The City of St. Louis Announces Recent Membership into the Cities for Financial Empowerment Coalition

The City of St. Louis was selected to join the Cities for Financial Empowerment (CFE) Coalition on February 5, 2016, after a competitive application process. St. Louis Mayor Francis G. Slay and Treasurer Tishaura O. Jones jointly submitted the application to further their initiatives to promote financial empowerment for residents in St. Louis.

The CFE Coalition is vested in the belief that cities have the unique capacity to develop and implement financial empowerment programs geared toward enabling citizens to enhance their financial well-being.  Founded by New York City Mayor Michael R. Bloomberg and San Francisco Mayor Gavin Newsom, the CFE Coalition consists of 15 cities that are committed to developing the best practices for advancing financial empowerment in their respective communities.  The coalition also promotes public policies which improve financial literacy and empowerment at the state and federal levels.   

The City of St. Louis joins member cities, including: Boston, Chicago, Hawai'i County, Lansing, Los Angeles, Louisville, Miami, Nashville, New York City, Philadelphia, San Antonio, San Francisco, Savannah, and Seattle.   

"As financial empowerment has quickly become a regular part of City services, CFE has been a great partner to the City of St. Louis," Mayor Slay said. "Individuals who are financially stable help strengthen our neighborhoods. They are more likely to be able to start a business, maintain their home, be involved in their communities, and support stable families. Financial empowerment helps put residents on a path toward upward mobility."

Mayor Slay designated Treasurer Jones as the official representative for St. Louis. Ms. Jones will attend forums throughout the year hosted by membership cities. During the forums, city representatives will provide updates on their city's progress in financial empowerment programs and discuss strategies to advance efforts both locally and nationally.

"We must do everything in our power to help people gain control over their money, including learning about best practices and successful financial empowerment programs in other cities," stated Treasurer Jones. "It is essential that we continue our relationships as we create sustainable financial opportunities for individuals and families across our region."

The City of St. Louis has been fully engaged in promoting financial empowerment programs. The Treasurer's Office opened the Financial Dignity Center in the Office of Financial Empowerment. Located in City Hall, the center provides individual credit counseling sessions, weekly financial literacy classes on a wide range of topics, one-on-one counseling with banks and credit unions, and a computer lab for job applicants all at no cost. There is also a city partnership between the Treasurer's Office, St. Louis Agency on Training and Employment (SLATE), 1st Financial Federal Credit Union, and St. Louis Saves to integrate financial literacy with the Mayor's Summer Youth Employment Program. To date, more than 1500 teenagers have deposited almost $1.8 million in checking accounts and saved more than $225,000 in savings accounts.