Advancing financial security in Massachusetts includes advocating for policies that create an economy where individuals and families thrive. Our 2017 state policy priorities outline various policies that will create a pathway for a stronger financial future. Please contact Ginger Haggerty at Ginger@MassAssets.org or 617.787.9804 x221 for more information.
Mark your calendars! The 9th annual MassSaves Summit will be held on Friday, April 28, 2017 at Worcester State University in Worcester, MA.
The Summit is an opportunity for teachers, financial educators, and supporters from all backgrounds to network, share, and learn to improve financial education. The 2016 Summit focused on a multi-generational approach to building financial foundations that we plan to improve upon in 2017. Further details on the agenda will be shared shortly but don't miss out on reserving your spot today.
The beginning of a new year always brings about resolutions focused on growth. Many across Massachusetts are focused on boosting their financial stability for a stronger future. If you are looking for easy steps to "stay afloat" in 2017, check out the guide: Staying Afloat, Managing Your Finances in a Changing Economy. The guide outlines nine ways to save your money, reduce your expenses, and protect your future. The financial information is Massachusetts-specific for consumers, available in English, Spanish, Portuguese, and Haitian Creole.
On Tuesday, December 13, 2016, the Midas Collaborative convened members, partners and allies from across the state for a collaborative session to discuss goals and strategies to ensure a stronger financial future for Massachusetts residents. Thank you to those who attended, your insight was valuable as we determine next steps to address economic injustice in this new political climate. Next steps include a policy roundtable in February 2017, a town hall meeting in June 2017, and much more. This is just the first step in hopefully many to ensure Massachusetts is a leader in economic justice.
Check out our latest e-newsletter. Learn more about our pathway forward in 2017 for economic justice for all.
Check out Midas' November e-newsletter. Get a recap on our 2016 Assets & Opportunity Reception and join us for our annual meeting on Tuesday, December 13th at 1:30pm to discuss collaborating for economic security post-election.
Midas is honored to have Attorney General Healey's leadership in financial opportunity and consumer protection. Attorney General Healey is unable to join us in-person to present Senator Eldridge with his Assets & Opportunity Award on Tuesday, November 15th and wanted to share her support in the video below.
Stay up to date with happenings at Midas! Check out our latest e-newsletter here.
The Midas Collaborative (Midas) and other consumer advocates and community organizations submitted comments to the Consumer Financial Protection Bureau (CFPB) that support the rule to regulate the high-cost loan industry, also known as “payday lenders”. As a strong consumer-protective state, Massachusetts does not have a preponderance of these short term loans that target low income residents and military families. However, current state regulations could be threatened by changes in national regulation, so the strongest possible federal rule is supported by Midas. Payday loans cost consumers up to 300% in interest and fees for loans as low as $300.
As one of the few states without payday lenders, Midas recognizes the importance of strong regulations against predatory lenders who essentially trap vulnerable residents in insurmountable debt. The rule is a critical step in stopping the harmful effects of unaffordable loans, but it must be strengthened to ensure it stops the debt trap for low-wage workers across the state. The current Massachusetts statute, known as the Small Loan Law, caps interest rates at 23%, effectively banning payday lending within the state. This protects consumers’ income and reduces their exposure to abusive debt collectors, as outlined in Midas’ “Massachusetts Debt Trap” report.
Read the full press release here.