ARTICLE
20 April 2021

NYDFS Establishes Office Of Financial Inclusion And Empowerment

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
The New York State Department of Financial Services ("NYDFS") established a new Office of Financial Inclusion and Empowerment.
United States Finance and Banking

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.

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