Aug. 12, 2020 Press Release
MORE THAN 50 CITIES AND COUNTIES ARE SET TO OFFER ONE-ON-ONE, PROFESSIONAL FINANCIAL COUNSELING OR FINANCIAL NAVIGATION SERVICES TO BUILD RESIDENT FINANCIAL STABILITY DURING COVID-19
The CFE Fund Is Supporting 31 Cities in Launching New Financial Navigator Program Serving over 35,000 Residents, and 20 Localities in Pivoting Financial Empowerment Center Services to Provide Remote Financial Assistance to Residents
August 12, 2020 -- National nonprofit organization the Cities for Financial Empowerment Fund (CFE Fund), in partnership with Bloomberg Philanthropies, Citi Foundation, JPMorgan Chase & Co., and the Wells Fargo Foundation, announced today that more than 50 city and county partner governments across the country are set to offer financial counseling and financial navigation services for their local residents in need. As part of this effort, the CFE Fund announced the selection of 31 city and county governments to launch a new Financial Navigator initiative, which will provide their residents one-on-one remote sessions to help navigate the financial impact of COVID-19 through access to local, state, and federal resources. In addition, the CFE Fund announced an expansion of its Financial Empowerment Center (FEC) initiative, which offers professional, data-driven one-on-one financial counseling as a public service, funding additional counselors in FEC partner cities, as well as pivoting its national FEC infrastructure to accommodate remote services. These new and enhanced financial navigation and counseling services come in the face of increasing individual and family, with some FEC cities already experiencing as much as a 40% increase in demand for financial counseling services.
"As we navigate the COVID-19 pandemic and the economic downturn it caused, individuals and families are making tough choices about their finances. The good news is that they don't have to make those hard decisions alone,” said City of Houston Mayor Sylvester Turner. “The City of Houston offers free, professional financial counseling through the Houston Financial Empowerment Center, which opened in January. Giving Houstonians access to free financial coaching that helps them manage money, reduce debt, improve their credit, and grow their savings has been a tremendous addition to Houston's lineup of impactful city services. I appreciate the CFE Fund for granting more funds to the City of Houston to expand our services and assist more people during this challenging time.”