Sec. 40703. Authorization for funding the establishment of centers of excellence in financial literacy education
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The Director of the Bureau of Consumer Financial Protection, in consultation with the Financial Literacy and Education Commission established under the Financial Literacy and Education Improvement Act, shall make competitive grants to and enter into agreements with eligible institutions to establish centers of excellence to support research, development and planning, implementation, and evaluation of effective programs in financial literacy education for young people and families ages 8 through 24 years old. Activities authorized to be funded by grants made under subsection
(a)shall include the following: Developing and implementing comprehensive research based financial literacy education programs for young people— based on a set of core competencies and concepts established by the Director, including goal setting, planning, budgeting, managing money or transactions, tools and structures, behaviors, consequences, both long- and short-term savings, managing debt and earnings; and which can be incorporated into educational settings through existing academic content areas, including materials that appropriately serve various segments of at-risk populations, particularly minority and disadvantaged individuals. Designing instructional materials using evidence-based content for young families and conducting related outreach activities to address unique life situations and financial pitfalls, including bankruptcy, foreclosure, credit card misuse, and predatory lending. Developing and supporting the delivery of professional development programs in financial literacy education to assure competence and accountability in the delivery system. Improving access to, and dissemination of, financial literacy information for young people and families. Reducing student loan default rates by developing programs to help individuals better understand how to manage educational debt through sustained educational programs for college students. Conducting ongoing research and evaluation of financial literacy education programs to assure learning of defined skills and knowledge, and retention of learning. Developing research-based assessment and accountability of the appropriate applications of learning over short and long terms to measure effectiveness of authorized activities. The Director shall give a priority to applications that— provide clear definitions of financial literacy and financially literate to clarify educational outcomes; establish parameters for identifying the types of programs that most effectively reach young people and families in unique life situations and financial pitfalls, including bankruptcy, foreclosure, credit card misuse, and predatory lending; include content that is appropriate to age and socioeconomic levels; develop programs based on educational standards, definitions, and research; include individual goals of financial independence and stability; and establish professional development and delivery systems using evidence-based practices. The Director shall establish application and evaluation standards and procedures, distribution criteria, and such other forms, standards, definitions, and procedures as the Director determines to be appropriate. The aggregate amount of grants made under this section during any fiscal year may not exceed $55,000,000. No grants may be made under this section after the end of fiscal year 2022. For purposes of this subtitle the following definitions shall apply: The term Director means the Director of the Bureau of Consumer Financial Protection. The term eligible institution means a partnership of two or more of the following: Institution of higher education. Local educational agency. A nonprofit agency, organization, or association. A financial institution. The term institution of higher education has the meaning given such term in section 101 of the Higher Education Act of 1965 ( 20 U.S.C. 1001(a) ).
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Sec. 40703
Authorization for funding the establishment of centers of excellence in financial literacy education
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