April 24 2014
The Consumer Financial Protection Bureau and Operation HOPE Sign a Memorandum of Understanding to Promote Financial Education
The partnership will help advance HOPE’s multi-year initiative, Project 5117, to empower more than 5 million American youth and adults
WASHINGTON, DC – APRIL 24, 2014 – Recognizing Financial Capability Month and the importance of economic literacy, the Consumer Financial Protection Bureau (CFPB) and financial dignity nonprofit Operation HOPE (HOPE) joined on April 21st at the U.S. CFPB headquarters in Washington, DC to execute a Memorandum of Understanding. The agreement details the combined efforts to educate the American consumer. (View the photos here.)
“This agreement sets the stage for Operation HOPE’s Project 5117, our multi-year initiative to empower underserved communities,” said HOPE Founder, Chairman and CEO John Hope Bryant. “Together with the Consumer Financial Protection Bureau, we have a greater opportunity to broaden our mission, reach more Americans, offer more services and empower more people.”
Through the MOU both organizations will share resources to educate consumers. HOPE will encourage its participating members to utilize CFPB publications in any aspect of the Project 5117 campaign where it is appropriate, as well as provide the CFPB with the total number of consumers who receive their publications on a quarterly basis.
In turn, Operation HOPE will report out on experiences and best practices that it has developed for implementation and integration of information included in CFPB publications, into Operation HOPE educational outreach programs.
Established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. The CFPB also works to make regulations and guidance as clear and streamlined as possible so providers of consumer financial products and services can navigate their own finances.
The signing sets the stage for HOPE’s first celebration of Project 5117 results. An event planned in Atlanta for April 24th, where CFPB materials will be distributed and feature “commitments to action,” goals, objectives and testimonials that show the first measurable impact of the program’s national scale, at a local level.
About the CFPB
The mission of the CFPB is to make markets for consumer financial products and services work for Americans — which includes applying for a mortgage, choosing a credit card, or using any number of other consumer financial products. For more information, visit consumerfinance.gov.
About Operation HOPE
Operation HOPE, founded in 1992 and headquartered in Los Angeles, CA, promotes financial dignity through financial literacy and education tools to underserved communities. Through its four core portfolios, Operation HOPE has provided youth and adult financial literacy, economic preparedness, digital empowerment, promoted home ownership, and assisted with foreclosure prevention to more than 2 million individuals, families, and small business owners. Operation HOPE's next phase will be focused on Project 5117, a multi-year initiative that will track and increase business role models for youth, boost credit scores for adults, and empower underserved communities. See www.operationhope.org or join the conversation at #P5117.