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Financial Literacy and Education Commission Public Meeting Minutes

May 12, 2020, 9:00-10:15 EDT, Via Webcast 

www.yorkcast.com/treasury/events/2020/05/12/flec.

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

opened the meeting at 9:00 am and took roll. A quorum was determined. Director Quittman 

introduced the Chair’s designee and the Vice Chair.

Serving as the Chair’s designee, Assistant Secretary for Management, U.S. Department of the 

Treasury, David Eisner welcomed the Financial Literacy and Education Commission (FLEC)

and the members of the public attending. His remarks addressed the financial response to the 

coronavirus outbreak, Treasury’s role in the response, and the importance of the FLEC. 

Assistant Secretary Eisner described the Treasury’s role in implementing the CARES Act, 

including transferring Economic Impact Payments to 130 million Americans in less than three

weeks. He described the Treasury’s work in launching the Paycheck Protection Program with 

the Small Business Administration (SBA), which resulted in the historic outcome of processing 

more loans in the first 14 days than the SBA had processed in the previous 14 years. As of May 

8, over 4.2 million small businesses in all 50 states plus territories have been approved for 

payroll assistance totaling over $520 billion, which is estimated to protect 60 million American 

jobs by the end of this round of funding. Assistant Secretary Eisner noted that a number of 

FLEC agencies are contributing to these efforts. 

Assistant Secretary Eisner described the role of the FLEC in supporting consumer resilience and 

recovery, and noted the important steps that have been taken to review, reform, and strengthen 

the FLEC’s focus and structure. Last year, Treasury released a set of recommendations to 

improve the FLEC that were based on extensive review of the FLEC’s activities, research on 

financial education best practices, and broad stakeholder engagement. The actions taken based 

on these recommendations include standing up an executive committee and five working groups, 

and adopting bylaws to document procedures. Assistant Secretary Eisner concluded that the 

work of the FLEC, as individual agencies, and as a collective, plays a vital role in helping our 

country and our citizens survive these difficult circumstances and come out stronger. 

Vice Chair Consumer Financial Protection (CFPB) Director Kraninger addressed the FLEC. She 

described the level of complaints that had been received by the CFPB in recent weeks, which in 

March and April were the highest volume in CFPB history. She noted that largest categories of 

complaints were credit reporting and debt collections, but for those reporting COVID-19 related 

complaints were related to mortgages, credit cards, and other debts, and issues consumers 

encounter when seeking alternative payment options. Director Kraninger described how the 

complaint system and other stakeholder engagement mechanisms are important in informing the 

CFPB’s work, including supervisory and enforcement activity. She underscored that the CFPB 
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will not hesitate to take enforcement action against companies or individuals that engage in 

unfair, deceptive, or abusive acts or practices, or otherwise violate consumer financial law. 

Director Kraninger noted that consumer complaints also inform the CFPB’s educational work. 

After discussion with the Department of Housing and Urban Development (HUD) and the 

Federal Housing Finance Agency (FHFA), the CFPB produced materials to inform consumers 

that there will not be a lump sum payment after a CARES Act forbearance period if the borrower 

cannot afford it and supported FHFA and HUD in their efforts to provide clear scripts to 

servicers for talking with their customers. She encouraged FLEC members and others to use the 

website www.consumerfinance.gov/coronavirus for information on how consumers can protect 

their finances during the pandemic. (Note, CFPB has recently launched a mortgage and housing 

assistance page developed with FHFA, HUD and VA at the website: 

www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/)

Director Kraninger added that on an April 15, the CFPB and FHFA announced a Borrower 

Protection Program to share mortgage servicing information. The CFPB is sharing complaint 

information and analytical tools with FHFA via a secure electronic interface; and FHFA will 

share data, with appropriate protections, about forbearances, modifications and other loss 

mitigation initiatives undertaken by Fannie Mae and Freddie Mac.

Director Quittman began the session on the FLEC Response to COVID-19 by summarizing of 

recent FLEC and Working Group activities. She noted that FLEC staff and Working Groups 

have been meeting by phone to coordinate and share knowledge and insights. Through the 

Working Groups, the FLEC coordinates programs, policies, outreach, and other activities in key 

areas of financial decision-making and thus improves efficiency and outcomes by reducing 

overlapping activities and sharing expertise. In recent weeks the Working Groups have been 

reassessing their plans and are considering what activities can be responsive now, activities that 

will help families on the road to recovery, and what tasks will be important in the future. 

• The Basic Financial Capability Working Group, 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. The group initially planned to prioritize joint efforts to 

encourage emergency savings and financial preparedness. Currently it is focused on 

amplifying and coordinating messages to assist consumers in navigating financial challenges, 

such as meeting current needs, managing debt, and avoiding frauds. The group will resume 

activities intended to encourage emergency savings and financial preparedness when the time 

is right. 

• The Retirement Saving and Investor Education Working Group, led by Department of Labor 

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

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

also includes helping Americans understand Social Security benefits and workplace 

retirement benefits and savings and investing options, including managing in times of 

volatility. The group is currently assessing the short and longer term priorities in this area, 
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given the impacts of COVID-19 on retirement saving and investing, for both employers and 

employees. 

• The Housing Counseling Working Group, led by HUD, supports consumers to make sound 

decisions on homebuying, managing housing expenses, avoiding foreclosure, understanding 

rights and obligations as renters, and other housing related decisions through greater 

accessibility and use of quality housing counseling. This Working Group is focusing on 

determining the areas and populations which can most benefit from housing counseling and 

innovative ways to meet these needs. 

• The Postsecondary Education Working Group, led by Department of Education (ED). This 

group is focused on helping people plan for and understand the financial decisions associated 

with higher education. This group has identified opportunities to deploy recommendations in 

its 2019 report Best Practices for Financial Literacy and Education at Institutions of Higher 

Education. 

• The Military Working Group, led by Department of Defense (DoD). The FLEC recognizes 

the unique status of military servicemembers, veterans, and their families and the critical 

stakes placed on financial readiness for the nation’s defense, as well as the value of financial 

security for servicemembers returning to civilian life. This Working Group works to attain 

sustained financial well-being of current and former members of the U.S. Armed Forces and 

their families so that financial challenges do not distract from the readiness required for the 

Nation’s security and military community members sustain a state of financial well-being, 

accommodating the unique characteristics of military service. 

Jeanne Wilson, Principal Deputy Assistant Secretary, Employee Benefits Security 

Administration, U.S. Department of Labor summarized activities undertaken by DOL to support 

workers and employers. This includes providing guidance to states on flexibilities in paying 

benefits, including expanded Unemployment Insurance for effected workers under the CARES 

Act. DOL is also implementing actions related to paid leave and extended family and medical 

leave, including FAQs, rules, compliance assistance, outreach, and answering tens of thousands 

of calls. DOL is also providing information and has issued relief and guidance, in partnership 

with other relevant agencies, regarding health and retirement benefits, including in the case of 

job loss. DOL is also focused on helping workers and employers transition back to 

work. Resources can be found at the website: www.dol.gov/coronavirus.

Chris Greene, Deputy Chief Operating Officer, Student Experience & Aid Delivery, Federal 

Student Aid, U.S. Department of Education described implementation of statutory and 

administrative changes related to federal student loans. Mr. Greene described financial relief 

available for federal student loan borrowers which include a halt to collections on approximately 

40 million borrowers and a stop to interest assessed to borrowers. All borrowers were placed in 

forbearance until the end of September, including about 25 million borrowers, and 8 million 

borrowers already in default. Mr. Greene noted collaboration with Treasury regarding offsets 

and refunds to borrowers, and stopping wage garnishments with 200,000 employers. He referred 

interested parties to the website: www.StudentAid.gov/coronavirus. 
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Allen Gutierrez, Associate Administrator, Office of Entrepreneurial Development, U.S. Small

Business Administration described three primary resources of the SBA to support small 

businesses. He described the implementation of the Paycheck Protection Program which

provides small businesses and non-profits, veterans’ organizations and other entities, with funds 

to pay up to eight weeks of payroll costs including benefits, among other costs. The loans can be 

forgiven and payments are deferred for six months. The program is implemented with banks and 

other lenders, with over 5,000 lenders approved to deliver these loans, including fintech 

companies. There is funding still available as of this week. He noted that FDIC and other 

agencies have been helpful in implementing the program and spreading the word, and noted 

collaborations with the Departments of Agriculture, Commerce and Labor. Mr. Gutierrez 

indicated that neither the government nor lenders will charge small businesses any fees, and that 

offers to provide the loan a fee are scams. Mr. Gutierrez described SBA Debt Relief policy, in 

which SBA will pay six months of principal, interest, and any associated fees that borrowers owe 

for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and 

Microloans disbursed prior to September 27, 2020. Finally, he described SBA Local Assistance, 

including 68 regional offices and SBA’s resource partners which provide assistance not just in 

response to COVID-19 but ongoing. These can be found at the website: www.sba.gov/localassistance. Mr. Gutierrez also highlighted the SBA’s website: www.sba.gov/coronavirusrelief.

Danberry Carmon, Associate Deputy Assistant Secretary, Office of Housing Counseling, U.S. 

Department of Housing and Urban Development described an array of responses that HUD is 

taking to respond to COVID-19. These include supporting its network of 1,700 Housing 

Counseling Agencies (HCAs) across the country focused on eviction prevention, foreclosure 

prevention, reverse mortgages, and moving from homelessness to housing, beginning with 

understanding personal finances, such as budgeting and understanding credit. HCAs often can 

provide information on other local resources, such as employment, housing and food assistance, 

thus are on the front lines of the current crisis. HUD, led by Secretary Carson, plays a unique 

role at the crossroads of health and economic security. Housing counseling demand has 

increased, and counseling agencies are mostly providing telephone and internet counseling, and 

are preparing for further growth in demand, likely larger than that of the housing crisis. HUD is 

working on expanding capacity to provide more remote and internet counseling. HUD is 

implementing provisions of the CARES Act that provide forbearance for Federal Housing 

Administration mortgage borrowers, and prevents eviction of tenants in FHA insured or HUD 

Multifamily properties. Additionally, HUD is implementing a number of resources related to 

housing. Mr. Carmon noted programs including: $2 billion in Community Development Block

Grants to meet community and housing, and other needs, $1 billion in Emergency Solutions

Grant Program to assist children in homeless families receive care and housing; Housing 

Opportunities for Persons With AIDS (HOPWA) Program funding for people with compromised

immune systems, Native American programs to support Native American families, and programs 

through Public and Indian Housing to assist workers and residents of public housing authorities

including medical assistance. Assistance also extends to health and residential care facilities He 

referred interested parties to the website: www.hud.gov/coronavirus.

Jennifer Leach, Associate Director, Division of Consumer and Business Education, Federal 

Trade Commission (FTC) stated that scams frequently follow headlines, and encouraged FLEC 

agencies to consider how scammers might do so. She described that FTC takes enforcement 
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actions as well as provides education. To date, the FTC has received approximately 41,000 

complaints related to COVID-19, totaling nearly $28 million in losses. Travel and vacation, 

online shopping, and text messaging scams are the most commonly reported. Fraud reports are 

down overall, however. FTC has also investigated outrageous claims scams, multilevel 

marketing opportunities, government imposters, among others, and expects to see further scams 

that derive from financial desperation, such as job and debt relief scams. Ms. Leach described 

some specific types of scams that FTC has identified. She noted that FTC would like to further 

collaborate with other agencies on these topics. In addition to enforcement activities, FTC shares 

resources and articles with partners and local media, provides social media “shareables” and has 

worked with CFPB, General Services Administration, Treasury and other federal agencies, and is 

happy to be a resource to other agencies on sharing these resources and developing 

messaging. Ms. Leach referred to two websites: www.ftc.gov/coronavirus in English and 

ww.ftc.gov/coronavirus/es in Spanish. 

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

Insurance Corporation (FDIC) described FDIC’s COVID-19 resources for consumers and banks 

which have been more popular than anything else on FDIC’s website since the beginning of the 

year. FDIC has worked to support Treasury’s CARES Act programs, including PPP and 

Economic Impact Payments (EIP), and works with SBA and other agencies to help community 

banks access these programs. Resources include information on PPP, developed with SBA, and 

information on EIP, developed with Treasury. Regarding EIP, Ms. Ortiz highlighted tools to help 

millions of non-filers and unbanked consumers, who are disproportionately low-income, 

minority, and households with disabilities find low-fee, no-overdraft bank accounts that can be 

opened from home and get their money faster through direct deposit. These accounts can be used 

to receive EIPs quickly and safely. Ms. Ortiz encouraged FLEC agencies and others to share this 

information, since getting banked will help with long term financial well-being, beyond the EIP. 

She referred to this website: www.fdic.gov/coronavirus. 

Following these presentations, Director Quittman asked members of the FLEC for questions and 

discussion topics. She noted, given the time, that questions and discussion could also occur in 

the future via email. There were no questions or comments from FLEC members.

Assistant Secretary Eisner concluded the meeting by thanking the members of the FLEC and the 

public for participating. He thanked the staffs of Treasury and CFPB for organizing the meeting

and Vice Chair Kraninger for her leadership. Assistant Secretary Eisner indicated that Treasury

looks forward to convening the next public meeting, and thanked members for their work. 

The meeting concluded at 10:15 a.m.
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FLEC Member Representatives

• Department of the Treasury David Eisner

• Bureau of Consumer Financial Protection Kathy Kraninger

• Department of Agriculture Caroline Crocoll

• Department of Defense Andrew Cohen

• Department of Education Chris Greene

• Department of Health and Human Services Aiesha Gurley Parry

• Department of Housing and Urban Development Danberry Carmon 

• Department of the Interior Jerry Gidner

• Department of Labor Jeanne Wilson

• Department of Veterans Affairs Dr. Kimberly Castillo

• Board of Governors of the Federal Reserve System Anna Alvarez Boyd

• Commodity Futures Trading Commission Dan Rutherford

• Federal Deposit Insurance Corporation Elizabeth Ortiz

• Federal Emergency Management Agency Aaron Levy

• Federal Trade Commission Jennifer Leach

• General Services Administration Marietta Jelks

• National Credit Union Administration Matthew 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

Other Participants

Department of the Treasury Louisa Quittman