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Partnerships for Financial Inclusion in Latin America and the Caribbean: A Catalyst for Inclusive Growth Overview of

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 Lindsay Director of Programs NYC Office of Financial Empowerment. Mission of DCA

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Partnerships for Financial Inclusion in Latin America and the Caribbean: A Catalyst for Inclusive Growth Overview of

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  1. 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 Lindsay Director of Programs NYC Office of Financial Empowerment

  2. Mission of DCA To 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 ofOFE 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.

  3. New York City Financial Landscape: Realities • 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

  4. New York City Financial Landscape: Opportunities • Local government • Many stakeholders motivated to help • Focus on financial inclusion

  5. Promising OFE Financial Empowerment Strategies

  6. Financial Empowerment Financial Counseling and Education Safe and Affordable Banking Income and Asset Building Consumer Financial Protection Research & Evaluation

  7. The Local Government Opportunity • Integration • Numerous service delivery options • Use City’s payment streams • Sustainability • Central coordination • Disseminate best practices • Influence policy • Sustain efforts • Scale • Large numbers to serve • Significant impact • Quality • Require a standard approach • Data collection and analysis

  8. Effecting Change

  9. Spotlight: Tax-Time Matched Savings

  10. Spotlight: Employer-Based Banking

  11. The OFE Timeline

  12. Tamara Lindsay tlindsay@dca.nyc.gov 42 Broadway, New York, NY 10004 www.nyc.gov/ofe

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