Department of Consumer and Worker Protection Announces NYC Financial Empowerment Centers Helped New Yorkers Save $10 Million
New York City Department of Consumer and Worker Protection Commissioner Vilda Vera Mayuga today announced that New York City Financial Empowerment Centers have helped customers save collectively. more than $10 million since their inception.
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Launched in 2008 and operated by DCWP’s Office of Financial Empowerment, New York City’s Financial Empowerment Centers offer free one-on-one professional financial counseling and coaching to help New Yorkers manage their money, establish or improve their credit, establish a spending plan, open a safe and affordable bank account, contact their lenders about debt, including student loans, develop a strategy to reduce debt or reduce payments, access emergency government resources, and more.
NYC Financial Empowerment Centers have served over 66,000 clients and helped them reduce their debt by over $85 million.
“As New York City embarks on an equitable economic recovery, the financial health of New Yorkers is more important than ever,” said DCWP Commissioner Vilda Vera Mayuga. “Whether it’s building credit, opening a bank account, or reducing debt, our financial empowerment centers can help New Yorkers bounce back stronger.” I’m thrilled that our Financial Empowerment Centers have helped our clients save over $10 million since their inception and I look forward to building on the momentum! »
“Being part of the financial counseling program has been an amazing experience. Every time I have a session with Sharon, it was always the boost I needed to stay on track with my financial goals, even ones I didn’t know I had in the first place. Thank you so much for the opportunity to be part of this program and get the guidance I needed,” said Bianca Lopez, NYC Financial Empowerment Center client at BronxWorks, whose savings brought total savings to $10 million. of dollars.
New Yorkers can book a free, confidential appointment with a professional financial adviser by visiting nyc.gov/TalkMoney or by calling 311 and saying “Financial Counseling.” Services are available in person or by telephone and in multiple languages.
“Building an equitable economy is SBS’s number one priority, and financially empowering New Yorkers is critical to achieving that mission,” said Kevin D. Kim Commissioner, City of Small Business Services Department of New York. “Just as our Workforce1 Centers train New Yorkers for in-demand jobs, DCWP’s Financial Empowerment Centers provide residents with invaluable resources that have profound, long-term positive effects on their lives. We look forward to continuing our partnership with DCWP to uplift all New Yorkers. »
“Managing personal finances is a daunting feat and NYC Financial Empowerment Centers have successfully guided 66,000 New Yorkers through the challenges of opening a bank account, improving credit, debt reduction and access to government benefits,” Comptroller Brad Lander said. “Helping New Yorkers save $10 million and reduce their debt by more than $85 million will lead to an inclusive recovery that will pay off for years to come.”
“The path to economic prosperity is through financial literacy,” said Bronx Borough President Vanessa L. Gibson. “I applaud DCWP for providing free one-on-one financial counseling through Financial Empowerment Centers to help New Yorkers manage their money and set long-term financial goals.”
“Congratulations to DCWP on this incredible step that directly and literally benefits the pockets of some of our most vulnerable New Yorkers,” said Brooklyn Borough President Antonio Reynoso. “’Recovery’ and ‘financial health’ are not terms uniquely associated with our city. We should be looking for ways to help everyday New Yorkers and their families with their finances.
“Since their inception in 2008, the Financial Empowerment Centers operated by DCWP have done an incredible job of saving New Yorkers a remarkable $10 million. The financial literacy they offer is a powerful tool for reducing debt, increasing credit, and establishing economic equality. DCWP and Commissioner Mayuga’s continued commitment to providing resources such as the Financial Empowerment Centers will continue to be transformative for our communities,” said Marjorie Velázquez, Board Member, Chair of the Consumer Protection Committee and workers.
“As a former commissioner of the Department of Consumer Affairs, I’m thrilled to see the agency hit $10 million for its Financial Empowerment Centers, which help New Yorkers save money by providing services essential financials. Teaching New Yorkers how to manage their accounts, payments, and debts is a critical service provided by Financial Empowerment Centers, and we must continue to build on this success to empower and educate consumers and working families.” said board member Julie Menin.
“During this critical recovery, it’s more important than ever for New Yorkers to have access to free, trusted financial advice,” said Council Member Shaun Abreu. “New Yorkers know they can count on Financial Empowerment Centers to help them reduce debt and save money. I want to commend DCWP for their work serving more than 66,000 New Yorkers and encourage all of my constituents to use their services. As a member of City Council’s Consumer and Worker Protection Committee, I will always fight to protect my constituents’ hard-earned money.
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“I commend the Department of Consumer and Worker Protection for its commitment to the economic well-being of working New Yorkers. Since 2008, the year of the Great Recession, NYC’s Financial Empowerment Centers have helped New Yorkers through difficult economic circumstances and will be even more critical now as we emerge from the peak of the COVID-19 pandemic. The Department’s work to help New Yorkers improve their savings habits, after officially helping New Yorkers save $10 million, makes us more resilient in times of economic hardship and shocks,” said Gale A. Brewer, Council Member.
“Financial literacy is essential to improving the economic prospects of our communities. $10 million is an incredible sum to keep in the pockets of our neighbours. This program should be a wake-up call, we need more proactive financial education and support programs to help New Yorkers create real financial security. said board member Julie Won.
“Financial empowerment is essential to advancing equity, creating wealth, and promoting stability in our city. That Financial Empowerment Centers have helped New Yorkers save more than $10 million and reduce debt by more than $85 million is a testament to the necessary work they do and the power of government to bring tangible benefits to the lives of the people it exists. to serve. Our city is stronger and healthier because of the work of the folks at the Department of Consumer and Worker Protection,” said council member Chi Ossé.
“The Cities for Financial Empowerment Fund commends the New York City Financial Empowerment Centers for helping New Yorkers save $10 million through professional financial counseling as a public service,” said Jonathan Mintz, president and chief executive officer. the management of the Cities for Financial Empowerment Fund. “Our work to replicate this powerful model in dozens of municipalities across the country is rooted in the New York lesson that when people are in trouble, they need meaningful, one-on-one help from a trusted source. NYC Financial Empowerment Centers are a vital touchstone for the nationwide FEC Public movement, which has helped 133,000 residents pay off $192 million in debt and build $38 million in savings in 34 cities and counties across the United States. United.
“Emergency savings are the backbone of a household’s finances and are even more essential for people living at or below the poverty line,” said Lisa Rivera, chief counsel at New York Legal. Assistance Group (NYLAG). “Over the past decade, NYC Financial Empowerment Centers have played a key role in helping New Yorkers save money and plan for the future, and NYLAG is proud to be a partner in this company.”
“We are celebrating New Yorkers reaching the $10 million savings milestone,” said Adelaida Morin, senior director of Ariva’s financial capability program. “Ariva is proud to offer the services of the Financial Empowerment Center to Bronx residents in partnership with the New York City Department of Consumer and Worker Protection to help our hardworking neighbors build financial stability. Financial Empowerment Centers are a great resource for New Yorkers as they strive to build prosperous, financially independent lives. »
“We are proud to have been part of the Financial Empowerment Center program since its inception. This exciting milestone is not only a testament to the New York workers who have committed to this service and made financial progress in their own lives, but also to the power of financial counseling as a free public benefit. We look forward to continuing our collaboration with DCWP and to many more milestones in the future,” said Justine Zinkin, CEO of Neighborhood Trust.
NYC Department of Consumer and Worker Protection
The New York City Department of Consumer and Worker Protection (DCWP) protects and enhances the daily economic lives of New Yorkers to create thriving communities.
The DCWP licenses more than 51,000 businesses in more than 40 industries and enforces key consumer, licensing, and workplace laws that apply to countless others.
By supporting businesses through fair enforcement and access to resources, and helping to resolve complaints, DCWP protects the marketplace from predatory practices and strives to create a culture of compliance.
Through its community outreach and the work of its offices of Financial Empowerment and Labor Policy and Standards, DCWP empowers consumers and working families by providing the tools and resources they need to be consumers. educated and to achieve financial health and work-life balance.
DCWP also conducts research and public policy advocacy that strengthens its work supporting New York City communities.