H.R. 486 — Young Americans Financial Literacy Act

This section states congressional findings on the need for financial literacy education, including that 88% of Americans and 92% of K-12 teachers support teaching it in schools but only 12% of teachers do so; less than half of states require a high school personal finance course and less than 17% of high schoolers take one; over one-third of consumers rate their financial literacy as a "B" and less than one-fifth as an "A"; COVID-19 has caused financial stress for 88% of Americans; and such education is particularly needed for individuals ages 8-24, including high school and college students, young families, and military personnel.

This section authorizes the Director of the Consumer Financial Protection Bureau (CFPB), in consultation with the Financial Literacy and Education Commission, to make competitive grants to eligible institutions (i.e., partnerships of two or more institutions of higher education, state or local government financial education agencies, nonprofits, financial institutions, or small organizations partnering with the others) to establish centers of excellence supporting financial literacy education programs for individuals ages 8 through 24. Authorized activities include (1) developing research-based financial literacy curricula incorporating core competencies such as budgeting and debt management; (2) designing materials and outreach for young families facing issues like foreclosure and predatory lending; (3) providing professional development for educators; (4) improving information dissemination; (5) reducing student loan defaults; and (6) conducting research, evaluation, and assessments. The Director must prioritize applications addressing at-risk populations, evidence-based practices, and evaluation components; establish application standards; ensure accessible content delivery; provide at least $27.5 million but no more than $55 million annually in grants through FY2029; and submit annual reports to Congress listing recipients, grant amounts, and served populations.