particular individual is the greatest determining factor in whether he or she opens anaccount or not.Opening a bank account is a critical building block toward financial empowerment. New
York City may be the beating heart of the world’s financial markets, but with nearly 1
million New Yorkers lacking a bank account, we are failing to truly provide the benefitsof the banked economy to the working class and maximize the fiscal health andeconomic vitality of the city.
The Comptroller plays a critical role in the City’s banking system, from
advising on thefinancial health of the city, serving on the New York City Banking Commission,supporting the Banking Development District Program to working with religiousinstitutions and community organizations to organize citywide conferences andseminars regarding financial literacy and financial products and services offered bybanks. As Comptroller, Scott will use this authority, as well as the power of the bully pulpit, tobring banking and financial literacy to all New Yorkers. Specifically, Scott will:
Expand Bank On Manhattan, which he pioneered as Manhattan BoroughPresident, to link New Yorkers to affordable, safe checking accounts in their neighborhoods and promote financial well-
being in the city’s communities
Develop an innovative public-private partnership based on a model program inSan Francisco that offers every student entering kindergarten in public schools acollege savings account with the first deposit made by the City.
Utilize the Comptroller’s banking and fiscal advisory
responsibilities deposits topromote banks with City deposits to provide additional lending to smallbusinesses and assist New Yorkers struggling with foreclosure.
Work with other City agencies, including the Department of Small BusinessServices, to bring critical workshops on financial literacy and businessdevelopment to neighborhoods throughout the five boroughs.
Expand Bank On Manhattan Citywide as Bank On NYC
Bank On Manhattan is a public/private partnership, based on a national model that aimsto help unbanked New Yorkers open low-cost, safe checking accounts and createopportunities for financial education in the community. Its nine financial partners offer achecking account with certain baseline features, including low fees, low minimumopening deposits and balances, overdraft protection, and more.
During Scott’s tenure as Borough President, the