NYDFS Establishes Office of Financial Inclusion and Empowerment

The New York State Department of Financial Services ("NYDFS") established a new Office of Financial Inclusion and Empowerment. The Office will be directed by former Assemblymember Tremaine Wright.

The Office was proposed by Governor Cuomo to meet the financial services needs of low- and middle-income consumers. The Office will, among other things:

• maintain a centralized list of financial services counseling providers (across the areas of housing, student loan, debt and general financial literacy);
• coordinate state and local services aimed at expanding access to credit; and
• incubate new programs to expand access to banking services.