Where’s The Money? Banking Under the Mattress: Financial Literacy and Unbanked New Yorkers

A new FDIC study finds that seven of every 20 New York households is underbanked., In most cases, these are low-income, minority, and single-parent households that either have no bank accounts or rely heavily on alternative financial services such as payday lenders and pawn shops. Such families can pay exorbitant fees and interest, are at greater risk of robbery, and often can’t borrow because they have no credit history. New York and other cities and states are experimenting with solutions, including low- or no-fee community banking services and financial literacy campaigns. What works? And what should government, nonprofits, and the banking sector do now?

On Thursday, February 25, from 8:30 to 10:30 a.m., in the Theresa Lang Community and Student Center, Arnhold Hall, 55 West 13th Street, 2nd floor, these questions will be addressed by a panel that includes Jonathan Mintz, commissioner of the New York City Department of Consumer Affairs; Cathie Mahon, executive director of the NYC Office of Financial Empowerment; Deyanira Del Rio, associate director of the Neighborhood Economic Development Advocacy Project; Edward Kramer, executive vice president of Wolters Kluwer Financial Services; and Leslie Parrish, senior researcher at the Center for Responsible Lending. Dean Starkman, managing editor of the Columbia Journalism Review’s The Audit, will moderate.

This event, which is supported by the Sirus Fund and the Milano Foundation is free, but seating is limited and reservations are required by calling 212.229.5418 or emailing centernyc@newschool.edu.