Last Friday, Housing and Economic Development Secretary Greg Bialecki and I participated in the Financial Education Summit at the Federal Reserve Bank, meeting with a great group of people dedicated to creating smarter consumers who are better aware of money matters.
Information is power, particularly when it comes to handling money and making smart decisions for your family. The Summit on Friday kicked off Financial Education Month in Massachusetts, and I was able to discuss some of the programs and initiatives we operate that deliver necessary information to consumers. (In the photo right are David Floreen of the Massachusetts Bankers Association, Susanne Cameron of Citi, Kathleen Tullberg of the Massachusetts Community & Banking Council, and Margaret Miley of the Midas Collaborative as I present the Governor’s Proclamation announcing Financial Education Month.)
In recent years, our foreclosure prevention efforts have given 3,500 people the opportunity to meet one-on-one with lenders, helped another 1,350 win stays of foreclosure, and have provided nearly $4 million in foreclosure education and prevent grants to regional counseling agencies. Additionally, in August Governor Patrick signed legislation that further helps homeowners by extending the right-to-cure period from 90 to 150 days.
Our Division of Banks and banking organizations maintain a low-cost checking and savings account program that encourages people to open an account. A recent Division of Banks report found the fees associated with check-cashing entities can be significantly more than a basic checking account, and using check cashers does not help create the long-term benefits of more and stronger financial services that can come from having a checking account.
Additionally, last month our office announced the second year of Project Credit Smarts, which brings credit and debt education to college students around the state. When we talk about getting information to consumers, we do it with the hopes that they make good decisions in the long run. As we found with Project Credit Smarts, students often learn lessons the hard way. Watch the video below as Andrea Craddy of Springfield Technical Community College and Ben Davis of UMass-Amherst both discuss dropping out of school because of debt issues.
America Saves Week posted on Feb 27
Developing a savings habit can be difficult, especially with wages that aren’t meeting rising expenses and young adults lacking financial knowledge. Saving money is worth the effort, and America Saves Week (February 27– March 4, 2017) promotes this very idea. Founded in 2007, this …Continue Reading America Saves Week
The Form W-2 Scam: When it’s OK to Say No to your Boss posted on Feb 23
Tax season is here. Unfortunately, this also means tax season scams are here and we’ve got the proof. Our office has received several data security breach notifications since the start of 2017 from companies that have fallen victim to the Form W-2 scam. How does this …Continue Reading The Form W-2 Scam: When it’s OK to Say No to your Boss
Understanding Your Financial Institution’s Data Breaches posted on Feb 21
The Commonwealth’s Data Breach Notification Law, Mass. General Law, Chapter 93H, requires businesses and other entities that own or license personal information of Massachusetts residents to notify the Office of Consumer Affairs and Business Regulation and the Office of the Attorney General when they …Continue Reading Understanding Your Financial Institution’s Data Breaches