The Consumer Financial Protection Bureau has joined New York City Mayor Michael Bloomberg to take the Cities for Financial Empowerment program nationwide.

The Cities for Financial Empowerment Coalition was co-founded by Mayor Bloomberg and a group of municipal governments to help financially stabilize low income families.

The partnership, announced Tuesday, is meant to boost Bloomberg's program to help financially educate and protect consumers.

"We need all hands on deck to protect consumers in the financial marketplace," said CFPB Director Richard Cordray in a joint announcement. "Cities have a special role to play, and New York City has embraced that responsibility."

New York City is the third city that the CFPB, created under the Dodd-Frank Act, has formed a partnership with since last year.

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