CFPB critic teams with agency on financial literacy

One of the Consumer Financial Protection Bureau's (CFPB) most vocal critics is teaming up with the agency to help boost Americans' financial literacy.

Officials at the CFPB and the Financial Services Roundtable, a trade industry for big businesses, announced Monday that they're teaming up to discuss improving the nation's financial literacy programs.

FSR president and CEO Tim Pawlenty and CFPB director Richard Cordray will join Discover CEO David Nelms; BB&T CEO Kelly King; and other top business leaders at a forum in Washington in Wednesday to formally unveil the program.

The group will meet to discuss working together on "effective financial education strategies, to encourage adoption of financial education initiatives, especially in K-12 schools and in the workplace, and to protect older Americans from financial exploitation," according to a release announcing the event.

According to the results of a 2014 National Financial Educator's Council’s survey, only 58 percent of America's high school students passed a basic financial literacy test.

The same study found that 96 percent of respondents would have made different decisions pertaining to their higher education if they were more aware of the repayment process.

It's unclear what the FSR and CFPB initiative will yield.

FSR and other business groups have criticized the CFPB, which was created as part of the 2010 Dodd-Frank Wall Street reform law, for being a "rogue regulator."

They have advocated that the group be subjected to Congressional appropriations as opposed to its current funding from the Federal Reserve, among other concerns.