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Friday, October 3, 2014

CFPB Announces Tax-Time Saving Initiative

The CFPB announced a Project Catalyst research pilot to investigate ways to encourage saving among consumers at tax time. The pilot will focus in particular on tax-time saving practices among low-income consumers.

As part of the project, H&R Block Inc. will share insights with the Bureau from its tax-time savings project. Through its project, H&R Block is testing the effectiveness of certain strategies to promote tax-time saving behavior among its customers, which include providing consumers with informational materials to encourage saving a portion of their tax refund and having tax preparers introduce to consumers the idea of saving once they learn they will receive a refund. The information shared by H&R Block will be de-identified, and appropriate precautions will be taken to ensure that individual consumers cannot be identified through the data.

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