NEW YORK, May 13, 2015 /PRNewswire/ -- Capital One and the
Cities for Financial Empowerment Fund (CFE Fund) today announced
the five cities, Boston, MA;
New Haven, CT; Oakland, CA; San José, CA and Shreveport, LA, whose mayors have received the
Next Generation Municipal Financial Empowerment Award. The award
consists of a $20,000 planning grant,
coupled with technical assistance consulting from the CFE Fund, to
develop new strategies for these five administrations to address
poverty through innovative financial empowerment programs such as
financial counseling, access to safe and appropriate banking
products, and asset-building opportunities.
With this award, the CFE Fund will help Oakland Mayor Libby
Schaaf, New Haven Mayor
Toni N. Harp, and Shreveport Mayor Ollie
Tyler develop entirely new financial empowerment programs,
beginning with a stakeholder analysis and an assessment of the
cities' existing financial empowerment capabilities. In
Oakland, Mayor Libby Schaaf will work with the CFE Fund to
develop a citywide framework for a comprehensive financial
empowerment strategy. New Haven
Mayor Toni N. Harp is committed to
working with local partners like Yale
University to develop financial empowerment programs for the
homeless and prisoners reentering the community. Mayor of
Shreveport Ollie Tyler will work with the CFE Fund to create a
Mayoral Financial Empowerment Commission that will focus on
providing residents with support services to properly manage their
finances.
Under the leadership of Mayor Martin J.
Walsh, Boston plans to
focus on continuing to integrate its financial wellness screening
initiatives into existing social service programs through its
recently established Office of Financial Empowerment. In San José,
Mayor Sam Liccardo is developing a
workforce program geared towards youth and young adults called San
José Works, and will work with the CFE Fund to embed financial
empowerment strategies.
The CFE Fund made these five mayor awards through a competitive
application process.
"Mayors control a host of policies, programs, and funding
streams that can transform the lives of residents with low incomes
on a large scale. More and more city leaders, including these
newly-elected Mayors, are embracing high-quality financial
empowerment programs as an effective way to stabilize and grow the
financial lives of their city residents and communities," said
Jonathan Mintz, President and
Chief Executive Officer of the CFE Fund. "We congratulate the
Mayors of Boston, New Haven, Oakland, San José, and Shreveport on their Next Generation Municipal
Financial Empowerment Awards and look forward to working with them
to empower their residents and their cities; and we thank Capital
One for their longstanding commitment to and investment in
municipal financial empowerment."
In addition to the mayoral planning grants, the CFE Fund will
provide technical assistance support in the following areas:
- Needs Assessment: Assessing each city's financial
empowerment needs, stakeholders, and integration opportunities
- Strategic Planning: Creating a detailed strategic plan
to help guide city agencies from inception to implementation
- Funding and Sustainability: Advising cities on
identifying potential funding streams to launch and sustain
programs
- Data and Evaluation: Designing and assessing data
collection systems to monitor and evaluate progress
This award is part of the CFE Fund's professional services
portfolio, which supports municipal administrations, local
legislators, nonprofits and community-based organizations, and
local and national philanthropy in the development of municipal
financial empowerment approaches.
"At Capital One, we know that giving people an opportunity to
enhance their financial well being is critical to the success of
our local communities and for the continued growth of our economy,"
said Daniel Delehanty, Senior
Director of Community Development Banking of Capital One.
"Through the grants that are being awarded, the mayors and the
municipalities we've partnered with will continue to drive
innovative financial empowerment programs and help more
people better manage their finances so that they make the best
decisions for their future."
"I'm honored to be chosen for the CFE Fund's Next Generation
Municipal Financial Empowerment Award. This award recognizes my
administration's commitment to improving the economic stability of
all Bostonians through programs that help residents prepare for
good jobs at living wages, build personal wealth, and create a path
to financial stability," said Boston Mayor Martin J.
Walsh. "As Vice-Chair of the U.S. Conference of
Mayors' Cities of Opportunity Task Force, I have pledged to
confront the inequality that is holding back too many Americans and
too many Bostonians. We look forward to a partnership between
the CFE Fund and Boston's new
Office of Financial Empowerment that will help us overcome these
disparities."
"This is a great opportunity for New
Haven, allowing the city to create meaningful opportunities
for low-income residents to build wealth and become more
economically secure," said New
Haven Mayor Toni N. Harp.
"In receiving this award we're grateful for the generosity of
Capital One and we look forward to receiving CFE Fund technical
support to aid my administration with development and
implementation of this program."
"We are thrilled to have this opportunity to help financially
empower Oaklanders," said Oakland Mayor Libby
Schaaf. "Access to effective asset-building tools is the
type of support that low-income residents in Oakland need to build wealth for their
families. This public-private partnership with Capital One and the
CFE Fund will strengthen Oakland
communities by increasing low-income families' financial stability
helping to make our city a more vibrant, equitable community that
is growing responsibly."
"Through San José Works we aim to give our youth the tools
needed to get a financially stable start," said San José Mayor
Sam Liccardo. "We thank Capital
One and the CFE Fund for providing the resources necessary to
ensure our youth make sound financial decisions today and for
decades to come. This partnership will also allow us to
strategically explore how the City can support additional financial
empowerment opportunities for our community."
"I am excited about the possibilities this grant presents for
our citizens to help them improve their financial footing
and secure better futures for their families," said
Shreveport Mayor Ollie Tyler.
About the Cities for Financial Empowerment Fund (CFE
Fund)
The CFE Fund supports municipal efforts to improve the financial
stability of households by leveraging opportunities unique to local
government. By translating cutting edge experience with large scale
programs, research, and policy in cities of all sizes, the CFE Fund
assists mayors and other local leaders to identify, develop, fund,
implement, and research pilots and programs that help families
build assets and make the most of their financial resources. For
more information, please visit www.cfefund.org or follow us on
Twitter at @CFEFund.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a
financial holding company whose subsidiaries, which include Capital
One, N.A., and Capital One Bank (USA), N. A., had $205.9 billion in
deposits and $298.3 billion in total assets as
of June 30, 2014. Headquartered in McLean, Virginia,
Capital One offers a broad spectrum of financial products and
services to consumers, small businesses and commercial clients
through a variety of channels. Capital One, N.A. has
approximately 900 branch locations primarily in New York,
New Jersey, Texas, Louisiana, Maryland,
Virginia and the District of Columbia. A Fortune 500
company, Capital One trades on the New York Stock
Exchange under the symbol "COF" and is included in
the S&P 100 index.
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SOURCE Cities for Financial Empowerment Fund