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OFE Presentation to the FDIC Economic Inclusion Committee March 19, 2008 Michael Bloomberg, Mayor

OFE Presentation to the FDIC Economic Inclusion Committee March 19, 2008 Michael Bloomberg, Mayor Jonathan Mintz, Commissioner Cathie Mahon, Associate Commissioner and Executive Director. Office of Financial Empowerment (OFE)

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OFE Presentation to the FDIC Economic Inclusion Committee March 19, 2008 Michael Bloomberg, Mayor

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  1. OFE Presentation to the FDIC Economic Inclusion Committee March 19, 2008 Michael Bloomberg, Mayor Jonathan Mintz, Commissioner Cathie Mahon, Associate Commissioner and Executive Director

  2. Office of Financial Empowerment (OFE) • Launched by Mayor Bloomberg in December 2006 as the first program under the Center for Economic Opportunity • First local government initiative in the nation focused exclusively on anti-poverty and financial empowerment efforts for those with low incomes

  3. OFE Mission “To educate, empower and protect New Yorkers with low incomes so they can make the most of their financial resources” Educate • Public awareness campaigns and publications • Financial Education Network Empower • Innovative programs to help New Yorkers with low incomes gain access to safe financial services and build assets Protect • Targeted enforcement and advocacy for safe policies and products

  4. Leveraging Unique Role of City Government to Get People into Savings • Targeting research on financial service gaps in low-income communities • Working with financial institutions to develop safe and affordable products and services • Opportunity NYC Basic Account Program • $aveNYC Club Account Pilot

  5. Research Agenda • OFE conducts primary research and secondary data analysis to inform programs and policies, dissemination of best practices, and evaluation of OFE programs • OFE has put a strong focus on better understanding the gaps between the needs of New Yorkers with low incomes and current financial services offerings • This work is to inform development and implementation of a continuum of products and services to meet financial services needs

  6. Neighborhood Financial Services Study Coming Soon - April 2008 • OFE will be releasing a study in April highlighting findings among residents in two low-income New York neighborhoods • The study examines the supply and demand for financial services in these two communities, and residents’ experience and perception of services and products • Methods include mapping locations of financial service providers, analyzing available products and services, surveying randomly selected residents, and conducting focus groups

  7. Developing Safe Products: Opportunity NYC • Launched September 2007 in partnership with eight financial institutions • Safe starter account to help unbanked New Yorkers get “banked” ▫ No Minimum Balance ▫ No Monthly Fees ▫ No Overdraft • Offers a $50 incentive for opening an account • Almost 1400 accounts have been opened; 95% of unbanked program participants chose the ONYC account over stored value card

  8. $aveNYC Club Account Pilot • Unique pilot expanding the EITC Coalition Campaign to help New Yorkers use a portion of their EITC refund to build savings • The offer is made at participating VITA sites run by financial institutions after a filer learns they will receive an EITC refund • The initial deposit is matched 50% after one year by the City of New York to help savings grow (up to a $250 maximum)

  9. 42 Broadway, 8th Floor New York, NY 10004 www.nyc.gov/consumers

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