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 financial 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.
With generous seed funding from the W.K. Kellogg Foundation, and support from the Annie E. Casey Foundation, the CFE Fund is currently working with four local governments to launch local offices of consumer protection. The CFE Fund is currently seeking proposals for a second cohort of mayoral or county administrations interested in partnering to develop a strategic plan for building robust consumer protection capabilities within their local government, working to create a fairer consumer financial marketplace. Click here to learn more or apply.
Please contact Kant Desai, Principal, with any questions or to learn more.