• EMPath
  • Centerboard
  • Action for Boston Community Development
  • Compass Working Capital
  • Berkshire Community Action Council, Inc.
  • Jewish Vocational Services
  • Urban Edge Housing Corp
  • Jamaica Plain Neighborhood Development Corporation
  • Asian American Civic Association
  • Travelers Aid Family Services
  • Dorchester Bay Economic Development Corporation
  • Heading Home
  • Quaboag Valley CDC
  • Moving from Debt to Assets
  • Madison Park Development Corporation
  • Center for Women and Enterprise
  • Codman Square NDC
  • Lawrence Community Works
  • One Family Inc.
  • FamilyAid Boston
  • La Vida
  • The Community Builders Inc.
  • Financial Education Associates
  • Springfield Partners for Community Action
  • YWCA-Boston
  • MAHA (Massachusetts Affordable Housing Alliance)
  • Empower Yourself
  • Cambridge Economic Opportunity Committee
  • Somerville Community Corporation
  • Cambridge Housing Authority
  • Homeowner's Rehab, Inc
  • Massachusetts Museum of Contemporary Art
  • Beverly Bootstraps
  • More Than Wheels
  • Jewish Family and Children’s Services
  • DotWell
  • Allston Brighton CDC
  • The Neighborhood Developers

Blog

Fri, 10/14/2016 - 13:08

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

Tue, 09/06/2016 - 10:57
The Midas Collaborative’s Board of Directors announced today that it has selected Pam Hoffman as the organization’s new executive director. Hoffman brings to the role more than 20 years of leadership in the corporate, nonprofit and municipal sectors. Founding executive director Margaret Miley will assume the position of strategic advisor.
 
“We are thrilled to announce Pam as Midas’ new executive director. She has the right experience and right values to lead the organization in this important moment in its history,” said Susanne Cameron, Board Chair. “We are also indebted to Margaret Miley for her years of service as the founding executive director, and we look forward to collaborating with Pam and Margaret towards the goal of long-term financial stability for all Massachusetts families.”
 
“The Midas Collaborative has done amazing work since its inception in 1999. Advancing the financial security of low to moderate income families in Massachusetts remains as pertinent today as it was 17 years ago. As income inequality continues to grow, families are feeling the effects of rising costs with limited support and access to quality financial education,” said Hoffman. “Midas and its members have always been at the frontline in asset building and protection, innovative programs such as remote financial coaching, and quality financial education. I am honored to be the new executive director and look forward to expanding and strengthening our collaboration with current and new members tackling economic issues facing our state.”
 

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Mon, 08/29/2016 - 16:13

Join us on Tuesday, November 15th for
The Midas Collaborative’s Assets and Opportunity Reception

5:00-6:30pm at John Hancock Financial
601 Congress Street, 4th Floor Atrium, Boston, MA 02210

Our annual event is a celebration of the successes of our member collaborative from the past year and recognition of champions within our field including the 2016 Assets & Opportunity Champion Senator Jamie Eldridge.

This year’s event will also honor our founding executive director, Margaret Miley, usher in new leadership for Midas with new executive director Pam Hoffman, and share our vision to advance financial security. Don’t miss out as stakeholders network, share best practices, and collaborate to increase the economic stability of Massachusetts residents. Register here. 

Interested in sponsoring the event? Explore sponsorship opportunities here. 

Tue, 08/23/2016 - 15:45

Join us on Tuesday, September 13th at 10am-12 noon at Boston Private Bank at 10 Post Office Sq in Boston. Hope to see you there.

Agenda:

• Introductions including Midas’ new Executive Director
• Presentation with member organization Empath on Cliff Effects
• Issues Facing Our Clients and Potential Solutions
• Midas Member Forum – Share program updates, upcoming events, opportunities to collaborate, etc. with our new ED

Thu, 06/30/2016 - 12:00

Stay up to date with Midas! Check out our most recent e-newsletter

Wed, 06/22/2016 - 15:18

Studying impact, innovating asset-building, and increasing economic development; it’s what we do. Midas procured a longitudinal evaluation of our program that increases household financial security through the expansion of microenterprise. Over 300 participating businesses were studied, showing that cultivating diverse, low income entrepreneurs with long-term support, training, and capital --not debt-- is highly effective in increasing income and assets.  Read overall outcomes and perspectives from individual businesses in the Executive Summary and Full Report

Sat, 03/28/2015 - 17:41

Thank you to everyone who helped make the day great by sharing your knowledge and experience as we continue to build financial foundations. A few resources from the Summit to use in your work; 1. Presentations from Track 2 of Breakout Sessions one and two, 2. Updated MassSaves.org website, which includes a plethora of vetted sites and information, and 3. Jacqueline Prester's presentation from the Jump$tart/Fidelity Investment track. Check out photos from the day on The Midas Collaborative Facebook page.

Tue, 11/11/2014 - 11:32

We had a great time at the Assets & Opportunity Breakfast, the Assets & Opportunity Breakfast in October. The Breakfast was an opportunity for nearly 100 stakeholders to share best practices, learn about new initiatives and network. Senator Sonia Chang-Diaz moderated the “What Does it Take to Increase Financial Security & Resiliency in Massachusetts?” panel with Assets & Opportunity champions Lew Finfer of the Raise Up Mass coalition, and Jeff Fuhrer representing The Federal Reserve Bank of Boston.

A special thanks to our sponsors:

Asset Champion
Nationstar Mortgage

Asset Protectors
Boston Private Bank & Trust

Asset Supporters
Cambridge Savings Bank
United Way of Massachusetts Bay and Merrimack Valley
Capitol One Bank 

Non-Profit Asset Leaders
Crittenton Women's Union

Asset Ambassadors
Center for Responsible Lending
Center for Enterprise Development
Metro Credit Union
United Way of Pioneer Valley
East Boston Savings Bank
Denterlien
Jewish Vocational Services
Metropolitan Boston Housing Partnership

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