The initiative was announced in November 2015 with the aim of educating the public about financial protection and best practices in a concise, efficient way.
Among other things, the department (in relation to the Consumer Financial Protection Initiative) will focus on FinTech including crowdfunding, virtual currencies, the blockchain, and marketplace lending.
In addition, the focus will also be on cybersecurity. In 2015, the department created a Cybersecurity Task Force to assist the businesses it supervises protect themselves and their customers from threats over the internet.
The department, in addition to leading a financial education exchange, will seek to promote awareness of the risk to consumers of unlicensed lending, including products such as payday loans and auto title loans. Also, it aims to promote ways for investors to protect and grow their money, including focusing on retirement saving, preventing elder financial abuse, and addressing the distinctive needs of the military and veterans communities.
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