RECENT DCA NEWS:
DCA Releases Two Reports on Financial Health of New YorkersOn December 15, DCA and the Federal Reserve Bank of New York announced the findings of "Student Loan Borrowing across NYC Neighborhoods," the first neighborhood-level examination of student loan outcomes. The findings show that although New Yorkers' delinquency and default rates are slightly lower than the national average, certain NYC neighborhoods are experiencing significantly higher rates of delinquency and default despite the fact that their residents have low average loan balances. In January, we will host free student loan clinics in targeted neighborhoods to offer resources for New Yorkers concerned about their student debt. The clinics will include confidential one-on-one financial counseling with a professional from one of the NYC Financial Empowerment Centers and legal aid professionals will be onsite to provide assistance as needed. We will also be developing an updated suite of resources to help New Yorkers understand their options for financing college and repaying their student loans. Monitor nyc.gov/dca for updates. On December 21, DCA released the "How Neighborhoods Help New Yorkers Get Ahead" report, which defines and creates a framework for understanding and addressing how neighborhoods influence the financial health of individual residents. We plan to use the information to develop strategies, programs, and interventions that could improve financial health outcomes for all New York City communities and their residents.
DCA Protects Consumers from Misleading Ads
DCA announced a settlement agreement with NYC-based luxury bedding company Brooklinen for violations of the City's Consumer Protection Law, including misleading subway advertisements that failed to disclose a minimum purchase requirement to use a promotional code. Brooklinen used the promise of $20 off a purchase plus free shipping to bait New Yorkers to visit their website, unaware that they would need to spend $100 to redeem the promotion. We want New Yorkers to know that DCA is here to protect consumers from businesses who deceive or mislead consumers and hope that this announcement sends a clear message to businesses that these types of business practices will not be tolerated. Report a business using misleading or deceptive advertising online.
DCA Educates Businesses and Workers on Fair Workweek Laws
Our Office of Labor Policy & Standards (OLPS) visited nearly 1,000 retail and fast food businesses across the five boroughs to educate both employers and employees about NYC's Fair Workweek and Fast Food Deductions laws, which took effect on November 26, 2017. These new laws end unfair and inconsistent scheduling practices in the fast food and retail industry and ensure workers are able to make direct contributions to nonprofit organizations of their choice through their employer. We will continue to focus on outreach and education and will investigate any complaints we receive. If you're a fast food or retail worker, know your rights. If you're a fast food or retail employer, know your responsibilities.
DCA Wishes You a Happy and (Financially) Healthy New Year!
New Year's is a time to both reflect on the past and set important goals for the future. We encourage you to take control of your finances in 2018 by booking an appointment online for free, one-on-one financial counseling at a Financial Empowerment Center. DCA's Financial Empowerment Centers are located in all five boroughs with more than 20 centers and professional counselors that speak multiple languages.
For more DCA news, visit nyc.gov/dca
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