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.
Forced Arbitration: What the CFPB is doing to further protect consumers posted on Oct 27
The Consumer Financial Protection Bureau, or CFPB, was created by the federal government as a result of passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act to regulate financial products and protect consumers in the market. What is “forced arbitration?” Forced arbitration …Continue Reading Forced Arbitration: What the CFPB is doing to further protect consumers
Health Insurance Open Enrollment posted on Oct 24
Looking for health insurance for you or your family and your employer doesn’t offer it? The Commonwealth’s Health Insurance Connector’s Open Enrollment begins this year on November 1, and continues through January 31st, 2017. Massachusetts and federal law prohibit consumers from purchasing an insurance plan outside of the Open Enrollment period unless there is a qualifying event, such as a birth or adoption of a child, marriage, divorce, loss of insurance through employer, etc.
Have a Safe and Spooktacular Halloween posted on Oct 24
Halloween is a night of tricks, treats, and lots of fun. Unfortunately it’s also anight when people often forget to exercise caution. The Office of Consumer Affairs and Business Regulation would like to provide everyone with a few tips to help make this Halloween a …Continue Reading Have a Safe and Spooktacular Halloween