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Federal Official Wants To Replicate City's Financial Empowerment Centers Network

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TWC News: Federal Official Wants To Replicate City's Financial Empowerment Centers Network
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The way the city runs its Department of Consumer Affairs is getting some attention on the national level.

Richard Cordray, the director of the federal Consumer Financial Protection Bureau, says he wants to replicate the city's network of financial empowerment centers.

Cordray says he's teaming up with the city and a nonprofit agency funded by Mayor Michael Bloomberg.

The mayor says the city's goals are very much in line with those of the new federal agency.

"Consumer Affairs Department also has been very alert to protecting customers from all those that try to take advantage of them when their financial lives are in crisis," Bloomberg said. "We've cracked down on unscrupulous debt collectors, predatory payday loan operators and other dodgy lenders and other financial scammers of every stripe."

"Some of these centers specifically targets residents of public housing and use financial counseling to strengthen the impact of workforce development and other programs," Cordray said. "Other centers were opened specifically, as I understand, to help residents rebuild their financial lives following Superstorm Sandy."

Those financial empowerment centers have helped more than 20,000 low-income New Yorkers.

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