New York, NY – November 2, 2016 — Today, Urban Resource Institute, a New York City-based nonprofit specializing in domestic violence services, began a new series of financial literacy workshops for its domestic violence shelter residents with the support and expertise of BBVA NY, a global financial services firm. The workshops will help survivors of domestic violence overcome economic abuse, which is when an abuser seeks to control the finances of their victim. Economic abuse is present in 98% of domestic violence cases.
Abusers will often steal a victim’s income, prevent them from working, and even ruin their credit score by taking out loans or opening credit cards in their name, all in an effort to keep their victim financially dependent on them and therefore unable to leave the abusive situation. Even if they manage to escape, survivors of domestic violence often feel they have no choice but to return to their abuser because they lack the basic tools to be financially independent.
“In the wake of Domestic Violence Awareness Month, there has been increased recognition of issues surrounding intimate partner violence, but many people still don’t realize that abuse comes in economic forms as well as physical,” said Nathaniel Fields, president and CEO of URI. “Given the prevalence of economic abuse, it is critical to provide survivors with the tools they need to recover from the financial impact of domestic violence. We are grateful for BBVA’s help in bringing resources and attention to this critical and under-recognized issue and look forward to empowering our residents to take control of their financial futures.”
The ongoing financial literacy workshops, led by BBVA NY experts, will give residents at URI’s shelters the information necessary for them to maintain economic independence and get on the road to improving their credit and finances. Today’s workshop contained two modules: one on how to build and repair credit, and another on how to evaluate your financial situation, take stock of your expenses, and develop and implement a financial plan.
“BBVA Compass has as its purpose to bring the age of opportunity to everyone, including those who have stumbled, beyond their control, into a stressful and unfortunate situation,” said BBVA Compass Director of Corporate Responsibility and Reputation Reymundo Ocanas. “Our employees have the trusted expertise these economic abuse victims need to take back that control. We’re committed to helping people get a firm handle on their financial lives and to create opportunity for themselves.”
For tips on helping victims of economic abuse protect themselves, their families and their financial futures, please visit https://urinyc.org/domestic-violence/about-abuse/#economic.
About Urban Resource Institute
Urban Resource Institute (URI) is a leading non-profit organization that provides comprehensive, holistic, and supportive social services that aid and empower New Yorkers in times of crisis. URI’s programs help victims of domestic violence, the homeless, and other at-risk populations to live in safety and recover from trauma. With a rich 35-year history; deep community relationships; and a flexible, innovative approach to program development and service delivery, URI is uniquely equipped to provide solutions to the challenges affecting New York City’s most vulnerable populations. Headquartered in Manhattan, URI is one of the largest providers of domestic violence services in New York City, serving over 1,600 clients annually. For more information, please visit www.urinyc.org.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 674 branches, including 345 in Texas, 89 in Alabama, 75 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico, and commercial and private client offices throughout the U.S. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (4th). BBVA Compass was recently named Best Digital Bank in North America by global finance magazine Euromoney, and earned top nods for best mobile app and best regional bank in the South & West in Money magazine’s annual list of the Best Banks in America. Additional information about BBVA Compass can be found at bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com.