Seeking to strengthen financial stability and expand opportunity for residents, Mayor Freddie O’Connell has unveiled plans for a new Mayor’s Office of Financial Empowerment (OFE), backed by a grant from the national nonprofit Cities for Financial Empowerment Fund (CFE Fund). The new office, led by a soon-to-be-hired manager, will coordinate efforts to improve quality of life and affordability by expanding access to financial counseling, wealth-building opportunities, and affordable banking services.
“We’re focused on key priorities like improved quality of life and affordability for all our residents,” said Mayor O’Connell. “The Office of Financial Empowerment is an important component—giving residents tools to thrive in Nashville’s growing economy. This office will work closely with our Financial Empowerment Center, the nonprofit sector, financial institutions, and funders to promote economic growth, reduce poverty, and close gaps in access to financial services.”
The Metro Council held a vote Tuesday evening regarding acceptance of the CFE Fund grant. The Community Foundation of Middle Tennessee is also contributing matching funds, bringing the total investment to just over $280,000.
Council Member Kyontzé Toombs, vice chair of the Budget and Finance Committee, underscored the value of the initiative. “Helping our residents establish strong financial practices reduces debt, increases household savings, and supports financially stable lives—especially for young people, families, and older adults,” Toombs said. “Getting tools like one-on-one financial counseling and access to banking into the hands of more residents is invaluable.”
The OFE will serve all Nashvillians, with particular focus on populations often facing the greatest financial challenges, including young adults, retirees, and low-income families. The office also plans to integrate financial empowerment strategies into Metro Nashville programs and policies.
“Local governments have a critical role in building residents’ financial stability,” said Jonathan Mintz, president/CEO of the CFE Fund. “An Office of Financial Empowerment, with dedicated leadership, is more than a collection of programs. It’s a catalyst for embedding financial empowerment throughout government. We congratulate Nashville on this commitment and are excited to partner with Mayor O’Connell and his team.”
The new office will complement the work of the existing Financial Empowerment Center (FEC), a partnership between the Mayor’s Office and United Way, which provides free financial counseling to any Nashville resident. Services can be accessed through the United Way of Greater Nashville’s website.
