As we continue to develop the many faceted Money Mentor program, we will solve for the legislative requirements of business to provide financial education to consumers. Here is a current list of legislative requirements that can be supported by the deployment of Money Mentor:
H.R. 627
- Broadly, this bill seeks to establish transparency between all actors participating in the consumer credit market. More specifically, it seeks to restrict unfair interest rate hikes, fees and penalties. It also bans credit card companies from knowingly issuing cards to people under the age of 18. Furthermore, it calls for the broad dissemination of information by creditors to the public regarding changes and developments in credit card accounts, methods of contact, and credit counseling services, and by the Federal Reserve Board to Congress and the public, alike, regarding the general health of the consumer credit market.
(Sec. 304) - " that credit card and debt education and counseling sessions be offered as a regular part of any orientation program for new students."
(Sec. 510)- "Directs the Secretary of Education and the Director of the Office of Financial Education of the Department of the Treasury to coordinate with the President's Advisory Council on Financial Literacy to report to Congress on (1) their evaluation and compilation of a comprehensive summary of existing federal financial and economic literacy education programs; and, (2) development of a strategic plan to improve and expand financial and economic literacy education."
read H.R. 627