NYDFS Establishes an Office of Financial Inclusion and Empowerment

Fulfilling a FY 2021 budget initiative, NYDFS today announced establishment of its Office of Financial Inclusion and Empowerment. The office is intended to protect and empower New York consumers and advance economic justice. According to a recent NY Times article, economists believe government support is a crucial element in narrowing the nation’s racial wealth gap. The new office will:

• Maintain a centralized list of financial services counseling providers across housing, student loan, debt and general financial literacy throughout the State.

• Coordinate state and local services aimed at expanding access to credit and opportunities for wealth building.

• Incubate new programs to expand access to safe and affordable banking services, credit and financial education; coordinate public-private partnerships.

• Foster provision of high-quality, low-cost financial products statewide.

Former State Assembly member Tremaine Wright has been appointed as the first Director of this Office.

The press release announcing this can be found here: https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202104131