Department of Consumer and Worker Protection Announces Financial Empowerment Centers Have Helped New Yorkers Save $10 Million

Wednesday, March 23, 2022

Department of Consumer and Worker Protection Announces Financial Empowerment Centers Have Helped New Yorkers Save $10 Million

NYC Financial Empowerment Centers provide free one-on-one professional financial counseling to help New Yorkers manage their money

New York, NY – NYC Department of Consumer and Worker Protection Commissioner Vilda Vera Mayuga today announced that the NYC Financial Empowerment Centers have helped clients collectively save more than $10 million since inception. Launched in 2008 and managed by DCWP’s Office of Financial Empowerment, the NYC Financial Empowerment Centers provide free, one on one professional financial counseling and coaching to help New Yorkers manage their money, establish or improve their credit, set up 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 lower payments, access emergency government resources, and more. The NYC Financial Empowerment Centers have served more than 66,000 clients and helped them reduce their debt by more than $85 million.

“Savings is essential to an individual’s ability to cope with economic shocks,” said Colvin W. Grannum, President and CEO of Bedford Stuyvesant Restoration Corporation. “Restoration’s mission is to relentlessly close gaps in family and community wealth to ensure all families in Central Brooklyn are prosperous and healthy.  As such, our financial coaches integrate savings goals as a core conversation, whether it is first helping clients to develop an emergency savings fund or plan for a comfortable retirement or realize the dream of homeownership or child’s college education.”

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About Bedford Stuyvesant Restoration Corporation

Bedford Stuyvesant Restoration Corporation is the nation’s first community development corporation. Created in 1967 through grassroots activism and the bipartisan support of Senators Robert F. Kennedy and Jacob Javits, Restoration serves 50,000 annually as an advocate, coalition-builder, and direct service provider with a focus on the predominantly minority and low-income communities of Central Brooklyn. Restoration’s mission is to relentlessly pursue strategies to close gaps in family and community wealth to ensure all families in Central Brooklyn are prosperous and healthy.