CFPB Takes Action to Help Employers Develop Emergency Savings Programs

During this webinar we will explore the new Autosave program developed by the CFPB. Employers interested in creating an automatic savings (Autosave) program as a way for employees to build emergency savings and increase their financial resiliency would then be able to use the CAST Template as the basis for an application to receive approval from the Bureau to create such a program.

Under an Autosave program, new and existing employees would be able to build emergency savings by directing a portion of their earnings to an existing account at a financial institution of their choice. If an employee does not designate an account, the employer would create an Autosave account for the employee at an institution designated by the employer.

Covered Topics:

  • Commonwealth’s application
  • The Commonwealth CAST Template
  • What is an autosave program?
  • Employee rights to opt in and out
  • Consumer Risks and Rewards
  • Disclosures

Who Should Attend?

Compliance Officers, Deposit Operations, Training, Customer Service Representatives and Branch Personnel