This presentation by Camille Busette was made during session 3 at the High-level Conference on Global and European Trends in Financial Education held on 22-23 May 2014 in Istanbul, which explored the role(s) of the private and not-for-profit sectors in financial education, financial literacy and innovation for young people and financial education for migrant workers and their families. Find out more at http://www.oecd.org/daf/fin/financial-education/2014-conference-global-european-trends-financial-education.htm

1. Remittance Corridor: the role of financial education in
empowering migrant workers and their families
High-Level International Conference
Global and European Trends in Financial Education
May 22-23, 2014
Istanbul
Camille M. Busette
Consumer Financial Protection Bureau

2. Our Vision
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A consumer finance marketplace…
where customers can see prices and risks up front and
where they can easily make product comparisons;
in which no one can build a business model around
unfair, deceptive, or abusive practices;
that works for American consumers, responsible
providers, and the economy as a whole.

3. Office of Financial Education Objectives
• Build a comprehensive approach to financial education in the
U.S.: Develop knowledge about what works in financial education and
provide opportunities for financial educators to learn about effective
strategies
• Promote innovation: Test new ideas and share successful innovations
with the field
• Educate consumers: Provide understandable information that helps
customers make informed financial decisions
• Educate youth: Build on existing efforts to identify and promote best
practices in K-12 financial education
• Increase outreach and federal coordination: Build relationships
with all stakeholders. In addition, Director of the CFPB serves as the vice
chair of the Financial Literacy and Education Commission
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4. Greater mobility is a global reality…
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2013
230 million people were
migrants
2012
41 million
immigrants in the
U.S.
2011
15 million EU
citizens migrants in
EU
31 million non-EU
citizens migrating to
EU
…Profiles of immigrants vary
widely, but all need a range
of financial products and
services

5. Greater mobility brings challenges and opportunities in
financial services
Challenges
 Immigration status
 Identification and credit scoring
Opportunities:
 Policy changes
 Public/Private Partnerships
 Coordination with NGOs
 Cross-national coordination
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6. Remittance rule:
Consumer education campaign

7. The audience: Remittance Senders
 About 5 percent of U.S. households send remittances (Census
Bureau)
 Majority of remittances sent from the United States go to Mexico,
Caribbean, China, India and the Philippines.
 Remittance senders:
 Immigrants and guest workers
 Women – 44%; Men – 56%
 In their 30s, in the U.S. for average of 7 years
 Generally low-income, but send about 15% of income home
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8. The audience: Language needs
Region Speak Speak English less
than very well*
Mexico/Latin America Spanish 16,433,118
China Chinese 1,502,917
Philippines Tagalog 494,741
Caribbean Spanish
French Creole
(included above)
303,794
India Hindi 128,749
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* Source: U.S. Census Bureau, 2007-2011 American
Community Survey
Campaign materials made available in English, Spanish,
Chinese, Tagalog and French-Creole.

9. Poster
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10. Brochure
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11. Media
 Earned media
 Spanish language press
 Spanish language TV
 Spanish language radio
 Owned media – consumerfinance.gov and social media assets
 Organizational marketing – working with other “trusted”
organizations to help us spread the word.
 Organization networks can penetrate to the grassroots level
 Paid media:
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12. Twitter Chat
 1 hour using Twitter accounts of Mexican and US government
agencies during the Mexican financial education week
 Chat visible to more than 200,000 people
 Partnered with Mexican Consumer Financial Protection Agency
(CONDUCEF) and Mexican Consumer Protection (PROFECO)and
the Institute for Mexicans Abroad (IME)
 People waiting in line submitted questions either via personal
Twitter account or via consulate desk officer
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13. Thank you
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