Young Americans Financial Literacy Act

Young Americans Financial Literacy Act

This bill requires the Consumer Financial Protection Bureau to award competitive grants to eligible institutions for the establishment of financial literacy education programs for young people and families.

An eligible institution is a partnership among two or more of the following:

an institution of higher education;a state or local government agency specializing in financial education;a nonprofit agency, organization, or association;a financial institution; oranother small organization.Authorized grant funded activities shall include

developing and implementing comprehensive, research based, financial-literacy education programs for young people;developing and supporting the delivery of professional development programs in financial literacy education;developing educational programs to reduce student loan default rates; andconducting ongoing research and evaluation of financial literacy education programs.The grant program shall terminate after FY2029.