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  Statement of Commissioner Mintz on Reports of Interest in Downgrading the Proposed Consumer Financial Protection Agency to a Non-Independent MissionTestimony of OFE Executive Director Cathie Mahon on Community-Based Financial Institutions and Their Impact on Community DevelopmentStatement of Commissioner Mintz on Passage of H.R. 4173 (Consumer Financial Protection Agency)DCA/OFE Urges State Action to Protect Consumers in the Financial Services MarketplaceDCA Written Testimony at House Committee on Financial Services Hearing on Consumer Financial Products Regulation |
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It's Tax Time. Go Get Your Refund! The DCA/OFE launched Year 8 of the Mayor's Tax Credit Campaign to help eligible New Yorkers file their taxes for free and claim credits like the Earned Income Tax Credit (EITC). At certain free sites filers can prepare their taxes using an online program with the help of a Tax Coach. Select free tax sites will offer filers the opportunity to use a portion of their refund to open a $aveNYC Account and earn 50% in match money from the City of New York. Learn more about tax credits and free tax assistanceLearn more about the $aveNYC Account |
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City Launches Safe, Affordable Account That Is the First of Its Kind in the Nation Available as a special opportunity through the City’s Financial Empowerment Centers, the NYC SafeStart Account has no overdraft fees and no monthly fees if you maintain a minimum balance of $25 or even less depending on the financial institution. Five banks and five credit unions are offering the NYC SafeStart Account with convenient locations across the City. Learn moreFind a Financial Empowerment Center near you |
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DCA Releases Report on the Office of Financial Empowerment’s First Three Years Evaluates Progress of First Program Funded by the Center for Economic Opportunity Launched by Mayor Michael R. Bloomberg in December 2006, DCA’s OFE has connected approximately 32,000 New Yorkers to financial classes and counseling, helped 226,000 New Yorkers access free or low-cost tax preparation, facilitated more than $450,000 in savings in households with low incomes through its $aveNYC Account program, advocated for stronger consumer protections in the financial services sector, and more. The report describes the multitude of financial empowerment innovations, strategies, and approaches OFE has implemented thus far—and the national implications for its work, which include building the new field of municipal financial empowerment and founding the Cities for Financial Empowerment (CFE) Coalition. Read the report (in PDF)Learn more about DCA’s OFELearn more about OFE’s initiatives and advocacy and policyLearn more about the CFE Coalition |
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New Yorkers with Low Incomes Save $73,000 in $aveNYC Accounts DCA Releases First-Year Results of Innovative Pilot Program Individuals with low and very low incomes can and will save when offered simple and safe banking products at the right moment, according to key findings in the report $aveNYC Account: Innovation in Asset Building. The City's $aveNYC Account encouraged savings through a match program—50 cents for every dollar saved from a tax refund up to a maximum match amount of $250. Participants had to keep the account open for one year to receive match money, which came from private funding raised with the help of the Mayor's Fund to Advance New York City. Read the press releaseDownload the report (in PDF)Learn more about the $aveNYC Account |
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Mayor Bloomberg Opens Three New Financial Empowerment Centers to Help New Yorkers with Money Worries New Yorkers can now access free financial counseling at the City's Financial Empowerment Centers in Brooklyn, Manhattan, and Queens in addition to the Bronx. Services are provided by professional counselors in person or by phone in English and Spanish. Opening additional Centers is one of Mayor Bloomberg's 18 initiatives to help New Yorkers face current economic challenges. Read the press releaseFind a Financial Empowerment Center near you |
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