Annual Report 

to Congress

Strategy for Assuring Financial Empowerment (SAFE) Report

FY 2022

Fiscal Year (FY) 2022 Strategy for Assuring 

Financial Empowerment (SAFE) Report

Financial Literacy and Education Commission

Department of the Treasury (Treasury), Chair

Consumer Financial Protection Bureau (CFPB), Vice Chair

Board of Governors of the Federal Reserve System (FRB)

Commodity Futures Trading Commission (CFTC)

Department of Agriculture (USDA) 

Department of Defense (DoD) 

Department of Education (ED) 

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)

Federal Deposit Insurance Corporation (FDIC)

Federal Emergency Management Agency (FEMA)

Federal Housing Finance Agency (FHFA) 

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)
Table of Contents

Introduction........................................................................................................................ 1

Background on the Financial Literacy and Education Commission ............................ 2

FLEC Agency Activities..................................................................................................... 3

Department of the Treasury (Treasury) (Secretary Yellen, Chair) ..................................... 3

Internal Revenue Service (IRS) / Department of the Treasury........................................... 3

Consumer Financial Protection Bureau (CFPB) (Director Chopra, Vice Chair) ............... 4

Board of Governors of the Federal Reserve System (FRB)............................................... 6

Commodity Futures Trading Commission (CFTC)............................................................ 7

Department of Agriculture (USDA)................................................................................... 8

Department of Defense (DoD) ........................................................................................... 8

Department of Education (ED) .......................................................................................... 10

Department of Health and Human Services (HHS) ........................................................... 12

Department of Housing and Urban Development (HUD).................................................. 13

Department of Interior (DOI) ............................................................................................ 15

Department of Labor (DOL) .............................................................................................. 15

Department of Veterans Affairs (VA)................................................................................. 16

Federal Deposit Insurance Corporation (FDIC)................................................................. 17

Federal Housing Finance Agency (FHFA)......................................................................... 20

Federal Trade Commission (FTC)...................................................................................... 22

General Services Administration (GSA)............................................................................ 22

National Credit Union Administration (NCUA) ................................................................ 23

Office of the Comptroller of the Currency (OCC) ............................................................. 24

Office of Personnel Management (OPM)........................................................................... 26

Securities and Exchange Commission (SEC) .................................................................... 27

Small Business Administration (SBA)............................................................................... 27

Social Security Administration (SSA) ............................................................................... 28

Inter-Agency Efforts.......................................................................................................... 29

SBA/FDIC.......................................................................................................................... 29

CFPB/FDIC........................................................................................................................ 29

NCUA/FEMA..................................................................................................................... 30

Assessment of the National Strategy ............................................................................... 30

Activities for Next Year (FY 2023) ................................................................................... 30

Summary Data on MyMoney.gov..................................................................................... 31

FY 2022 Strategy for Assuring Financial Empowerment (SAFE) Report
1

Introduction

The Strategy for Assuring Financial Empowerment (SAFE) Report highlights the actions taken 

by the agencies represented on the Financial Literacy and Education Commission (FLEC) in 

fiscal year (FY) 2022 in furtherance of the FLEC mission. Continuing its strategic focus to 

coordinate, support, and encourage federal government efforts to improve financial literacy and 

education, the FLEC is committed to serving as a thought leader and partner in public and private 

sector efforts to improve Americans’ financial knowledge, skills, and decision-making and to 

empower Americans to use these abilities to enhance their financial well-being.

In FY 2022, the FLEC welcomed its newest represented agency, the Federal Housing Finance 

Agency (FHFA). FHFA supports the national housing finance market through its regulated 

entities, the Government-Sponsored Enterprises, and provides a unique and additive perspective 

to the FLEC. FHFA is committed to empowering homeowners, especially first-time homebuyers 

and those from underserved communities, by fostering housing finance markets that promote 

equitable access to affordable and sustainable housing, and promoting financial literacy to inform 

consumers and support effective financial decision-making. 

The FLEC completed several significant projects in FY 2022. Responding to a report 

recommendation in the March 2022 White House Executive Order on Ensuring Responsible 

Development of Digital Assets, the FLEC formed a Digital Assets Working Group to strengthen 

the internal knowledge of FLEC represented agencies regarding the rapidly growing and 

evolving digital asset ecosystem. Led by the Commodity Futures Trading Commission (CFTC) 

and Treasury’s Office of Consumer Policy (OCP), which coordinates and manages the FLEC 

activities, the Working Group hosted experts for a seminar series on digital assets and created a 

crypto-assets resource webpage on MyMoney.gov. MyMoney.gov is a consumer-facing 

website that serves as a clearinghouse of information about federal financial literacy and 

education programs.

In FY 2022, OCP, with support and guidance from the FLEC, made significant progress in 

the development of a comprehensive report concerning the impacts of climate hazards on the 

financial well-being of American households. The report is a unique resource for consumers and 

policymakers that presents a comprehensive summary of the various pathways through which 

climate hazards impact household finances and recommends steps to build financial resilience. 

In FY 2022, the FLEC hosted three public meetings. The first meeting on March 8, 2022, 

included a presentation by the U.S. Department of Energy on household energy costs as well as a 

discussion, led by the CFTC, on financial education efforts regarding crypto-assets. The second 

meeting, on July 14, 2022, provided an update on financial literacy efforts by the DoD. The 

meeting also included a conversation on USDA Extension education (which provides non-formal 

education and learning activities to farmers and other residents of rural communities as well as to 

people living in urban areas). The third meeting, on November 17, 2022, welcomed the FHFA as 

the newest FLEC represented agency. The meeting also provided updates on federal student aid, 
2

the FLEC work on climate hazards, and the implications of developments in crypto-assets for 

consumers, investors, and businesses.1,2

Finally, in FY 2022, the FLEC made multiple updates to MyMoney.gov, including updating the 

higher education financial education resources available to the public and creating a crypto-assets 

webpage to serve as a central source for the posting of crypto-asset financial education resources 

available to the public.

Background on the Financial Literacy and Education 

Commission

The FLEC was established by the Fair and Accurate Credit Transactions Act of 2003 to “improve 

the financial literacy and education of persons in the United States through the development of a 

national strategy to promote financial literacy and education.”3 The FLEC’s key responsibilities 

include the following:

•	 Hold three public meetings per year to coordinate and promote financial literacy and 

education among federal agencies. 

•	 Publish the annual Strategy for Assuring Financial Empowerment (SAFE) Report, 

which updates Congress on the progress of the FLEC in carrying out its mandate. 

•	 Implement and regularly update the National Strategy to Promote Financial Literacy 

and Education among all American consumers. 

•	 Manage the MyMoney.gov resource webpage, which is a consumer-facing website that 

serves as a clearinghouse of information about federal financial literacy and education 

programs. 

The FLEC is composed of the heads of 23 federal agencies and the White House Domestic 

Policy Council. It is chaired by the Secretary of the Treasury. The Vice Chair is the Director of 

the Consumer Financial Protection Bureau.

The FLEC provides a forum for its represented federal agencies and the White House Domestic 

Policy Council to coordinate their efforts to advance financial literacy and education, and to 

develop consumer-friendly, trustworthy, and consistent educational materials, tools, and outreach 

efforts to help consumers make informed, sound decisions that enhance their financial well-being. 

1 Exec. Order 14076, 87 Fed. Reg. 14,143 (Mar. 14, 2022), https://www.federalregister.gov/documents/2022/07/08/2022-14588/ensuringresponsible-development-of-digital-assets-request-for-comment. 

2 U.S. Department of the Treasury, Crypto-Assets: Implications for Consumers, Investors, and Businesses (Sept 16, 2022), 

https://home.treasury.gov/system/files/136/CryptoAsset_EO5.pdf. 

3 20 U.S.C. § 9702(b).
3

FLEC Agency Activities

This report highlights the relevant activities of the FLEC represented agencies in promoting 

financial literacy and education. The FLEC represented agencies engage in diverse activities, in 

line with their distinct agency missions, to advance this goal. This report groups those activities 

across three broad categories: general financial literacy and education (including consumer 

protection and fraud prevention and financial education); key consumer finance issues and trends 

(housing, retirement, COVID-19 recovery, crypto-assets); and special populations (youth, Tribal 

and Native communities, and military members and families). 

Department of the Treasury (Treasury) (Secretary Yellen, Chair)

In FY 2022, Treasury published multiple reports, provided outreach and education services, 

and took steps to further enhance existing programs as part of its efforts to advance consumer 

financial literacy and education.

Crypto-Assets

On September 16, 2022, the Treasury Department issued three reports pursuant to President 

Biden’s March 9 Executive Order 14067 on Ensuring Responsible Development of Digital 

Assets. The Treasury reports, The Future of Money and Payments; Crypto-Assets: Implications 

for Consumers, Investors, and Businesses; and Action Plan to Address Illicit Financing Risks 

of Digital Assets, provide an overview of the operation and uses of digital assets, the role of 

payments in the financial system and the emergence of nonbank payment systems, a discussion 

of the potential risks and benefits of a U.S. central bank digital currency (CBDC), and an 

assessment of the potential use of digital assets in illicit finance.

The Crypto-Assets: Implications for Consumers, Investors, and Businesses report also included a 

recommendation that the FLEC Digital Asset Working Group coordinate and promote consumer 

education efforts on crypto-assets, including information on risks of fraud, theft, and scams, how 

to report unlawful practices, and risks associated with crypto investment. The report suggested 

that the FLEC consider how to use existing surveys and data collection to identify how crypto 

investment is used by populations vulnerable to disparate impact, and to engage and learn from 

crypto stakeholders about how to coordinate public and private strategies for education and 

outreach. To accomplish this, the Digital Asset Working Group held listening sessions with over 

30 stakeholders on 13 topics and reviewed the existing consumer finance surveys conducted by 

the FLEC represented agencies.

Internal Revenue Service (IRS) / Department of the Treasury

Through the Stakeholder Partnerships, Education & Communication (SPEC) office, in FY 2022 

the IRS provided outreach and education services to the public, including free tax preparation 

and outreach programs at sites throughout the nation. SPEC delivered this taxpayer assistance 

through a three-pronged business model of free volunteer income tax return preparation, 
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education and outreach, and Financial Education and Asset Building (FEAB) information and services 

offered to taxpayers. SPEC leverages its ability to benefit millions of taxpayers by partnering with 

organizations on the national and local level to deliver most of its programs and services. 

The Taxpayer First Act brought about many changes, including making the Volunteer Income 

Tax Assistance matching grant program permanent. Grant funds may also be used for services 

related to financial education, asset development and the establishment of savings accounts in 

connection with tax return preparation. 

SPEC’s accomplishments in FY 2022 included leveraging “Tax Time” through their partners as a 

gateway to connect individuals and families to FEAB programs and services, expediting refunds 

to taxpayers through direct deposit while supporting taxpayers who wish to split their refund 

into multiple accounts, promoting savings bonds and split refunds for taxpayers and offering 

over-the-phone interpreter (OPI) services through partners to clients who do not speak English. 

Language services are permitted for tax preparation as well as FEAB.

Consumer Financial Protection Bureau (CFPB) (Director Chopra, 

Vice Chair)

Languages

The CFPB develops programs and resources to address incomplete and often asymmetric 

information about financial services, products, and practices provided to consumers by consumer 

financial service providers. The CFPB also conducts programs and activities focused on 

financial security and inclusion for special populations: servicemembers, older consumers, 

underserved consumers and communities, students and young adults, and limited English 

proficient (LEP) consumers. In FY 2022, the CFPB played a pivotal role in providing resources 

and assistance to a wide audience of 21.3 million consumers. 

The CFPB offers materials translated into eight languages for LEP consumers, which are 

distributed by both the CFPB and others who serve LEP consumers. The publications provide 

straightforward information about money management and other financial issues.

To further enhance financial literacy and accessibility, the CFPB developed glossaries that 

translated common financial terms into multiple languages, including Spanish, Chinese 

(Traditional), Tagalog, Vietnamese, and Korean.4 

Financial Education and Capability

The CFPB promoted various initiatives to educate and assist consumers in navigating financial 

products and services. One such resource is Ask CFPB, an online educational tool that offers 

authoritative and clear answers to consumers’ inquiries on a wide range of money-related topics 

ranging from home mortgages and auto loans to credit reports, debt collection, and student loans. 

4 The compilation of terms for these updated glossaries was sourced from various entities such as the FHFA, HUD, IRS, Department of Justice, 

FDIC, FTC, SSA, Freddie Mac, Fannie Mae, GSA, and National Association of Hispanic Real Estate Professionals.
5

The CFPB Financial Education Exchange (FinEx) serves as a platform for sharing research, tools, 

publications, and resources with financial practitioners who provide financial literacy and coaching 

services to adult consumers. This program facilitates discussions and gathers feedback from 

financial educators, fostering collaboration and continuous improvement. Over the course of FY 

2022, the engaged community of financial practitioners grew by 69%, totaling 59,054 members. 

To support consumer savings during tax season, in FY 2022, the CFPB provided technical 

assistance and materials to Volunteer Income Tax Assistance (VITA) sites and private tax 

preparers. Collaborating with 70 VITA and Tax Counseling for the Elderly (TCE) programs, 

the CFPB offered resources and guidance to help these organizations adapt to virtual service 

environments and develop strategies to promote consumer savings at tax time.

Military and Veteran

The CFPB partnered with military and veteran service organizations to expand awareness of the 

protections in the Servicemembers Civil Relief Act (SCRA) and Military Lending Act (MLA). 

The CFPB also sought to inform and protect servicemembers from abuses of the military 

allotment system, protecting servicemembers from costly auto loans and wrongful repossessions, 

protecting housing rights of servicemembers, ensuring servicemembers take advantage of 

expanded student loan forgiveness, and further enhancing and increasing understanding of credit 

and consumer reporting issues among servicemembers.

The CFPB’s Office of Servicemember Affairs published an annual report on the top financial 

concerns facing servicemembers, veterans, and military families, based on the complaints 

they submitted to the CFPB.5 Servicemembers told the CFPB about billing inaccuracies and 

related that debt collectors used aggressive tactics to recover allegedly unpaid medical bills. 

Servicemembers also reported failures by credit reporting companies in helping to resolve 

inaccuracies and other credit reporting issues.

The CFPB updated its Military Financial Lifecycle model, which is a representation of a military 

career beginning at the signing of an enlistment contract or Reserve Officers’ Training Corps 

(ROTC) commitment, through the subsequent steps in an individual’s and family’s military career 

and life.6 The CFPB offers web resources and related materials that provide targeted information 

and links to CFPB tools that help servicemembers and their families address the financial 

challenges that arise at the various stages of their military lives. Some of these challenges are 

unique to servicemembers, such as frequent and often unanticipated moves, deployments, long 

periods of separation from family, difficulty for spouses to maintain career tracks, and mobilization 

for members of the Reserve and National Guard. The CFPB also provides information and 

resources to help servicemembers as they transition from military to civilian life.

5 CFPB, Office of Servicemember Affairs Annual Report (Jun. 2022), https://files.consumerfinance.gov/f/documents/cfpb_osa-annualreport-2021.pdf. 

6 CFPB, Office of Servicemember Affairs 2022 Annual Report (Jun. 20, 2023), https://www.consumerfinance.gov/data-research/researchreports/office-of-servicemember-affairs-annual-report-fy-2022/. 
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Older Americans

During National Family Caregivers Month, the CFPB’s Office for Older Americans released a 

new guide to help family members and friends of people living in nursing homes and assisted 

living communities learn how to prevent and report elder financial abuse. The guide, which can 

be downloaded for free, lists red flags to watch for, shares some common scenarios, and includes 

resources people can use to help their loved ones. The CFPB also released a quick reference

handout that is focused on how to report elder financial abuse.

During Residents’ Rights Month, the CFPB released an updated version of Preventing elder 

financial abuse: A guide for nursing homes and assisted living communities to help long-term 

care staff prevent and respond to financial exploitation of the people in their care. This updated 

guide walks team members through the four steps to fighting elder financial abuse: Prevent, 

Recognize, Record, and Report. The update includes new information on using technology to 

stay connected and informed, along with new scenarios and resources developed during the 

COVID-19 pandemic. The guide is for assisted living community and nursing home managers 

and staff who can step in to help people who are experiencing financial abuse. 

Student/Youth Education

Building upon the CFPB’s research on adult financial well-being, the CFPB expanded its 

focus to include childhood origins of financial capability and well-being. By examining the 

developmental stages of childhood and adolescence, the research aimed to identify when and 

where individuals acquire the foundational attributes and abilities that contribute to adult 

financial capability. This approach highlighted the importance of nurturing financial knowledge 

and skills throughout a person’s growth, recognizing that these building blocks lay the 

groundwork for future financial well-being. To put this research into practice, the CFPB created 

a website interface that is robust, appealing, easy to use, and has strong search capabilities, 

including downloadable activities for K-12 educators, a curriculum review tool, and a story book 

series for youth ages 3-12, among other resources.

Through its commitment to enhancing financial education from an early age and promoting 

equitable access to financial services, the CFPB continues to empower individuals with the 

knowledge and tools necessary for their financial well-being. By addressing the developmental 

stages of financial capability and advocating for language accessibility, the CFPB strives to 

create a more inclusive and informed financial landscape for all consumers.

Board of Governors of the Federal Reserve System (FRB)

Financial Education and Capability

In FY 2022, the FRB highlighted its U.S. Currency Education Program (CEP). The CEP 

educates businesses and consumers about the security and design of Federal Reserve notes as 

well as providing public access to education, training, and information about Federal Reserve 

Notes.
7

Research

In FY 2022, FRB published research reports and resources on topics related to consumer finance 

and protection. These include the following:

•	 Economic Well-Being of U.S. Households in 2021

•	 Consumers and Guaranteed Asset Protection (GAP Protection) on Vehicle Financing 

Contracts: A First Look

•	 Household Financial Decision-Making After Natural Disasters: Evidence from Hurricane 

Harvey

•	 Revisiting the Effect of Education on Later Life Health

•	 Young Borrowers’ Usage of Cosigned Credit Cards and Long Run Outcomes

•	 Declining Affordability and Home Purchase Borrowing by Lower Income Households

•	 Saving and Wealth Accumulation among Student Loan Borrowers: Implications for 

Retirement Preparedness

Commodity Futures Trading Commission (CFTC)

Consumer Protection and Fraud Prevention

In FY 2022, CFTC organized Dating or Defrauding? a monthlong awareness-raising campaign 

that coincided with the Valentine’s Day holiday and involved 10 federal agencies, including 

law enforcement.7 The campaign provided an ongoing anti-fraud social-media messaging from 

February 7 through March 11, as well as a landing page of government resources. In all, the 

effort achieved a total reach of more than 205,000 views, impressions and engagements from 

social media, email marketing, and other bilingual campaign platforms. The campaign also 

reached approximately 71,000 people through two USA.gov email deliveries, which generated 

more than 1,300 clicks to campaign materials and resources. Approximately 30 news outlets 

and websites ran stories about the campaign and the issue of romance frauds that rely on social 

media, dating apps, and digital assets to steal from victims.

Crypto-Assets

The CFTC participated in Cryptocurrency: How It Works, Current Research, and Avoiding 

Scams hosted by the Military Families Learning Network. Additionally, the CFTC organized 

an event titled Introduction to Cryptocurrency and Avoiding Digital Assets Scams as part of the 

Howard County Money Matters program.

Financial Education and Capability

In FY 2022, the CFTC witnessed significant growth in online engagement and participation 

in virtual events. The traffic to CFTC.gov’s Learn & Protect section experienced a substantial 

increase of 54.5% compared to the previous year. Notably, web sessions for educational articles 

and customer advisories on the website saw an impressive surge of 98%. Additionally, visits 

7 Participating in the Dating or Defrauding? social media messaging campaign were the CFTC, CFPB, FDIC, Treasury’s Financial Crimes 

Enforcement Network, FTC, U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI), and U.S. Postal Inspection 

Service. The effort was further supported by the GSA, Federal Bureau of Investigation, and DoD’s Office of Financial Readiness (FINRED).
8

to information regarding intermediary registrations for checking purposes grew by 35%. The 

Registration Deficient (RED) List8 sessions, which provide information on unregistered offshore 

entities offering products or services that require registration, also experienced a notable increase 

of 22.3%. 

Department of Agriculture (USDA)

Financial Education and Capability

Throughout FY 2022, USDA implemented various initiatives aimed at supporting underserved 

producers and promoting financial resilience in households and communities. These efforts 

reflect the USDA’s commitment to ensuring the well-being and economic stability of individuals 

and communities across the nation.

One notable announcement in FY 2022 was the establishment of the American Rescue Plan 

Technical Assistance Partnerships. This initiative specifically targeted underserved producers, 

providing them with the necessary resources and guidance to navigate the challenges they face. 

By offering tailored technical assistance, the USDA aimed to empower these producers and 

enable them to thrive in the agricultural sector. 

Recognizing the importance of crop insurance in safeguarding agricultural livelihoods, the 

USDA’s Risk Management Agency (RMA) invested $3.3 million in two new partnerships during 

FY 2022. These partnerships focused on expanding outreach efforts to underserved producers, 

ensuring that they have access to vital information and support regarding crop insurance. By 

enhancing their understanding of risk management tools, underserved producers were better 

equipped to protect their crops and mitigate potential losses.

The USDA’s National Institute of Food and Agriculture (NIFA) collaborated with the 

University of Arkansas Research & Extension to promote Financial Security in households and 

communities. This work aimed to strengthen America’s overall financial resilience by providing 

individuals with the necessary knowledge and skills to effectively navigate financial challenges. 

Additionally, in coordination with extension services and nonprofit organizations, NIFA focused 

on educating America’s youth about money management. These collaborative efforts aimed 

to equip young individuals with the foundational skills and habits necessary for their future 

financial success. By instilling sound financial values and practices in youth, the USDA aimed to 

expand their opportunities and set them on a path towards lifelong financial well-being.

Department of Defense (DoD)

Military and Veteran

In FY 2022, the DoD made significant efforts to strengthen the economic security and financial 

well-being of its total force, including service members and their families. These initiatives 

8 Per the RED List disclaimer: “The inclusion of an entity’s name on the RED List does not mean that the CFTC or a court has concluded that 

a violation of any provision of the Commodity Exchange Act or the Commission’s Regulations has occurred.”
9

aimed to alleviate challenges resulting from the pandemic, enhance financial readiness resources, 

and promote overall financial resilience within the military community.

In November 2021, the Secretary of Defense released the Strengthening Economic Security memo 

which outlined the Department’s commitment to supporting financial well-being of the total 

force. The memo called on leaders to take immediate action to address housing cost increases, 

food insecurity, and other challenges faced by service members and their families. It emphasized 

the importance of providing relief and stability, extending tour lengths, and expanding financial 

readiness resources, including financial counseling and spouse employment support.

To track the impact of financial conditions, behavior, and knowledge among service members, 

the DoD conducted the Status of Forces Survey. This comprehensive survey gathered data from 

active duty, National Guard, and reserve service members. Results and analysis from the 2020 

survey were reported to Congress and made publicly available in April 2022. The survey was 

expanded to collect more data on food insecurity, aligning with efforts to promote economic 

security within the military population.

From July to September 2022, an updated Status of Forces Survey was administered, providing 

insights into the financial literacy and preparedness of active and reserve component personnel 

during that period. The results are expected to be included in a Report to Congress scheduled for 

late 2023. 

In July 2022, the DoD released a roadmap to strengthen food security within the force. This 

roadmap outlined targeted policies, programs, and initiatives to understand and address the 

causes and challenges associated with food insecurity in the military community. It emphasized 

the importance of financial education and counseling resources and aimed to increase awareness 

and utilization of these resources among service members. The DoD also launched a self-guided 

financial well-being assessment for service members. This tool helped individuals assess their 

financial well-being and identify appropriate resources to strengthen their financial health. To 

support the launch, the DoD created a comprehensive campaign with articles, blogs, flyers, and 

videos. Unique resources were tailored for different audiences, including service members, 

leaders, and service providers.

To further enhance financial education and support, the DoD expanded its Sen$e app. The app 

included new touchpoints and courses aligned with the Secretary of Defense’s “Taking Care 

of Our People” guidance. The housing touchpoint was updated to address the current housing 

climate, providing relevant content to service members and their families. This expansion aimed 

to provide comprehensive financial resources to effectively address financial challenges.

To expand outreach and dissemination of financial readiness content, the DoD launched three 

tailored financial readiness eNewsletters in 2022. The Your Military Money eNewsletter targeted 

service members and their families, helping them achieve personal financial readiness. The 

MilSpouse Money Mission eNewsletter aimed to educate and empower military spouses to make 

informed financial decisions. The Military Financial Service Provider eNewsletter aimed to 
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assist financial service providers in delivering exceptional financial knowledge and education to 

service members and their families.

To foster collaboration and coordination, the DoD hosted Financial Readiness Network meetings 

in April and September 2022. These meetings facilitated connections with federal departments, 

agencies, and non-federal entities that provide support to service members and their families. 

Discussions focused on strengthening the economic security of the force, addressing digital 

assets, federal student loans, financial stress, and psychological well-being.

The DoD carried out various digital campaigns to increase financial literacy and consumer 

awareness. During Financial Capability Month (April), weekly themes were highlighted, 

focusing on core financial capabilities, and providing information to motivate service members 

and their families to take actions to improve their financial well-being. In July 2022, in 

collaboration with the FTC and CFPB, the DoD conducted the Military Consumer Month digital 

campaign. This campaign raised awareness of various topics such as scams, consumer protection 

laws, insurance, warranties, and smart buying.

In support of Credit Education Month (March), the DoD launched a social media challenge

to encourage service members to build their financial futures through credit management 

and available resources. Weekly challenges and supporting resources were provided to help 

participants improve their credit management skills and make informed credit-related decisions. 

To ensure the effectiveness of its financial literacy education efforts, the DoD commissioned 

a two-year research study to develop measures of effectiveness. This study aimed to guide the 

improvement of training content and resources provided by the Department’s financial readiness 

programs. The results of the study are expected in Fall 2024.

Research

DoD designed and commissioned a research study to develop measures of effectiveness to guide 

financial literacy education efforts and assess the effectiveness of training content and resources 

provided by the Department’s financial readiness programs. Results are expected in Fall 2024.

Department of Education (ED) 

Consumer Protection and Fraud Prevention

In FY 2022, a dedicated page on the ED website StudentAid.gov provided information on the 

flexibilities offered to student loan borrowers. Approximately 22.6 million users accessed their 

information in FY 2022. In FY 2022, ED’s Office of Federal Student Aid (FSA), the largest 

provider of student financial aid in the nation, sent over 230 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. 

Prospective aid recipients must complete the Free Application for Federal Student Aid (FAFSA)

form. In FY 2022, FSA processed over 16.9 million FAFSA forms, resulting in the delivery of 
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approximately $111.6 billion in Title IV aid to more than 9.8 million postsecondary students and 

their families. These students attended over 5,500 active institutions of postsecondary education 

participating in federal student aid programs.

In August 2022, ED announced a one-time program that would provide up to $20,000 in 

relief for low- and middle-income Americans most likely to struggle repaying their student 

loans. Targeted student debt relief addresses the financial harms of the COVID-19 pandemic, 

helps smooth borrowers’ transition back to repayment, and helps borrowers at highest risk of 

delinquencies or default once payments resume. 9 Within two months, ED launched a simple 

online application and a consumer-friendly process for receiving and processing applications. 

In the first few weeks, around 26 million people successfully applied, with the process typically 

taking no more than 5 minutes from start to finish.

Student/Youth Education

ED plays a crucial role in supporting student and youth education across the United States. One 

of the key interactions between ED and students is the process of obtaining federal financial 

aid. During FY 2022, FSA implemented the Limited Public Service Loan Forgiveness (PSLF) 

Waiver, which helped 360,000 student loan borrowers receive more than $24 billion in loan 

relief. Millions more borrowers received additional months of payment credit, bringing them 

closer to loan forgiveness. To promote the Limited PSLF Waiver, FSA participated in scores of 

webinars and outreach engagements and created stakeholder toolkits for use by employers, local 

governments, and other organizations that work with borrowers.

Recognizing the importance of training and guidance, FSA hosted the December 2022 Federal 

Student Aid Training Conference, which brought together nearly 14,000 participants from across 

the nation in a virtual format. The conference aimed to provide comprehensive training and 

updates to professionals involved in the student aid process.

FSA also organized two-day virtual Financial Aid Bootcamps to educate students, parents, 

guidance counselors, college access professionals, and others on the financial aid process. These 

bootcamps covered topics such as completing the FAFSA form for the 2022-2023 academic year 

and utilizing tools like the College Scorecard and Loan Simulator.

The College Scorecard, an online tool, allows consumers to compare the cost and value of 

higher education institutions in the United States. In FY 2022, the tool received approximately 2 

million visits, indicating a growth of 400,000 visits compared to the previous year.

FSA is committed to advancing racial equity and expanding access to higher education for 

underserved communities. In line with Executive Order 13985, FSA implemented strategies to 

encourage FAFSA completion, resulting in 7.2 million applications for the 2022-23 school year. 

These applications included over half a million submissions from non-high school seniors and 

non-returning students.

9 Following these efforts, the Supreme Court issued a decision blocking ED from moving forward with its one-time student debt relief plan. 

In 2023, the Secretary of Education began efforts to open a path to debt relief using his authority under the Higher Education Act. Federal 

student loan debt relief will be provided based on the standards and processes establishing under the forthcoming regulations.
12

Pell Grants play a significant role in supporting low-income and middle-income undergraduate 

students. In the FY 2022, ED disbursed $26.1 billion in Pell Grants to approximately 6.0 million 

students. The average grant amount was approximately $4,350, and the maximum award 

increased from $6,495 in the 2021–22 academic year to $6,895 in the 2022–23 academic year.

Through initiatives like Project Success, FSA worked to improve student retention, graduation 

rates, and cohort default rates at 213 minority-serving institutions. This initiative offered free 

tools, programs, and resources to enhance students’ financial literacy and support their higher 

education goals. The Minority-Serving Under-Resourced Schools Division (MSURSD) within 

FSA also provided regulatory training and technical assistance to minority-serving institutions.

Department of Health and Human Services (HHS)

Financial Education and Capability

During FY 2022, the HHS’ Office of Head Start (OHS), which resides within HHS’ Office of 

Administration for Children and Families (ACF), recognized the importance of financial literacy 

and economic well-being and developed various resources and training opportunities for program 

staff and families.

OHS developed tip sheets on important topics such as unemployment insurance, banking, 

and managing credit and debt. These tip sheets served as practical guides, offering valuable 

information and strategies to navigate financial challenges. Additionally, OHS offered regional 

training sessions upon request, ensuring that Head Start programs had access to specialized 

training tailored to their specific needs.

To make these resources readily available, OHS housed related materials on the Head Start/Early 

Childhood Learning and Knowledge Center’s Building Foundations for Economic Mobility

webpage. This centralized platform provided a comprehensive collection of resources, including 

tip sheets, guidelines, and other materials to support financial literacy and economic mobility 

among Head Start program participants.10

Furthermore, OHS provides information regarding tax-related information for Head Start 

programs and families. As part of an annual strategy, OHS provided programs with essential tax 

information, such as Earned Income Tax Credits, Child Tax Credit, and Free Tax Help FAQs. By 

offering these resources, OHS aimed to ensure that programs and families were well-informed 

about available tax credits and assistance programs, maximizing their financial benefits.11

10 U.S. Department of Health & Human Services, Administration for Children and Families, Office of Head Start, Building Foundations for 

Economic Mobility (BFEM), https://eclkc.ohs.acf.hhs.gov/family-support-well-being/article/buildingfoundations-economic-mobility-bfem. 

11 U.S. Department of Health & Human Services, Administration for Children and Families, Office of Head Start, Earned Income Tax Credits, 

Child Tax Credit, Free Tax Help: FAQs (Apr. 5, 2022), https://eclkc.ohs.acf.hhs.gov/family-support-well-being/article/earnedincome-taxcredits-child-tax-credit-free-tax-help-faqs. 
13

Student/Youth Education

In collaboration with other agencies, the Interagency Working Group on Youth Programs, chaired 

by the Department of Health and Human Services (HHS), maintained content on Youth.gov

related to Financial Capability and Literacy. This online platform has served as a comprehensive 

resource hub, offering valuable information, tools, and strategies to promote positive youth 

development, including financial knowledge and skills among young people. Additionally, the 

Working Group developed and shared social media content to raise awareness about National 

Financial Capability Month, which takes place every April. These efforts are intended to 

promote financial literacy and empower youth to make informed financial decisions.12

Department of Housing and Urban Development (HUD)

COVID-19

In FY 2022, as the nation navigated through the different phases of the COVID-19 pandemic, 

HUD continued to help individuals and families maintain ownership of their homes. Overall, 

during the first two years of the pandemic, HUD helped almost two million homeowners remain 

in their homes. 

In FY 2022, HUD provided more than $24.4 million in COVID-19 Supplemental Payment 

(CSP) funding to owners of multifamily assisted housing. HUD’s COVID-19 Information 

and Resources webpage is designed to help communities affected by the coronavirus disease 

(COVID-19) address housing and health needs. 

Housing

In FY 2022, the HUD Housing Counseling Program played a vital role in providing financial 

education and assistance to individuals and families in various housing-related matters. With 

approximately $41.3 million in grants, counseling agencies were able to offer valuable guidance 

on homeownership, budgeting, credit management, and mortgage products. 

HUD-approved Housing Counseling agencies served an impressive number of 932,118 clients 

during the same fiscal year. The services provided were diverse, with 38% of clients receiving 

group education, 47% undergoing pre-purchase housing counseling, 11% receiving mortgage 

delinquency counseling, 11% benefiting from rental counseling, and 10% seeking reverse mortgage 

counseling. The outcomes of these services were remarkable, including 438,481 households 

developing sustainable budgets, 286,622 clients receiving fair housing information, 150,690 

individuals improving their financial capacity, 29,731 clients receiving pre-purchase counseling 

and purchasing homes, 16,563 households receiving rental counseling and avoiding eviction, and 

24,266 households receiving rental counseling and improving their living conditions.

The Housing Counseling Agencies emphasized providing services in the client’s preferred language, 

ensuring accessibility for diverse communities. To support this effort, HUD brochures were made 

available in ten different languages, facilitating effective communication, and understanding.

12 Youth.gov., Financial Capability & Literacy, https://youth.gov/youth-topics/financial-capability-literacy.
14

HUD’s housing counseling program primarily targeted low- to moderate-income individuals 

and families, with 66% of counseling clients having incomes below the area median. The 

HUD- certified housing counselors served a diverse population, with 37% of counseling clients 

identifying as African-American, 32% as White, 17% as Hispanic, and 3% as Asian. In addition 

to individual counseling, HUD also focused on providing financial education to residents of 

multifamily and public housing through the Family Self Sufficiency (FSS) Program. The FSS 

program granted funds to public housing authorities, enabling them to offer training, counseling, 

and other supportive services. These services, including financial education, aimed to expand 

employment opportunities and empower families receiving housing assistance to achieve 

economic self-sufficiency.

Collaborating with the FLEC Housing Working Group, HUD organized an Alabama lender’s 

roundtable in partnership with BankOn and The Alabama Asset Builders Coalition. Furthermore, 

HUD planned a national campaign to promote awareness of HUD-certified housing counseling 

and advance racial equity through homeownership. The campaign was scheduled to launch in 

15 target cities across the country during homeownership month, emphasizing the importance of 

homeownership to address racial disparities.

As part of its commitment to inclusive communities and reducing the racial homeownership 

gap, HUD, along with the FLEC Housing Working Group, initiated three pilot projects. The 

St. Louis “Your Pathway to Homeownership” project aimed to increase sustainable minority 

homeownership in the Greater St. Louis area over five years. Strategies included raising 

awareness through national campaigns, forming local housing stakeholder coalitions, planning 

resource fairs, and collaborating with HUD’s Office of Public Housing and Voucher Programs to 

increase participation in the Housing Choice Voucher Homeownership program.

•	 In Tuscaloosa, Alabama, the FLEC Housing Working Group partnered with the Community 

Services Programs of West Alabama (CSP), a HUD-approved housing counseling agency, 

to enhance financial education outcomes in rural communities. The pilot project focused 

on using housing counseling to amplify the impact of financial literacy and education 

while improving broadband internet access. CSP secured a grant from the National Digital 

Inclusion Alliance, allowing them to distribute 4,000 tablets with internet subscriptions to 

participants in collaboration with local libraries.

•	 In Kansas City, where the African American homeownership rate stood at 40%, the Credit & 

Homeownership Empowerment Services (CHES), a local HUD-approved housing counseling 

agency, initiated an effort to increase homeownership rates among the African American and 

Latino communities. HUD supported this initiative by providing resources and strategic 

guidance, making Kansas City part of the national campaign to raise awareness of HUDapproved housing counseling services.
15

Department of Interior (DOI) 

Tribal and Native

In FY 2022, DOI’s Bureau of Trust Funds Administration (BFTA) focused on digital equity and 

social sustainability and begun drafting a Beneficiary Financial Inclusion Plan (BFIP).This pla

will outline the bureau’s initiatives to provide expanded financial access for American Indians 

and Alaskan Natives. 

Department of Labor (DOL)

Financial Education and Capability

DOL worked with America Saves and the Certified Financial Planner Board of Standards on a 

webinar for America Saves Week, which focused on financial resilience in response to the pandemic. 

“Building Financial Resilience and Long-Term Financial Security” provided financial planning tips 

and tools to help individuals get their finances on track and plan for future financial security.

Retirement

Pursuant to President Biden’s Executive Order 13985, Advancing Racial Equity and Support 

for Underserved Communities Through the Federal Government, in FY 2022 DOL focused 

resources on outreach and education efforts to reach underserved populations. As part of these 

efforts, DOL translated the Top Ten Ways to Prepare for Retirement and What You Should 

Know About Your Retirement Plan publications for workers into eleven new languages (Arabic, 

Simplified and Traditional Chinese, French, Haitian Creole, Korean, Polish, Portuguese, Russian, 

Tagalog and Vietnamese). DOL also conducted 765 events with underserved communities 

reaching 14,869 individuals. This includes two national webcasts related to workplace 

retirement plans conducted completely in Spanish. One webinar helped workers understand 

their retirement plan. The other webinar, conducted with SBA’s SCORE program, helped 

small business owners understand how they could save for their own retirement and help their 

employees save as well using one of the many available options. 

DOL responded to 98,894 inquiries related to workplace retirement plans and saving for 

retirement with questions about the law or their plan, and recovered $385.4 million in pension 

benefits for 28,196 individuals. DOL conducted 1,916 outreach events related to retirement 

benefits reaching 28,406 individuals and distributed approximately 123,000 printed publications 

on workplace retirement plans and saving for retirement (also available on the DOL website) for 

populations ranging from college seniors about to enter the workforce through all stages of an 

individual’s career and employers with a retirement plan and small business owners without a 

retirement plan.

DOL conducted several webinars with partners to provide comprehensive information to help 

workers save for retirement. One webinar, Steps to Improve Women’s Retirement Security 

with WISER, provided information to help address the challenges faced by women in saving 

for retirement. Countdown to Retirement: Are You Ready? was conducted with the SSA, HHS 
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(Centers for Medicare & Medicaid Services) and CFPB to help workers nearing retirement 

address the many issues involved in planning for retirement. Planning Your Financial Future, 

which DOL conducted with the Department of Education and the FTC, focused on helping 

college seniors get a good financial start as they begin their careers. 

For small business owners with a retirement plan, DOL hosted two Getting It Right – Know Your 

Fiduciary Responsibilities webinars with over 850 attendees. These webinars assist employers, 

especially small business owners, in complying with the Employee Retirement Income Security 

Act (ERISA).

Department of Veterans Affairs (VA)

Financial Education and Capability

Starting in April 2021, and continuing through FY 2022 and beyond, the VA began hosting 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 December 14, 2022, the VA completed 49 Wellness Wednesday seminars, reaching 14,317 

registrants. Attendees rated overall satisfaction and content of the classes at 98.2%.

Additionally, the 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. 

Also, the 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, financial counseling 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, which 

provides information on banks and credit unions offering low-cost or no-cost accounts for 

electronic funds transfer (EFT). By the end of 2022, over 200,000 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. 

Housing

The VA developed the following materials and programs to advance housing literacy and 

education:

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

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

•	 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.

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

borrowers who are having trouble making mortgage payments. 
17

•	 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 was available from July 27, 2021 

through October 28, 2022.

COVID-19

The 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. 

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

a comprehensive resource intended to promote Veteran home loan benefit access during the 

COVID-19 pandemic.

•	 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 FHA, 

VA, or the Rural Housing Service (RHS).

•	 COVID-19 Home Retention Waterfall and COVID-19 Refund Modification assisted Veterans 

who required a significant reduction in their monthly mortgage payments because of the 

COVID-19 pandemic. This temporary program, which included Loan Deferment as a 

COVID-19 Home Retention Option, was available from July 27, 2021 through June 30, 2023.

Federal Deposit Insurance Corporation (FDIC)

Financial Capability and Education

Financial education is central to the FDIC’s efforts to expand economic inclusion and promote 

confidence in the banking system. For more than 21 years, the FDIC Money Smart financial 

education program has offered non-copyrighted, high quality, and free resources for financial 

institutions, community-based organizations, and other stakeholders to meet the financial 

education needs of consumers and small businesses. Resources are designed to help provide 

practical guidance on how to make informed financial decisions, develop a positive banking 

relationship, and protect against financial scams. Materials are available in multiple languages, 

Braille, and large print. In FY 2022, FDIC Money Smart resources reached over one million 

online page views and 100,000 curricula downloads. 

In FY 2022, FDIC continued to update and promote How Money Smart Are You?, a suite of 14 

games and related resources about everyday financial topics. For example, in April 2022, for 

National Financial Capability Month, the FDIC released a Spanish version of How Money Smart Are 

You? - ¿Qué tan money smart es usted?. Once at the website, the user can click on “Vea esta página 

en español” at the top of the page to see the Spanish version. The English and Spanish versions 

can be easily accessed on a mobile device or computer, so that consumers can use the learning tool 

wherever and whenever they want to learn about protecting and managing their money. Updates 
18

also included making it easier for organizations such as banks, schools, universities, non-profits, 

and community-based organizations to engage with the individuals or players who are linked to 

their How Money Smart Are You? organization accounts. Organizations can now track individuals’ 

progress and issue certificates of completion. Finally, the online How Money Smart Are You? Help 

Center was updated with over 50 commonly asked questions and answers. 

Since launching How Money Smart Are You? in September 2021, the FDIC has issued more than 

110,000 certificates of completion and has more than 32,000 player accounts, approximately 

680 organization accounts, and more than 1 million page views. Organizations and individuals 

interested in learning more about How Money Smart Are You? should contact the Money Smart 

financial education team at CommunityAffairs@fdic.gov or visit playmoneysmart.fdic.gov.

The FDIC Money Smart Alliance Program recognizes organizations that contribute to the 

delivery of Money Smart to consumers and small businesses. Over 1,000 organizations belong 

to the Alliance. The FDIC also holds online events for the Alliance and members of the public 

who are interested in Money Smart. In FY 2022, FDIC held seven national Train-the-Trainer 

and Money Smart Alliance events online reaching more than 800 trainers or potential trainers. 

The FDIC also hosted more than two dozen one-on-one meetings with organizations (e.g., 

libraries, educators, HUD-certified financial counselors, community-based organizations, and 

veterans) looking to understand how to use Money Smart. Finally, through the monthly Money 

Smart News publication, the FDIC highlights tips, updates, and success stories for how financial 

educators can use Money Smart.

FDIC Consumer News is the monthly newsletter received by more than 100,000 consumers 

and communities which provides practical guidance on how to become a smarter, safer user of 

financial services, including helpful hints, quick tips, links to useful resources, and commonsense strategies to protect and stretch consumers’ hard-earned dollars. The FDIC released 

12 new issues of Consumer News in FY 2022. Topics included tips on combining or sharing 

finances with another person, economic inclusion, misrepresentation of deposit insurance 

coverage for digital assets, and considering finances during military relocations. 

The FDIC Consumer Resource Center helps people access depositor and consumer protection 

information and resources provided through the FDIC. This includes access to the National 

Center for Consumer and Depositor Assistance, which is responsible for helping consumers of 

FDIC-supervised institutions and responding to consumer inquiries about deposit insurance, 

consumer laws and regulations.

Underserved Populations 

#GetBanked is a national FDIC initiative that continues to reach thousands of consumers 

each month highlighting the benefits of opening a bank account and providing consumers 

with information needed to find a bank and open an account online. With a quality banking 

relationship, consumers can build savings and qualify for credit to meet their goals, such as 

owning a home or starting a business. 
19

FDIC’s Advisory Committee on Economic Inclusion (ComE-IN) provides the agency with 

advice and recommendations on important initiatives to support expanding consumer and 

community access and sustainable engagement with the nation’s banking system. This includes 

reviewing basic retail financial services (e.g., low-cost, safe, and sustainable transaction 

accounts; access to credit; and savings accounts), as well as demand-side factors such as 

consumers’ perceptions of financial institutions.

FDIC’s Community Affairs program promotes economic inclusion and community development 

through events and collaborations with stakeholders committed to low- and moderate-income 

individuals and communities. Among other things, this work includes promoting the use of 

Money Smart financial education tools to expand economic inclusion and financial well-being. A 

sample of these events is described below. 

•	 January 19, 2022. Expanding Access to Safe and Affordable Credit in Minnesota. This 

webinar highlighted specific barriers to credit in Minnesota BIPOC communities, and 

education tools and community-based programs that can address them. The event featured 

findings from the 2019 How America Banks Survey, including access to bank/nonbank 

credit by selected demographics. A panel presented varying approaches used by nonprofit 

credit counseling organizations to help households maintain access to the mainstream credit 

they already have, and address clients’ challenge managing multiple types of debt resulting 

from the pandemic. A key theme that emerged from the CDFI panel was that the majority of 

presenter’s clients were single moms looking for a better life for their families.

•	 April 26, 2022. Building Credit and Promoting Economic Inclusion in South Dakota 

Native American Communities. This event addressed specific barriers to accessing credit in 

South Dakota Native American communities. Discussed topics included: Credit education 

tools for nonprofits, credit trends for South Dakota households, organizations offering 

nonprofit credit counseling, and the availability of credit building loans.

Student/Youth Education

In FY 2022, the FDIC worked with its Youth Banking Network to develop a Guide to Organizing 

Reality Fairs to help banks and other intermediaries offer youth and young adults a real-world 

simulation of an adult’s financial life. During a three-hour reality fair, youth made real world 

financial decisions about managing money, including engaging with a financial institution; 

budgeting for, renting or buying a home; managing health care expenses; buying insurance; 

understanding transportation costs; obtaining a loan; managing debt; and more. These immersive 

learning experiences are often held in partnership with youth-serving organizations and schools. 

Research suggests experiential learning can be effective at improving financial capability. The 

guide is available at fdic.gov/moneysmart.

In FY 2022, the FDIC updated its Money Smart for Young Adults curriculum. The resource seeks 

to help young adults make better financial choices early in life, contributing to a long-lasting, 

positive impact on their financial futures. The curriculum’s target age range changed from 12-

20 to 16-24 and includes: more in-depth coverage of select financial topics, curriculum efficacy 
20

features from CFPB’s youth financial education curriculum review tool, updates to pre- and postknowledge assessments, a revised visual format, and more immersive learning exercises. The 

refreshed curriculum received positive feedback during pilot testing with the target audience of 

young adults. The curriculum is available at fdic.gov/moneysmart.

Older Americans

In June 2022, the FDIC and the CFPB hosted a national webinar in recognition of World Elder 

Abuse Awareness Day to increase awareness of ways to counter financial exploitation of Older 

Adults through the use of Money Smart for Older Adults. 

Consumer Protection and Fraud Prevention

In 2022, FDIC released a fact sheet addressing common misconceptions on whether FDIC deposit 

insurance covers funds provided by customers to crypto companies. The document is called - Fact 

Sheet: What the Public Needs to Know About FDIC Deposit Insurance and Crypto Companies.

Federal Housing Finance Agency (FHFA)

COVID-19

In 2021, Fannie Mae and Freddie Mac (Enterprises), adjusted their coordinated temporary 

COVID-19 servicing flexibilities. Updates included allowing certain eligible borrowers to 

receive COVID-19 forbearance and payment deferral terms of up to 18 months. As of yearend 2022, approximately 79,000 borrowers remained in active COVID-19 forbearance. The 

Enterprises completed over one million COVID-19 payment deferrals during the pandemic. 

FHFA and the Enterprises are examining lessons learned from the pandemic that might inform 

the standard loss mitigation framework and improve the ability of mortgage servicers to assist 

struggling homeowners. A key component of the FY 2022 workstream was FHFA’s efforts 

together with Fannie Mae, Freddie Mac, and CFPB to support borrower access to Treasury’s 

Homeowner Assistance Fund (HAF). These funds helped borrowers affected by COVID-19 

maintain homeownership by increasing awareness of the temporary suspension of foreclosure 

activities associated with that program. 

FHFA ensured Fannie Mae and Freddie Mac kept their multifamily property look-up tools

updated. These tools provide renters with information on the property they live in and indicate 

whether it has an Enterprise-backed mortgage. Both Enterprises continue to offer COVID-19 

related forbearance. If a multifamily property owner requests forbearance, they must also adopt 

a suite of tenant protections, including a prohibition on eviction for non-payment of rent for 

the duration of the forbearance term. Similarly, Fannie Mae and Freddie Mac maintain their 

respective single-family loan lookup tools, which allow borrowers to quickly determine if their 

mortgage is owned by either Fannie Mae or Freddie Mac. 

Housing

In FY 2022, as part of Fannie Mae’s Equitable Housing Finance Plan for 2022-2024, Fannie Mae 

launched HomeView, its first-time homeownership education curriculum, in both English and 
21

Spanish. Fannie Mae, through associated marketing and outreach efforts, anticipated that 50,000 

households would complete the course in 2022. HomeView is intended to increase knowledge 

of the homebuying and mortgage qualification process. It also provides reliable, trusted 

information to reduce misperceptions that can discourage underserved borrowers from pursuing 

homeownership.

FHFA updated its website to ensure that current and helpful information about loss mitigation 

offerings from Fannie Mae and Freddie Mac are available to the public. The Mortgage 

Assistance webpage provides information about specific programs that were designed to assist 

homeowners and renters affected by COVID-19. In addition, the webpage prominently features 

links directing consumers to informational webpages on mortgage assistance, including newly 

developed content from Fannie Mae, Freddie Mac, and CFPB. 

The Loss Mitigation webpage describes the options for loss mitigation that are available to 

help struggling borrowers sustain homeownership and avoid foreclosure. The Enterprises 

utilize a variety of solutions through their loss mitigation waterfall to provide options to 

avoid foreclosure. A short description is provided for key loss mitigation offerings including 

repayment plans, forbearance plans, payment deferrals, loan modifications, short sales, and 

deeds-in-lieu. 

FHFA continues to work with Fannie Mae and Freddie Mac to ensure that their borrowerfacing websites, KnowYourOptions.com and MyHome, are updated with current and helpful 

information to enable borrowers to access details about loss mitigation solutions including 

COVID-19-specific offerings. 

In FY 2022, FHFA collaborated with Fannie Mae and Freddie Mac to add the updated 

Supplemental Consumer Information Form (SCIF) (Fannie Mae/Freddie Mac Uniform 

Residential Loan Application Form 1103) to the Mortgage Translations website. The SCIF 

helps industry professionals collect borrower information through standardized questions on 

homeownership education, housing counseling, and language preferences. The SCIF is available 

in English, Spanish, Chinese, Vietnamese, Korean, and Tagalog. Servicing-related resources 

including the Mortgage Assistance Application, Borrower Solicitation Letter, Forbearance 

Servicer Script, and a Servicer Script for Homeowners with a Resolved COVID-19 Hardship 

were revised and added to the website in all six languages listed above.

Freddie Mac continued to support credit-building through positive on-time rent payment 

reporting in FY 2022. Freddie Mac enrolled an estimated 150,000 renter households in this 

program, helping those without credit scores to obtain credit scores and helping others to 

improve their credit scores. In September 2022, Fannie Mae launched its Multifamily Positive 

Rent Payment Reporting Pilot. Consistent with Freddie Mac’s initiative, Fannie Mae intends to 

use the pilot to help renter households build credit through positive rental payment reporting to 

the three major credit bureaus. 
22

Student/Youth Education

In FY 2022, FHFA established the FHFA Student Financial Literacy Program. This program 

educates and mentors high school students, with backgrounds that have been historically 

underrepresented in the financial services industry, on financial literacy topics. Over the course 

of an academic year, student participants learn about multiple topics, including budgeting, 

developing a credit history and its use, purchasing and renting a home, and banking services. 

The program also informs students about careers in the financial services industry and teaches 

them presentation skills.

Federal Trade Commission (FTC)

Financial Education and Capability

During FY 2022, the FTC launched a new campaign, Money Matters: How to Spot, Avoid, and 

Report Scams. The campaign focuses on eight topics related to the lingering financial effects 

of the pandemic. With articles, videos, social media graphics, and PowerPoint presentations, 

Money Matters helps people learn – and teach others – how to tackle common money issues. 

Consumer Protection and Fraud Prevention

To help people understand the basics of crypto-assets and spot related scams, the FTC provides 

updated information on its website: ftc.gov/cryptocurrency. During FY 2022: the FTC published 

a data spotlight highlighting how scammers trick people into crypto-related fraud; and worked 

with federal and state partners, including the FLEC, to disseminate the FTC’s cryptocurrency 

consumer alerts and resources.

During 2022, the FTC updated its campaign for older adults: ftc.gov/PassItOn. The campaign 

respects its audience’s lifetime of experience and encourages them to share what they know with 

friends and family. Pass It On offers fact sheets, presentations, activities, and bookmarks, all to 

help get the conversation started. This update expands to 13 topics, including information on 

business impersonators and investment scams. The FTC has distributed more than 18 million 

pieces of Pass It On material nationwide since 2014.

Military and Veteran

For more than a decade, the FTC’s MilitaryConsumer.gov has given financial readiness advice to 

help servicemembers and their families spot and avoid scams and rip-offs. Throughout FY 2022, 

the FTC presented regular webinars for these audiences, and used target days on its blog to focus 

attention on servicemembers and scams: Military Appreciation Month (May), Military Consumer 

Month (July), and Veterans and Military Family Month (November). The MilitaryConsumer.gov 

blog reaches over 42,000 military consumers.

General Services Administration (GSA)

Financial Education and Capability

USA.gov and its Spanish-language counterpart, USA.gov/espanol, serve as valuable resources 

for individuals seeking information on various topics, including financial capability. In FY 2022, 
23

USA.gov recorded a significant number of webpage visits, totaling 6,831,824. Additionally, 

there were 25,748 phone calls and chats received by USA.gov, indicating a strong demand for 

assistance and guidance related to financial matters.

Recognizing the importance of reaching a diverse audience, USA.gov/espanol played a crucial 

role in providing information in Spanish. The website received a total of 1,239,047 webpage 

visits, highlighting the significance of offering resources in multiple languages. Furthermore, 

USA.gov/espanol received 3,049 phone calls and chats, demonstrating the need for Spanishlanguage support and assistance regarding financial capability.

National Credit Union Administration (NCUA)

Financial Education and Capability

MyCreditUnion.gov, NCUA’s consumer financial protection website, had 1,354,229 page views 

in FY 2022. This free consumer website provides timely and practical financial tips, interactive 

learning tools, fraud prevention information, and financial resources relevant to various life 

events like starting a first job, opening a savings or checking account, and obtaining a loan. 

New content was added to the website in FY 2022, covering topics such as crypto assets; 

understanding open enrollment season and employee benefits; the cost of higher education; 

preventing elder financial abuse; home ownership, and more.

Espanol.MyCreditUnion.gov, like its English language counterpart, offers Spanish-speaking 

consumers tools and resources that help consumers build knowledge and make well-informed 

financial decisions. The site had 108,820 page views in FY 2022.

NCUA created a series of short videos for consumers that addressed financial topics, trends, and 

frequent money management misconceptions. These videos are available on NCUA’s YouTube 

channel and MyCreditUnion.gov and credit unions can embed these videos into their outreach 

materials and link them to their websites. 

Consumer Protection and Fraud Prevention

On October 13, 2022, the NCUA’s offices of Credit Union Resources and Expansion, 

Examination and Insurance, and Business Innovation sponsored a panel discussion on 

Ransomware in the Financial Sector. It explained how ransomware occurs and the ways to spot 

it. This discussion also provided education and mitigation recommendations to the mainly credit 

union and examiner audience. 

On May 19, 2022, NCUA hosted a webinar, How Credit Unions Can Protect Older Americans 

Against Exploitation, with the Consumer Financial Protection Bureau’s Office of Older 

Americans to give credit unions a deeper understanding of elder financial exploitation, common 

tactics used to exploit older Americans, and the ways that credit unions can prevent, spot 

and report elder financial abuse, including by completing a Suspicious Activity Report. The 

Suspicious Activity Report is required to be submitted by all financial institutions operating in 

the United States following the discovery of: insider abuse involving any amount, violations 
24

aggregating $5,000 or more where a suspect can be identified, violations aggregating $25,000 or 

more regardless of a potential suspect, or transactions aggregating $5,000 or more that involve 

potential money laundering or violations of the Bank Secrecy Act.

On March 23, 2022, the NCUA hosted a webinar on overdraft protection programs, which 

highlighted the importance of overdraft protection to credit unions and their members, and 

how the market landscape is changing. With experts from Credit Union Collaborate and the 

Filene Research Institute participating, the discussion covered: types of overdraft protection 

programs, how credit unions and banks compare, fee structures, and market changes, including 

the impact of fintech. 

On October 6, 2022, NCUA hosted a virtual roundtable How Credit Unions Empower Hispanic 

Consumers and Communities. The roundtable brought together leaders within the credit union 

industry for a moderated discussion on advancing safe, fair, and affordable financial access and 

empowering Hispanic consumers, particularly the unbanked or underserved.

COVID-19

In response to the COVID-19 pandemic, the NCUA took proactive measures to address the needs 

of credit unions and consumers. Recognizing the challenges faced by the financial sector during 

this unprecedented time, the NCUA made significant updates and developed new resources on 

their website to provide guidance and support.

Through NCUA.gov/Coronavirus Pages, the NCUA ensured that their website reflected the most 

up-to-date information and resources related to COVID-19. The NCUA updated multiple pages 

to address the evolving needs of credit unions and consumers, offering guidance on topics such 

as loan modifications, member access to services, and regulatory changes. These updates were 

intended to help credit unions navigate the challenges brought about by the pandemic and to 

provide consumers with valuable information regarding their financial options and rights.

Office of the Comptroller of the Currency (OCC)

Financial Education and Capability

In FY 2022, the OCC continued to publish its Financial Literacy Update, which compiles 

financial literacy events, initiatives, and resources offered by the OCC and other government 

agencies and organizations. The publication moved to a quarterly format beginning in calendar 

year 2022. The Update was distributed to over 51,000 individuals and received more than 1,100

website visits. The Financial Literacy Resource Directory on OCC.gov received more than 

5,100 website visits in FY 2022.

OCC’s HelpWithMyBank.gov, which provides information and assistance for customers of 

national banks and federal savings associations, received more than 112,100 site visits. The 

website also includes frequently asked questions, an online customer complaint form, and other 

helpful information.
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Underserved Populations 

In FY 2022, OCC’s Project REACh (Roundtable for Economic Access and Change) continued to 

bring together leaders from the banking industry, national civil rights organizations, business, and 

technology firms to reduce barriers that prevent full, equal, and fair participation in the nation’s 

economy. Nationally, Project REACh continued its work 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 also launched in Dallas, Detroit, Milwaukee, Washington, D.C., 

and Los Angeles. Financial literacy is a core component of several subcommittees working 

under the Project REACh umbrella. 

In FY 2022, OCC leadership and staff participated in several events related to financial literacy, 

capability, and financial health, including:

On December 8, 2021, Acting Comptroller of the Currency Michael J. Hsu discussed reforming 

bank overdraft programs to improve individuals’ financial health in remarks before the Consumer 

Federation of America’s 34th Annual Financial Services Conference. 

On March 23, 2022, Acting Comptroller of the Currency Michael J. Hsu hosted Her Majesty Queen 

Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Inclusive 

Finance for Development (UNSGSA) to discuss financial inclusion and financial health. 

The OCC’s Community Affairs Officers (CAOs) participated regularly in initiatives designed 

to increase access to financial services, with financial literacy as a core component of these 

initiatives. A sample of these events is described below.

•	 On October 27, 2021, an interagency webinar “Getting Banked: Developing Bank Accounts 

Tailored for Unbanked Missourians” provided information and resources to assist bankers 

and other participants with their clients’ deposit needs. 

•	 April 26, 2022, an interagency webinar “Building Credit and Promoting Economic Inclusion 

in South Dakota’s Native American Communities” raised awareness of credit education, 

credit counseling, and credit building programs. 

•	 On June 29, 2022, a “Maintaining Property Through Intergenerational Wealth” webinar 

addressed the issue of heirs’ property, tangled titles, and the impediments these issues can 

cause in the ability of families to inherit properties and thus maintain or build wealth. 

Community Resilience

In April 2022, the OCC released a Community Developments Investments newsletter on Partners 

in Recovery: Community Reinvestment and Resilience. This issue discussed how banks can 

collaborate with community development financial institutions (CFDIs) and other community-based 

organizations to help rebuild communities hit hard by natural disasters and the COVID-19 pandemic.
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Financial Health and Crypto-Assets

On April 28, 2022, Acting Comptroller of the Currency Michael J. Hsu launched the Financial 

Health: Vital Signs discussion series to explore issues relating to the financial wellbeing of 

consumers. The first event featured as discussion about minority ownership of cryptocurrency 

with John Hope Bryant, the founder, CEO and Chairman of Operation Hope, and Professor 

Tonya Evans of Penn State Dickinson Law.

On May 20, 2022, the OCC served as co-host with the financial education non-profit organization 

Operation Hope at the Cryptocurrency + Digital Assets Summit. This event convened a range of 

panelists who exchanged views on crypto-assets and explored ways to educate consumers and 

investors, especially in historically underserved communities.

Student/Youth Education

FY 2022 marked the fourth year of the OCC’s summer High School Scholars Internship Program

(HSSIP). The OCC continued its partnership with the District of Columbia’s Department 

of Employment Services, through the Mayor Marion S. Barry Summer Youth Employment 

Program, to recruit rising seniors for internships to increase students’ awareness of the OCC and 

federal government agency operations, financial regulation, and the banking industry. In FY 

2022, the OCC hosted 45 new and returning high school students and 10 college students. The 

OCC also worked with other federal agencies hosting student interns to deliver weekly financial 

education and professional development enrichment activities on topics including “Savings 

Rules and Habits” and “How to Navigate and Finance Your College Career.” 

Tribal and Native Community Awareness

On April 26, 2022, a webinar developed by the OCC and other agencies, “Building Credit 

and Promoting Economic Inclusion in South Dakota’s Native American Communities,” raised 

awareness of credit education, credit counseling, and credit building programs.

Office of Personnel Management (OPM)

Financial Education and Capability

OPM Training Events provided the federal human resources (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. 

Retirement

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 16 through September 8, 2022.

Developed by OPM, Agency Financial Literacy Plans requires all federal agencies to develop 

a retirement financial education plan. The purpose of the plans is to develop programs to 
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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)

Investor Protection and Fraud Prevention

SEC’s Office of Investor and Education Advocacy (OIEA) continued to educate retail investors 

through a range of investor outreach. OIEA responds to complaints and inquiries from investors, 

issues Investor Alerts and Bulletins on investing and current scams, distributes educational 

materials, and conducts investor education presentations. Investor education events and 

presentations focused on servicemembers and veterans, older Americans, underserved and minority 

communities, women, students, and young adults. OIEA also promoted its public service campaign 

to help older investors better understand investing and the ways to avoid being defrauded.

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

fraud: 21.2 million sessions. Eighty-nine percent of respondents surveyed indicated that they 

learned something that might impact their behavior. Investor.gov also includes materials and 

resources translated into Spanish; certain resources are translated into Chinese, Portuguese, 

Vietnamese, and Creole.

Small Business Administration (SBA)

Financial Education and Capability

The SBA’s Office of Entrepreneurial Development oversees a national network of business 

counselors that include capital readiness and financial literacy in various settings that serve 

approximately 3 million clients each year. The SBA’s successful partnership with the FDIC 

continues with the expanded reach of the Money Smart for Small Business curriculum and 

training community. In addition to Small Business Development Centers, Women’s Business 

Centers, and SCORE Chapters, the Money Smart curriculum is actively shared with the SBA’s 

unique Community Navigators service network (300 organizations), Native American host 

organizations, and Rural Affairs outreach initiatives. In-person workshops and counseling 

sessions are enhanced by the SBA’s award-winning digital training courses that feature financial 

literacy tips and resources.

In 2022, the SBA featured additional financial literacy and training modules on the agency’s 

Learning Platform. The SBA’s online learning programs are designed to empower and educate 

small business owners on entrepreneurial best practices and available financing options. 

Also in FY 2022, the SBA introduced the Money Smart for Small Business curriculum to over 

6,000 organizations as part of its Community Navigators Pilot Program. This pilot program 

represents a diverse group of economic development, business recovery, and faith-based 

institutions that will expand the Money Smart Alliance.
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Climate Risk 

In FY 2022, the SBA’s Office of Disaster Recovery and Resilience continued to host 

intergovernmental and public-private training sessions to provide education information and 

resources for communities addressing climate risk.

Consumer Protection and Fraud Prevention

In FY 2022, the SBA continued to promote consumer protection and fraud protection through 

cybersecurity awareness and mitigation activities. Access to these activities was promoted 

through digital resources and outreach campaigns. The SBA partnerships on fraud protection 

include Federal agencies and grantee organizations located in all regions and many hub cities in 

the United States. 

Military and Veteran

In FY 2022, the SBA’s Veteran Business Outreach Centers continued to service military 

communities across the country via the SBA/FDIC Money Smart for Small Business training 

series. 

Social Security Administration (SSA) 

Financial Education and Capability

In their commitment to supporting individuals in their financial journey, SSA implemented 

various initiatives and engaged in collaborative efforts during FY 2022. In March 2022, SSA 

introduced an online protective filing tool specifically designed for Supplemental Security 

Income (SSI) applicants. This tool allows individuals – or a third party on their behalf – to 

express intent to apply for benefits and request an appointment to complete the application 

process. By leveraging digital technology, SSA aimed to streamline the application procedure 

and make it more user-friendly for individuals seeking SSI benefits.

In April 2022, SSA partnered with America Saves to host a Twitter chat as part of the 

commemoration of Financial Literacy Month. This discussion centered around imparting 

valuable tips and insights for individuals to plan for a secure financial future. By utilizing the 

interactive nature of social media, SSA and America Saves aimed to reach a wider audience and 

empower individuals with financial knowledge and tools.

Throughout FY 2022, SSA published 24 informative blog posts regarding financial literacy on 

their Social Security Matters webpage. These blog posts covered a range of topics, including 

the Child Tax Credit (CTC), retirement savings, Financial Literacy Month, and the role of SSA’s 

online services in helping individuals plan for a financially stable future. By sharing relevant and 

practical information, SSA aimed to enhance individuals’ understanding of financial matters and 

provide them with the resources to make informed decisions.

SSA also utilized social media platforms to disseminate financial literacy content. In FY 

2022, they created 28 social media posts focused specifically on financial literacy topics. With 

approximately 447,000 followers on Facebook and a reach of around 1,094,000 individuals and 
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organizations on Twitter, SSA aimed to connect with a broad audience and promote financial 

awareness and empowerment.

Consumer Protection and Fraud Prevention

In March 2022, SSA observed National “Slam the Scam” Day. This outreach campaign is a part 

of National Consumer Protection Week and is intended to raise public awareness of government 

imposter scams. SSA released messages and informational resources to the public via multiple 

channels about how to avoid financial scams.

Retirement

In February 2022, SSA participated in America Saves Week (ASW), the annual call-to action for 

the public 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, released a Dear Colleague Letter, updated their social media accounts 

with targeted messaging, and published a guest blog on their Social Security Matters blog.

Student/Youth Education 

In FY 2022, SSA worked on a Supplemental Security Income (SSI) mailer project to encourage 

current Social Security beneficiaries receiving less than the maximum monthly Federal SSI 

payment to apply for SSI. Additionally, SSA collaborated on a direct mail campaign with the 

Pennsylvania Department of Human Services (PA DHS) where they identified and notified lowincome households with children who may be eligible for SSI. 

Inter-Agency Efforts

In FY 2022, FLEC members worked together to achieve a common goal of providing appropriate 

financial literacy and education programs and information to the public. In addition to the 

regular interagency FLEC meetings and FLEC interagency working groups, there were multiple 

bilateral or interagency partnerships between FLEC members to advances specific projects, 

including selected examples below. 

SBA/FDIC

The SBA continued its inter-agency partnership with the FDIC to co-produce and promote 

the Money Smart for Small Business training curriculum. This free resource is featured 

throughout SBA’s business mentor network, including use by Community Navigators, Small 

Business Development Centers, SCORE chapters, Women’s Business Centers, Veteran Business 

Opportunity Centers, and Office of Native American Affairs grantee centers.

CFPB/FDIC

The CFPB continued its inter-agency partnership with the FDIC to co-produce and promote the 

Money Smart for Older Adults training curriculum, which raises awareness among older adults 

and their caregivers on how to prevent fraud, scams, and other elder financial exploitation. In 

addition, FDIC and CFPB also partner to co-share and collaborate on resources designed to help 
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caregivers and educators teach young people about money. This includes the jointly developed 

Teacher Online Resource Center, Money Smart for Young People, and Money as You Grow. 

NCUA/FEMA

On September 15, 2022, NCUA partnered with FEMA to host a webinar focused on how credit 

unions and their members can prepare for, and remain resilient in the face of, climate-related 

disasters. Specifically, the webinar explored the challenges faced by credit unions serving 

communities impacted by natural disasters, highlighted the ways credit unions support equity 

and financial inclusion in the context of disaster preparedness and financial resilience, and 

amplified best practices and resources for credit unions and their members. Speakers included 

representatives from FEMA, Hope Credit Union, and NCUA’s Office of the Chief Economist. 

Assessment of the National Strategy 

Through the framework of the National Strategy on Financial Literacy, the FLEC seeks to 

improve Americans’ financial literacy and education and promote the benefits of financial 

literacy and education. The National Strategy was last updated in 2020. The 2020 National 

Strategy builds upon previous National Strategy iterations. It highlights evidence-based 

practices on topics relevant to financial literacy and education, especially as they relate to 

reaching traditionally underserved populations, and identifies a leadership and guidance role for 

the federal government in the financial education field.13 Through policy development, research 

and coordination, and focused program and resource development, the FLEC seeks to support, 

inform, and improve the broader financial education field in its work to equip Americans with the 

skills, knowledge, and tools to make decisions that enhance their financial well-being. 

The activities of the FLEC in FY 2022 continued to advance key 2020 National Strategy 

priorities. These activities included the FLEC represented agencies engaging in robust 

discussions on the new and emerging topics in financial literacy and education and implementing 

program activities in specific domains, including housing, student and youth education, 

retirement, military and veterans, consumer protections, and crypto-asset education to advance 

financial literacy and education.

Activities for Next Year (FY 2023) 

In FY 2023, the FLEC will continue to coordinate the federal government’s efforts in promoting 

financial literacy, education, and inclusion. This work is consistent with the 2020 National 

Strategy. These activities include expanding outreach and awareness on existing materials and 

increasing awareness among targeted populations through MyMoney.gov; integrating financial 

education where appropriate; and sharing lessons learned. 

In FY 2023, the FLEC will create a targeted webpage on MyMoney.gov to promote members’ 

activities in April, which is Financial Capability Month. The FLEC will also promote the 

13 U.S. Financial Literacy and Education Commission, U.S. National Strategy for Financial Literacy 2020, https://home.treasury.gov/system/

files/136/US-National-Strategy-Financial-Literacy-2020.pdf. 
importance of financial literacy and education for Tribal and Native communities, including 

highlighting the topic in a public meeting and creating a resource webpage on MyMoney.gov. 

The FLEC will continue to provide crypto-asset-related information to FLEC members through 

the Digital Assets Working Group’s regularly scheduled meetings. And finally, Treasury’s 

Office of Consumer Policy will publish a report on the impacts of climate hazards on American 

household finances, with input from FLEC members agencies. 

Summary Data on MyMoney.gov

Summary of FLEC Public Meeting and Hearings

The FLEC Public Meeting minutes, webcasts, and other information can be found on the FLEC 

webpage. 

The FLEC did not convene any hearings in FY 2022.

Use of www.MyMoney.gov and Toll-Free Phone Number

In FY 2022, MyMoney.gov received a total of 1,150,970 page views from 462,721 users. Apart 

from the landing page, the link to My Money Five was the most visited page. In FY 2022, 

MyMoney.gov provided information about FLEC Public meetings and the National Financial 

Literacy Strategy, and introduced a new resource webpage on Crypto-Assets.

The General Services Administration (GSA) provides a toll-free phone number to the public 

for general inquiries. In FY 2022, the GSA received 25,748 financial education and capabilityrelated phone calls and 3,049 financial education and capability-related phone calls in the 

Spanish-language.
U.S. Financial Literacy and Education Commission

www.MyMoney.gov