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Partnerships for Financial Inclusion in Latin America and the Caribbean: A Catalyst for Inclusive Growth
Overview of the NYC Office of Financial Empowerment (OFE)
Tamara LindsayDirector of ProgramsNYC Office of Financial Empowerment
1
Mission of DCATo ensure that consumers and businesses benefit from a fair and vibrant marketplace.
Strategic Priorities• Empowering and protecting consumers.
• Facilitating fair business practices.
• Conducting efficient, accountable, and customer-friendly operations.
Overview of OFE The Office of Financial Empowerment (OFE) is the first local government initiative in the nation with a mission to educate, empower, and protect New Yorkers with low incomes so they can build assets and make the most of their financial resources.
• Slow economic recovery for low- and moderate-income New Yorkers
• Poverty rates continue to climb slowly
• Persistent disparities in income
• Many lack savings to manage any short-term needs
• Prevalence of predatory tricks and traps
New York City Financial Landscape: Realities
• Local government
• Many stakeholders motivated to help
• Focus on financial inclusion
New York City Financial Landscape: Opportunities
Promising OFE Financial Empowerment Strategies
Integrating Financial Counseling and Education• Build local capacity to deliver standardized, high-quality services• Structure integrations through city systems, funding streams, and contracts • Financial Empowerment Centers Professional Counselor Training Capacity Building Initiative
Improving Access to Financial Services• Employer-based banking• Safe banking for vulnerable and underserved populations• NYC Direct Deposit Opportunity NYC Account NYCSafeStart
Boosting Income and Building Assets• Safe and affordable tax preparation services• Tax-time savings programs• Tax Credit Coalition (VITA, Online, Coupon, Virtual) SaveUSA Financial Security Credit
Protecting Consumers in the Financial Services Marketplace• Leveraging local enforcement authority• Impact consumer financial protection policies• Debt Collection Payday Lending
Financial Empowerment
Financial Counseling
and Education
Safe and Affordable Banking
Income and Asset
Building
Consumer Financial
Protection
Research & Evaluation
The Local Government Opportunity
Integration• Numerous service
delivery options• Use City’s payment
streams
Scale• Large numbers to
serve• Significant impact
Sustainability• Central coordination• Disseminate best
practices• Influence policy• Sustain efforts
Quality• Require a standard
approach• Data collection and
analysis
Programs
Research & Evaluation
Policy
Scale & Replication
Effecting Change
•Need for short-term savings with meaningful incentives to save
•Tax-time matched savings program
•Save a $200+ for a year, match up to $500
Program
•Understand demand and impact
•4,700 accounts, 75% saved for the full year
•$4 million in savings
•Program increased savings rates and amount
Research & Evaluation
•Enact change in the tax code
•Evidence to support policy efforts
•Replication in other cities
Policy, Scale & Replication
Spotlight: Tax-Time Matched Savings
•Prioritize direct deposit as a critical step
•Work with NYC’s more than 250,000 employees through payroll
•Partnership between City agencies
•Negotiate bank account terms
Program
•Opportunity to use City’s payment stream
•7,500 City employees opened accounts
•Introducing direct deposit through other City workforce programs
Policy, Scale & Replication
Spotlight: Employer-Based Banking
The OFE Timeline
Phase 3: Policy and Technical Assistance
Experience/Lessons Scale
Phase 2: Programs
Pilots Research & EvaluationPhase 1: Launch
Understand Needs Promote the Financial Empowerment Concept
Tamara [email protected] Broadway, New York, NY 10004www.nyc.gov/ofe