HARRISBURG, Penn.–The state of Pennsylvania is forming a state government financial information exchange as part of an effort to boost financial literacy.
The new exchange was announced by Secretary of Banking and Securities Robin L. Wiessmann.
According to the state, 20 state government agencies that offer some form of financial education or outreach to consumers form the exchange. Participating agencies will work in a coordinated fashion to provide Pennsylvanians with personal financial information from non-commercial sources. Wiessmann said that the exchange may expand to include other agencies.
As an example how the exchange operates, Wiessmann pointed to 12 agencies with hotlines addressing consumers on financial-related topics. This group is working toward the goals of ensuring their staffs know the appropriate places to refer calls that are not typically handled by their agencies, as well as making certain that the financial information they share with consumers is up-to-date and consistent across agencies.
Four other agencies – the Department of Banking and Securities, PennDOT, Department of Human Services, and Department of Labor & Industry – are collaborating to raise awareness of the risks of “easy money” loans.
The exchange is also working on creating inter-agency collaborations on issues such as cybersecurity, financial fraud, and financial products being sold to senior citizens.