Financial Literacy and Education Commission (FLEC) Public Meeting Minutes

October 6, 2020

9:00 a.m. to 10:30 a.m. E.D.T. (webcast)

Dubis Correal, Acting Assistant Director of the Office of Financial Education, Consumer 

Financial Protection Bureau (CFPB) opened the meeting held via webex. She went over some 

logistical matters and called the roll of members and established there was a quorum present of 

all the members. Then she introduced the Vice Chair of the FLEC, CFPB Director Kathleen 

Kraninger and U.S. Department of the Treasury Assistant Secretary for Management (ASM) 

David Eisner representing the Chair. Director Kraninger welcomed members of the Commission

and members of the public. She reaffirmed her commitment to fulfill the CFPB’s financial 

education responsibilities and collaboration with interagency partners to implement the 2020

National Strategy for Financial Literacy. Director Kraninger also discussed a collaboration with 

the Conference of State Bank Supervisors to release guidance for homeowners, an interagency 

housing hub, and that 3.9 million users have accessed educational content produced by the CFPB

in response to COVID-19, including back-to-school materials and the Financial intuition 

podcast. 

ASM Eisner thanked the CFPB for hosting the meeting and shared support from the Chair, 

Treasury Secretary Steven Mnuchin. ASM Eisner recapped the Administration’s economic 

assistance efforts in light of the economic challenges brought on by the pandemic and steps 

toward a strong recovery. He briefly described outcomes from the CARES Act, the Paycheck 

Protection Program (PPP) Economic Impact Payments, and other funding to state, local and 

tribal governments to assist with COVID-19 related expenses and creating jobs. ASM Eisner 

particularly highlighted the role of community development financial institutions and minority 

depository institutions in delivering PPP funds. ASM Eisner gave recognition to the Internal 

Revenue Service (IRS) and FLEC partners including Department of Veteran Affairs (VA), 

Social Security Administration (SSA), and CFPB that made unprecedented outreach efforts to 

ensure people are aware of their eligibility for an Economic Impact Payment, which provided 

over $273 billion to American families. 

ASM Eisner underscored the importance of federal agencies working together. He went on to 

highlight the National Strategy for Financial Literacy 2020 that lays groundwork across five key 

areas of consumer financial decision-making which include: basic financial capability, retirement 

and investor education, housing counseling, postsecondary education, and military financial 

readiness. Through newly established working groups in each of these core areas, the FLEC will 

coordinate programs, policies and outreach. The government will continue to serve as a leader 

providing evidence-based best practices, research, and program accountability to improve 

financial outcomes. The National Strategy lays a framework to support financial education 

initiatives and enable government to promote a resilient and inclusive economy in ways that are

effective and efficient. He described the role of the Federal government to serve as a leader 

providing evidence-based practices, research, and program accountability working the private 
sector and local leaders to build and sustain financially independent individuals, families and 

communities.

Next, Louisa Quittman, Director, Financial Security and Education, Treasury, updated the FLEC 

on the 2020 National Strategy and Working Groups. The National Strategy details the federal 

government’s financial education priorities and its plans to collaborate widely to strengthen 

financial capability for all Americans. She highlighted the need for increased financial literacy 

in the U.S. as only one-third of adults could answer at least four of five financial literacy 

questions on fundamental concepts such as mortgages, interest rates, inflation and risk, as an 

example. African-American and Hispanic adults answered fewer financial literacy questions 

correctly than did White and Asian respondents. The National Strategy includes evidence-based 

best practices including: know the individuals and families to be served; understanding the 

specific needs of the learner; provide actionable, relevant, and timely information; improve key 

financial skills rather than merely transmit facts and information; and provide ongoing support, 

such as one-on-one financial counseling; and evaluate for impact.

The National Strategy also describes a new structure to increase efficiency of the FLEC, and 

increased efforts to reduce fragmentation, duplication, and overlap by assessing activities for 

impact, building a learning and research agenda, and working with experts across federal 

agencies and outside partners. Also, she discussed the activities of the each of the five working 

groups:

• Basic Financial Capability, led by CFPB, addresses basic money management and planning 

skills and actions, including budgeting and savings; managing payment of bills and debts; 

understanding the appropriate use of credit and how that affects credit scores and credit 

reports; access to and sound use of financial products and services; and avoiding fraud and 

scams. 

• Housing, led by Department Housing and Urban Development (HUD) seeks to support 

consumers ability to make sound decisions on home buying, managing housing expenses, 

avoiding foreclosure, understanding rights and obligations as renters, and other housingrelated decisions through greater accessibility and use of quality housing counseling. 

• Saving for Retirement and Investors Education, led by Department of Labor (DOL), 

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

and avoiding frauds and scams that can imperil their savings and investments.

• Postsecondary Education, led by Department of Education (ED), focuses on helping 

postsecondary students and their families to avoid the pitfalls associated with financing 

higher education by helping them plan for and understand the costs and benefits of higher 

education, and promotes implementation of the recommendations in the 2019 report Best 

Practices for Financial Literacy and Education at Institutions of Higher Education.

• Military, led by Department of Defense (DoD), supports national security so that financial 

challenges do not distract servicemembers from focusing on their missions, recognizes the 

substantial resources dedicated to military financial education, and the unique financial 

situation of military servicemembers, veterans, and their families.
FLEC members were asked for questions or comments about the National Strategy. Barry 

Wides, Deputy Comptroller, Community Affairs, Office of the Comptroller of the Currency 

(OCC), commended the work of the FLEC and Working Groups. Terry Carr, Senior Program 

Advisor, Office of Housing Counseling, (HUD), expressed her interest in working together on 

the National Strategy and addressing the housing crises brought on by the pandemic. 

Next, Desmond Brown, Assistant Director, Office of Consumer Education, CFPB recapped the 

minutes of the last FLEC meeting and moderated a panel on Financial Wellness Response and 

Recovery: Assisting Consumers in Navigating Pandemic Financial Challenges. 

Mr. Brown introduced the panel:

• Marietta Jelks, Research Lead, General Services Administration (GSA); 

• Elizabeth Ortiz, Deputy Director, Consumer and Community Affairs, Federal Deposit 

Insurance Corporation (FDIC); 

• Allen Gutierrez, Associate Administrator, Office of Entrepreneurial Development, Small 

Business Administration (SBA); and

• Jeanne Wilson, Acting Assistant Secretary, Employee Benefits Security Administration, 

Department of Labor (DOL). 

Ms. Jelks discussed GSA’s mission every day is to make it easier for people to find US 

Government information and that during times of crises that mission is amplified as USA.gov is 

designated as an official mode of communication in emergencies. GSA responded by 

developing USA.gov/coronavirus in English and Spanish as the official landing page of over 100 

government agencies on a myriad of topics including financial wellness and well-being to 

aggregate and amplify U.S. Government messages. 

The GSA uses data as a key tool to analyze which pages are most popular from week to week. 

Additionally, GSA reviews survey comments, and social media use, to see which areas are of 

most interest over time. GSA is very intentional in sharing that data with other agencies for 

identification of content gaps or avoid duplication. Mr. Brown agreed and amplified the benefits 

of using data to target financial education messages to the communities that need them most. 

Ms. Ortiz described that economic inclusion is core to the FDIC’s mission to maintain stability 

and confidence in the banking system. The same underserved communities that are unbanked 

are the ones most greatly affected by the current pandemic and any economic crises. FDIC 

reiterates the overall benefit of encouraging people to maintain a banking relationship as it is 

akin to having a share in the U.S. economy. People who have bank accounts were generally able 

to receive economic impact payments faster than those that didn’t. FDIC maintains networks 

and collaborations to encourage unbanked consumers to tell the story of the benefits of a banking 

relationship. 

Ms. Ortiz further discussed that efforts to collaborate mutually reinforce each other. FDIC works 

with National Credit Union Administration on national webinars to promote federal resources, 

Money Smart, and programs that generate interest from insured institutions. Another partnership 

with the Federal Emergency Management Agency (FEMA) to speak at webinars, other 
partnerships to speak to larger constituencies, and a December webinar with HUD on the 

importance of financial education. Ms. Ortiz also mentioned collaborations with Department 

Health and Human Services, IRS, and CFPB to reinforce messages nationally and locally. 

Mr. Gutierrez discussed how the CARES Act provided additional funding to maximize the 

SBA’s small business development centers, women’s business centers, and 68 district offices 

that are open 24/7 to help businesses from drowning in many ways including by pivoting to serve 

areas in demand during the current pandemic environment. Many businesses have, by necessity 

become more technologically savvy. SBA has become more user friendly by enhancing their

website SBA.gov/coronavirus and SBA.gov/recovery. 

Ms. Wilson discussed how the DOL is focused on providing help by extending key deadlines for 

benefit claims, COBRA notices, and disclosures to avoid hardships. DOL’s Employee Benefits 

Security Administration (EBSA) has 125 benefits advisors that actively assist the public either 

by reaching out to groups or responding in real time to questions. Since March, DOL has

participated in 2,700 outreach events to help workers confronted with job loss. In addition, 

partnerships with government agencies including SSA in webinars to help employers and 

employees through these challenging times. To find out more go to DOL.gov and click on 

EBSA.

EBSA’s retirement initiatives all support the mission of promoting the security of American 

workers’ retirement benefits. For example, many are aimed at promoting compliance promoting 

fiduciary prudence and loyalty, investment practices, and investment advice. EBSA just 

completed a lifetime income final rule designed to ensure American workers in defined 

contribution plans will have lifetime income illustrations on their account statements to 

understand how their account balance translates into a monthly income for retirement. 

Mr. Brown then opened the meeting to questions from members of the FLEC. He acknowledged 

questions were received from members of the public about renters and suggested people look at 

the CFPB’s website CFPB.gov/coronavirus that provides information for renters and 

homeowners. 

Lori Schock, Director, Office of Investor Education and Advocacy, Securities and Exchange 

Commission (SEC), highlighted the World Investor Week and amplified the need for saving and 

investing and fraud warnings/alerts as some companies have been suspended from trading due to 

scams related to the pandemic. 

With no other questions or comments from FLEC members, Ms. Correal noted that the minutes 

and the recording will be posted at the FLEC website.

CFPB Director Kraninger closed the meeting by thanking Treasury and all the participants and 

acknowledging the interagency working groups and the clear intent and efforts to work jointly to 

make financial education materials available to all. 
Financial Literacy and Education Commission Representatives

Consumer Financial Protection Bureau Director Kathleen Kraninger, Vice Chair

Desmond Brown

Dubis Correal

Department of Treasury ASM David Eisner (alternate for Chair)

Louisa Quittman

Department of Agriculture Richard Elrod

Department of Defense Fred Drummond

Department of Education David Albers

Department of Health and Human Services Sandy James

Department of Housing and Urban Development Terry Carr

Department of the Interior Jerry Gidner

Department of Labor Jeanne Wilson

Department of Veterans Affairs Richard Hartman

Commodity Futures Trading Commission Dan Rutherford

Federal Reserve Board Anna Alvarez-Boyd

Federal Deposit Insurance Corporation Elizabeth Ortiz

Federal Trade Commission Cristina Miranda

General Services Administration Marietta Jelks

National Credit Union Administration Matthew J. Biliouris

Office of the Comptroller of the Currency Barry Wides

Office of Personnel Management Patricia Sapol

Securities and Exchange Commission Lori Schock

Small Business Administration Allen Gutierrez

Social Security Administration Jeffrey Buckner