City of Charleston Launches Financial Empowerment Center, Offering Financial Counseling As Free Public Service

CHARLESTON, S.C., February 24, 2026 /3BL/ - The City of Charleston in partnership with the national Cities for Financial Empowerment Fund (CFE Fund) announced the grand opening of Charleston’s Financial Empowerment Center (FEC), offering professional, one-on-one financial counseling and coaching as a free public service to the local community.

At the Charleston FEC, professionally trained financial counselors help individuals and families with low and moderate incomes manage their finances, pay down debt, increase savings, establish and build credit, protect assets, prepare for legacy planning and access safe and affordable mainstream banking products.

At the core of the FEC model is the integration of counseling into other social services, such as housing and foreclosure prevention, workforce development, benefits access, domestic violence services, and more. Charleston FEC services are offered to the public through close partnership with local nonprofit, Increasing HOPE, an established financial training center with over 20 years of experience in the community. Residents can access Charleston FEC services by visiting www.Charleston-sc.gov/FEC. The national FEC initiative is funded by a $1 million grant from the Wells Fargo Foundation, along with support from other generous partners.

“At Wells Fargo, we are committed to opening pathways to economic advancement and helping to build stronger communities,” said Kristy Fercho, Head of Financial Inclusion and Opportunity at Wells Fargo. “Our support of Charleston’s Financial Empowerment Center is a tangible way to help individuals and families strengthen their financial futures.”

“Local leaders know first-hand the connection between family financial stability and community financial stability – and this connection is especially important during the current crisis,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Mayor Cogswell and the City of Charleston is part of a growing national movement to bring free, high-quality financial counseling as a public service to their residents; we are proud to partner with Mayor Cogswell to help residents work towards a stronger financial future.”

About the FEC Movement

First piloted in New York City under Mayor Michael R. Bloomberg in 2008, FECs across the country have worked with over 200,000 clients, helping them reduce individual debt by over $344 million, and increasing their families’ savings by more than $69 million. In addition, a CFE Fund evaluation showed that this program works even for residents with very low incomes and other complex financial challenges. The City of Charleston is one of over two dozen local governments working to launch a local FEC initiative. The Charleston FEC is supported by the CFE Fund, Wells Fargo, JP Morgan Chase, and Pinnacle Financial.

About the Cities for Financial Empowerment Fund (CFE Fund)

The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 150 cities and counties, and has disbursed over $75 million to city governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.

For further information, please contact Macy Adams at adamsm@charleston-sc.gov.

###