Location Category: denver_co

Denver, CO

Local Consumer Financial Protection Initiative

People work hard to provide for their families and improve their financial circumstances. And while community organizations and social services across the country invest heavily in helping them, at the same time vulnerable communities have long been targets of fraudulent, predatory financial products and services. Just as local governments play an increasingly meaningful role in financially empowering their residents, they also can play a unique role in protecting residents’ hard-earned assets.

Building off of work begun by former New York City Mayor Michael R. Bloomberg, former Consumer Financial Protection Bureau Director Richard Cordray, and NYC Department of Consumer Affairs (DCA) then-Commissioner Jonathan Mintz, the CFE Fund was tapped to help local governments across the country develop and enhance their capacity to offer their residents consumer financial protection and empowerment. Local consumer protection agencies can augment financial empowerment gains by protecting consumer assets through licensing, regulation, enforcement, mediation, and outreach and education. Learn more about opportunities for local governments to protect their residents in the consumer financial marketplace on our new mini-site, www.protectinglocalconsumers.org.

Since 2017, with generous funding from the W.K. Kellogg Foundation and the Annie E. Casey Foundation, the CFE Fund has been working to build a new movement of local government-led consumer protection efforts by supporting the launch of local offices of consumer protection, strategic planning efforts, targeted consumer financial awareness campaigns, and an ongoing national learning community.

Please contact Kant Desai, Senior Principal, with any questions or to learn more.

Financial Empowerment Center Replication Initiative

Financial Empowerment Center (FEC) clients receive free, one-on-one professional counseling assistance with money management, budgeting, reducing debt, establishing and improving credit, connecting to safe and affordable banking services, building savings, preparing for legacy planning and protecting their assets, and referrals to other services and organizations. In partnership with Bloomberg Philanthropies, and additional generous support from Principal Foundation and the Wells Fargo Foundation, the CFE Fund is promoting FEC replication through cohorts of local leaders who are developing, launching, and implementing financial counseling as a free public service, along with strategic research projects to enhance the success of financial counseling. Get in touch to join as a supportive funding partner. 

The CFE Fund supports selected cities and counties interested in launching a Financial Empowerment Center through FEC Academy, a structured planning process designed to help local governments bring the FEC model to their communities. Through technical assistance, planning resources, training, and peer learning opportunities, FEC Academy helps local governments build the partnerships, funding strategies, and operational plans needed to launch and sustain a Financial Empowerment Center, providing professional, one-on-on financial counseling as a local public service.  

The Financial Empowerment Center Model

Professionally trained counselors support their clients in navigating complex financial challenges and choices, helping them identify and meet present challenges and future ambitions. Local governments offer FEC financial counseling as a free stand-alone public service, but also via integration into other social services including housing and foreclosure prevention services, workforce development, prisoner reentry, benefits access, domestic violence prevention, and more. Learn more at www.fecpublic.org.

Financial Empowerment Center Evaluation Findings

In 2013, the CFE Fund awarded its first grants to replicate the model in five cities through a $16.2 million, 3-year investment by Bloomberg Philanthropies. An Evaluation of Financial Empowerment Centers: Building People’s Financial Stability As a Public Service, demonstrates the success of the 5-city implementation, drawing on data from 22,000 clients who participated in 57,000 counseling sessions across the first 5 city replication partners. 

The CFE Fund continues to enhance the FEC model; for example, we recently announced the addition of legacy planning (read the press release here) as a core FEC service area. 

 

 

 

 

 

 

 

 

 

 

Bank On

Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. In addition to connecting people to safe and affordable accounts, Bank On coalitions also work to raise public awareness, target outreach to the unbanked, and expand access to financial education.

The CFE Fund’s Bank On national initiative builds on this grassroots movement, supporting local coalitions with strategic and financial support, as well as by liaising nationally with banking, regulatory, and nonprofit organization partners to expand banking access, including through the first-ever Bank On National Account Standards, updated for 2025 – 2026. The CFE Fund announced an online Bank On account validation and certification process; banks and credit unions across the country, at no cost, can submit for validation products they believe meet the national Standards. The list of financial institutions offering such products continues to expand across the country.

CFE Fund Announces Opening of New Financial Empowerment Centers in 5 Cities

Posted on by Soliant Admin

Financial Empowerment Centers offer free, professional, one-on-one financial counseling to enable residents to address their financial needs and plan for their futures.

In this March 2013 press release, the CFE Fund and Bloomberg Philanthropies announce the opening of five new Financial Empowerment Center programs to provide free, personalized, and professional financial counseling to residents of Denver, CO; Lansing, MI; Nashville, TN; Philadelphia, PA; and San Antonio, TX. Clients receive assistance with money management, budgeting, reducing debt, establishing and improving credit, connecting to safe and affordable banking services, building savings, and referrals to other services and organizations.  Counselors are professionally trained, and support their clients in navigating complex financial decisions. Financial counseling is integrated into public services including housing services, homeless prevention, foreclosure prevention, workforce development, asset building, financial services access, and domestic violence prevention.