Tulsa’s Office of Financial Empowerment & Community Wealth (OFE) endeavors to ensure all Tulsans have access to the programs and resources needed to achieve financial stability and resiliency through partnership development, strategic coordination, policy and advocacy, and building long-term sustainability of financial empowerment strategies across our community.
The Office of Financial Empowerment & Community Wealth (OFE) was launched in 2023 and is housed within the Mayor’s Office of Resilience and Equity in the Department of City Experience. The OFE implements its financial empowerment strategies across four pillars:
The City of Tulsa, in partnership with Goodwill Industries of Tulsa and Tulsa Responds operates Financial Empowerment Centers (FECs) that offer one-on-one financial counseling at no cost to all residents. Services are available to anyone regardless of income. Services are available in English, Spanish, Hmong, Pashto, Urdu and other languages via Language Line.
Any Tulsan over the age of 18 can receive free, individualized, professional, one-on-one financial counseling to work on outcomes related to banking, savings, debt reduction, and improving credit scores.
The FEC has several locations across Tulsa to increase access to financial counseling:
The City is embedding financial empowerment programs and policies into City services to improve individual and family financial stability. Currently we have embedded the FEC into our Tulsa Municipal Court several days a week. By Judge/Court referral, clients can receive up to $250 of fines/fees waived after completing three FEC sessions; plus $100 for each subsequent FEC session up to and including full waiver of fines/fees owed.
Through our Bank On Coalition, Tulsans can access safe and affordable bank accounts. Bank On accounts have no overdraft fees, no insufficient funds fees, and minimal monthly maintenance fees. Tulsa currently has 13 financial institutions offering a safe and affordable bank account.
Through our Bank On Coalition, we offer financial literacy workshops throughout the City of Tulsa on topics such as budgeting, understanding credit, debt, student loan repayment and pathways to homeownership.
Through the national Volunteer Income Tax Assistance (VITA) program operated locally in Tulsa, by Goodwill and Tulsa Responds, households that earn less than $67,000 a year can receive free tax preparation and filing. VITA has helped over 5,000 Tulsans receive nearly 7 million in refunds, 2.7 million in Earned Income Tax Credits (EITC), and 1.8 million in Child Tax Credits.
Learn more about free tax prep here.
The Office of Financial Empowerment and Community Wealth is currently executing a three-year strategic plan. Our current strategic plan will end in 2026. To read a copy of the strategic plan please click here.
OFE is a result of the City's participation in the national nonprofit organization the Cities for Financial Empowerment Fund’s (CFE Fund’s) Financial Empowerment City initiative.
Tulsa was one of six municipal governments chosen for the inaugural cohort of Financial Empowerment Cities and received extensive training and technical assistance over two years to create an Office of Financial Empowerment and Community Wealth that institutionalizes local financial stability programming and policy efforts in the City of Tulsa.
The CFE Fund’s Financial Empowerment Cities (FE Cities) initiative helps municipal partners institutionalize and catalyze financial stability efforts through the formal launch of an Office of Financial Empowerment (OFE), led by local leaders trained as National OFE Leaders. The country’s first wave of Offices of Financial Empowerment - such as in New York City, San Francisco, Denver, Lansing, and St. Paul - have created vibrant opportunities locally.
In addition to conceiving of, resourcing, and running large scale programs like Financial Empowerment Centers, Bank On coalitions, child savings programs, and consumer financial protection programs, these OFEs also have been positioned within their administrations to play key roles in financial justice efforts, emergency services, and more.
Guided by the CFE Fund, FE Cities cohort partners will incorporate key lessons learned from these pathbreaking cities into their vision and strategy for creating an OFE that has meaningful impact on the financial stability of its residents.
For more information about the CFE Fund click here.
For more information, please contact resilient@cityoftulsa.org.
Student Loan Repayment Informational Resources
.png)
Facebook
Twitter
Mail