ELLICOTT CITY, MD –Howard County Executive Calvin Ball today announced the launch of the Howard County Financial Empowerment Center (FEC). A project of the County’s Office of Consumer Protection (OCP), offered in partnership with United Way of Central Maryland (UWCM), the FEC will provide free professional, one-on-one financial counseling to people who live, work, or go to school in Howard County. Photos of the event can be viewed on the Howard County Government’s Flickr website and video on the Howard County Executive’s Facebook page.
The FEC is the culmination of a two-year planning process replicating a successful national model established by Cities for Financial Empowerment Fund (CFE Fund). The FEC is supported by an impactful $250,000 CFE Fund grant, made possible by the Wells Fargo Foundation, along with additional grant funding, including APL Federal Credit Union.
Financial empowerment is a key building block for economic mobility and the foundation of strong families and thriving communities. Through this partnership and generous support from the CFE Fund and Wells Fargo Foundation, we are bringing trusted, professional financial counseling directly to our residents. Our Howard County Financial Empowerment Center will help our neighbors to reduce debt, grow savings, and achieve long-term stability. Together, we are ensuring every Howard County resident has the tools and support they need to reach their financial goals and build a more secure future for themselves and their family.
At the FEC, certified financial counselors will help people who live, work, or go to school in Howard County manage their finances, pay down debt, increase savings, establish and build credit, prepare for legacy planning, and access safe and affordable mainstream banking products.
“At the core of the FEC model is the integration of counseling into other social services, such as housing and foreclosure prevention, workforce development, prisoner reentry, benefits access, domestic violence services, and more,” said Tracy Rezvani, OCP Administrator.
UWCM, a regional nonprofit, will deliver financial counseling services for the FEC through bilingual counseling staff. Services will be offered at OCP’s office at 9820 Patuxent Woods Drive in Columbia and several other locations across the county, as well as virtually. To learn more about the FEC and/or to schedule an appointment, visit OCP’s “Howard County Financial Empowerment Center” website.
“Our work to build financial security for people across our region helps create pathways to opportunity and long-term stability,” said Sandy Monck, Chief Impact Officer, United Way of Central Maryland. “We’re honored to serve as a trusted partner for the Financial Empowerment Center, providing the education and coaching to help our neighbors in Howard County navigate their current financial challenges while building a stronger foundation for the future.”
“Local leaders know first-hand the connection between family financial stability and community financial stability,” said Jonathan Mintz, President and CEO, CFE Fund. “County Executive Ball and Howard County joining a growing national movement to bring free, high-quality financial counseling as a public service to their residents; we are proud to partner with County leaders to help residents work toward a stronger financial future.”
FECs across the country have worked with more than 222,000 clients, helping them reduce individual debt by more than $407 million and increasing their families’ savings by more than $85 million. In addition, a CFE Fund evaluation showed that the program works even for residents with very low incomes and other complex financial challenges.
Howard County is the first county in Maryland to launch a FEC program and is one of three FEC programs in the state, joining the cities of Baltimore and Gaithersburg. Additionally, Howard County Government is one of several dozen local governments across the country working to launch or has launched a local FEC initiative.
About the 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. The CFE Fund is currently working in more than 150 cities and counties and has disbursed more than $75 million to local governments and their partners to support these efforts.
For more information, visit “Cities for FINANCIAL EMPOWERMENT Fund” website and/or to learn more about the FEC Public movement, visit “FEC Public” website.
About United Way of Central Maryland
The UWCM helps build healthy and resilient communities, expand youth opportunity, and strengthen financial security through its programs and resource hubs in communities across Greater Baltimore. For more than 100 years, UWCM has strengthened lives and neighborhoods by meeting ongoing and emerging needs in Baltimore City and Anne Arundel, Baltimore, Carroll, Harford, and Howard counties. To learn more about this organization, visit the “United Way Central Maryland” website.