The Arlington office of Virginia Cooperative Extension announced today that it has been selected by the Consumer Financial Protection Bureau (CFPB) to participate in the federal agency’s Financial Coaching Initiative. As part of this initiative, VCE—Arlington is hosting a full-time financial coach to work with its clients to help them with their financial goals.
“Diana Yacob started as our financial coach on March 30th,” said Jennifer Abel, Senior Extension Agent and Unit Coordinator. “She originally served as one of our Master Financial Education Volunteers, has a master’s degree in personal finance, is an Accredited Financial Counselor, and speaks Spanish. She has already begun meeting with clients and has a substantial caseload. We are very excited to be able to add this professional service to the array of financial education programs that we offer to Arlington and Alexandria residents.”
Millions of consumers are economically vulnerable, including the 49.1 million people living below the poverty line, and the more than 68 million who are financially underserved. These consumers are the most likely to lack access to traditional financial services, which may include products that are more appropriate to their needs and less costly. In-person, individualized and trustworthy guidance can help these consumers make good financial decisions and reach their financial goals.
The CFPB Financial Coaching Initiative provides financial coaching services at critical points in consumers’ lives as they move along the path to financial stability. The program helps both veterans as they transition from active duty status as well as economically vulnerable consumers seeking other services from social services and other providers.
VCE-Arlington was selected as part of a competitive process involving hundreds of organizations nationwide. All of the nonprofit organizations selected to host financial coaches for economically vulnerable consumers also provide services that complement financial coaching, such as job training and education, social, and housing services.
The coaches hired for the program have experience working with the populations they will service, are accredited by the Association for Financial Counseling and Planning Education, and will be trained in financial coaching techniques.
More information on the CFPB’s Financial Coaching Initiative is available here: www.consumerfinance.gov