households. Income stability and 

cash disbursement should be improved to ensure resiliency. She urged the FLEC to closely 

examine short-term cash flow issues, through innovation, such as the Consumer Financial 

Protection Bureau’s sandbox.

Mr. Bryant suggested that this “big, bold, and audacious plan” by the Biden administration needs 

to be attached to financial literacy efforts. He proceeded to list off contributors of financial 

literacy efforts across the public and private sphere, recommending that the federal government 

take the lead in embedding financial literacy by making it “the law of the land” and funding it 

from kindergarten through college. His specific recommendations for the Treasury were: 1) a 

living wage for all specifically through the Earned Income Tax Credit, 2) wealth creation for all 

through financial education, 3) the creation of a new federal council to set big goals for 

partnerships between government, private sector, and community organizations.

Deputy Secretary Adeyemo thanked the panelists and asked Ms. Quittman to facilitate the 

discussion portion of the meeting. Ms. Quittman introduced David Uejio, Acting Director of the 

Consumer Financial Protection Bureau (CFPB). Mr. Uejio began with a statement on the CFPB’s 

commitment to addressing racial inequities in the financial marketplace. He recognized that 

many practices and policies in the financial services industry have “caused and exacerbated” 

racial inequality and explained the CFPB’s efforts to address racial equity under his leadership. 

Among the CFPB’s efforts, Mr. Uejio emphasized the CFPB’s priority investigations, including 

fair lending enforcement and addressing unlawful conduct. In addition, the CFPB engages in 

financial education research to develop, assess, and distribute information about effective 

approaches and tools. He noted CFPB’s partnerships with other organizations and the financial 

well-being scale which is used by many organizations. The CFPB’s research on financial wellbeing will continue, and be focused in a number of key areas, including student loan borrowers. 

He plans to focus use of CFPB’s tools on economic and housing security.
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Todd Harper, Chairman of the National Credit Union Administration (NCUA) began by 

explaining the ways in which the NCUA is acting to respond to the pandemic’s economic fallout, strengthen consumer protection, and advance economic equity and justice. Since the start of 

the pandemic, NCUA has encouraged credit unions to proactively work with their members to 

handle their financial strains and hardships. It has also been working to improve the financial 

capabilities and financial knowledge of credit union members. This year, the NCUA has 

collaborated with the CFPB, the Internal Revenue Service (IRS), and the Federal Deposit 

Insurance Corporation (FDIC) and hosted events for its service members on financial readiness, 

earned income tax credits and access to savings accounts. The Access program will also raise 

awareness of consumer financial protection laws and regulations and the importance of financial 

literacy.

Ms. Quittman then opened the discussion to questions from members of the FLEC. Mr. Uejio 

asked Ms. Zinkin about the upcoming child tax credit and what ways to ensure families of low to 

moderate income can access their credits quickly. Ms. Zinkin responded with a recognition of the 

importance of timely access to the tax credit for working class families will help improve their 

financial security over time. She noted the volunteer income tax assistance (VITA) program 

helps people access tax credits for free and protects families from the predatory loans often 

associated with tax credits. She also urged the government to partner with trusted communitybased organizations to roll out information on how to apply for and access the tax credit and 

leverage that with financial coaching, which is essential to reach the Latino and immigrant 

community.

Jennifer Leach of the Federal Trade Commission (FTC) asked Ms. Rodriguez about campaigns 

against frauds and scams and how this appears in their messaging. Ms. Rodriguez stated that 

NeighborWorks worked closely with the FTC during the last recession to campaign against loan 

scams. Currently, NeighborWorks has relied on trusted community organizations to spread 

accurate information to avoid scams, such as on vaccines and tests by mobilizing community 

members and coalitions. Ms. Rodriguez also recommended the creation of a standardized 

database to report scammers so the government could go after them. Mr. Morial jumped in with a 

comment on the importance financial education, along with aggressive enforcement in 

preventing the long-term persistence of scams.

Mark Pearce of the FDIC raised the issue of minority communities’ lack of access to bank 

accounts. During the pandemic, the speed of receiving economic impact payments depended on 

having a bank account with direct deposit on file with the IRS. Those without one had to wait 

additional weeks for a physical check or card at a time when stimulus payments were necessary 

for the survival of many. He described the #getbanked pilot and public awareness campaign in 

Atlanta and Houston and encouraged partnerships in this work. 
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Mr. Harper directed a question to Ms. Zinkin about the barriers of getting financial education and 

empowerment information out to the public. Ms. Zinkin described that organization has found 

that trained financial coaching embedded in credit unions enables people to trust their products 

and services, subsequently using them more successfully. Ms. Zinkin also mentioned the 

importance of understanding and removing structural barriers to accessing bank accounts such as 

the Chex systems, liens on accounts, language, and fees.

Aaron Levy from Federal Emergency Management Agency (FEMA), asked Mr. Morial how we 

can make communities more financially resilient before disaster strikes? Mr. Morial responded 

by first reminding the audience of the harsh reality of most Americans’ finances. Most do not 

feel as if they earn enough money to take care of their present obligations, let alone save for the 

future. When it comes to preparing for disasters, Mr. Morial suggested that it is more palatable to 

people to be told to put together resources for natural disasters and including a debit card, than to 

tell people to simply save money. He stressed the importance of finding a distinct purpose for 

savings that people can relate to. He also noted it was important for people to know where their 

important records are, such as insurance policies. Mr. Levy noted that FEMA has developed a 

kit that helps organize documents together with Operation Hope. Ms. Rodriguez added that 

investment in resource coordination among community organizations and cross-sector 

collaboration are proving to be important resources during the pandemic.

Mark Madrid, from the Small Business Administration (SBA), noted that SBA recently 

announced a Community Navigator Pilot and asked Mr. Morial what services directed towards 

small businesses are they offering. Mr. Morial responded with the example of the National Urban 

League’s entrepreneur program where they serve as a facilitator of opportunities for small 

businesses to connect with banks, community development financial institutions (CDFIs), and 

potential government and private sector customers. They are also working with other 

organizations to provide funding, resources, and connections to small businesses. Mr. Rogers 

added that minority owned small businesses need access to customers as well as access to 

capital. During the pandemic, he found that African American small businesses were among the 

hardest hit being in industries with the smallest margins. He suggested in order to create a more 

equitable future we need to promote and invest in diversity within industries of the future such as 

finance, media, and technology.

Mr. Bryant brought attention back to an earlier point made on getting information out to the 

public, through bold and simple messages. He argued that financial education needs to get to the 

core of the issue, to better equip organizations like the National Urban League and Operation 

Hope with the resources already available.
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Eric Belsky, representing the Federal Reserve Board of Governors, underscored the importance 

to reach Americans with assistance, especially on housing. 

Ms. Quittman thanked the panelists for speaking with the FLEC. She noted the expertise and 

commitment to equity and financial well-being of the members of the FLEC to draw on for 

future action. She summarized activities that FLEC agencies are currently working together on, 

including responding to the Covid-19 national emergency with information on Economic Impact 

Payments, housing assistance, and student loan forbearance. She also mentioned actions 

promoting homeownership, retirement savings, helping students and families understand the cost 

of college, and supporting the financial readiness of military service members. She recapped 

some of the main topics discussed during the meeting and noted that these will inform the 

FLEC’s work. Ms. Quittman indicated that the FLEC will share their activities in the next public 

meeting later this year. 

Ms. Quittman adjourned the meeting at approximately 10:55 a.m.
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FLEC Member Participants

Department of the Treasury Janet Yellen

Wally Adeyemo

Louisa Quittman

Consumer Financial Protection Bureau David Uejio

Board of Governors of the Federal Reserve System Eric Belsky

Commodity Futures Trading Commission Dan Rutherford

Department of Agriculture Suzanne Stluka

Department of Defense Andrew Cohen

Department of Education Elizabeth Coogan

Department of Health and Human Services Alison Barkoff

Department of Housing and Urban Development David Berenbaum

Department of Labor Ali Khawar

Department of the Interior Jerold Gidner

Department of Veterans Affairs Lawrencia Pierce

Federal Deposit Insurance Corporation Mark Pearce

Federal Emergency Management Agency Aaron Levy

Federal Trade Commission Jennifer Leach

General Services Administration Marietta Jelks

National Credit Union Administration Todd Harper

Office of Personnel Management Patricia Sapol

Office of the Comptroller of the Currency Barry Wides

Securities and Exchange Commission Lori Schock

Small Business Administration Mark Madrid

Social Security Administration Jeffrey Buckner

Outside Participants:

John Hope Bryant, Founder, Chairman, and CEO, Operation Hope 

Marc H. Morial, President and CEO, National Urban League 

Marietta Rodriguez, President and CEO, NeighborWorks 

John W. Rogers, Jr., Chairman, co-CEO, and Chief Investment Officer, Ariel Investments 

Justine Zinkin, CEO, Neighborhood Trust Financial Partners