Barbara Anthony, Undersecretary of the Office of Consumer Affairs and Business Regulation
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.
Something To Be Thankful For: Price Scanning Accuracy posted on Nov 19
The Massachusetts Item Pricing Law was written to ensure that food retailers remained consistent and accurate in how they charge consumers. Since its last update in 2013, the law has been extended to cover consumer-use price scanners and automated check out systems. The Division of …Continue Reading Something To Be Thankful For: Price Scanning Accuracy
Thinking of Joining a Health Club? Read the Fine Print. posted on Nov 14
With the holiday season fast approaching, and the New Year soon after, many consumers are already starting to consider health club memberships as part of their 2015 resolutions. Last year, our office surveyed local health clubs and found that getting a good deal on health club …Continue Reading Thinking of Joining a Health Club? Read the Fine Print.
IRS Scam Alert: Don’t Be Tricked into Paying Debts You Don’t Really Owe posted on Oct 3
Recently, the Hotline received three calls about this scam in just one week, so it is important for consumers to know how it works and how to avoid being scammed.