The Midas Collaborative thanks Attorney General Maura Healey for her continued support of Midas and the Family Financial Protection Act (FFPA), which passed in the Massachusetts Senate in early July. On July 18th with WGBH News, the AG responded to caller, Midas' Margaret Miley, about the importance of FFPA in protecting Massachusetts families with a fair and transparent debt repayment system. The bill is currently in the House Ways and Means committee, with advocates including the AG, pushing for release to the House for a vote before the end of the session. Check out the WGBH interview (starting at minute 11:46) about FFPA and Midas' work.
In response to the Massachusetts Senate passing the Family Financial Protection Act, community advocates issued the following statement:
“We applaud the leadership of the Senate, especially lead sponsor Senator Jamie Eldridge, in passing the Family Financial Protection Act (S146) by a vote of 29-9. Abuses in the debt collection process are widespread. 23 percent of Massachusetts residents have debts in collection, with an average debt of $4,600. Massachusetts residents deserve a fair and transparent process to repay their debts, which the current system doesn’t allow. The current system allows out-of-state debt buyers to file large numbers of debt collection cases, straining our local court system, often in pursuit of debts that may not be collectible because they are too old, or may not be fully accurate. Residents are trapped by exorbitant fees, wage garnishment, and/or arrest warrants during this process, often leaving them in financial ruin."
Read the full statement here.
Check out our recent report: Massachusetts’ Debt Trap: How private debt buyers are using the courts to hurt families by Ginger Haggerty (June 2016)
Midas discusses the importance of the Family Financial Protection bill with BNN News. April, 2016
Midas coordinated the annual Statewide Summit on Financial Education with other members of the MassSaves Coalition. The Summit's theme was "Building Financial Foundations: A Financial Capability Summit for K- College Educators, Practitioners, & Supporters." Check out presentations from the event. March, 2016
Midas, the National Consumer Law Center, and others express concern about a bill before the Senate to end the prohibition against for-profit debt management companies in the state.
Midas and other partners call for increased protections from debt buyers before a hearing of the Massachusetts Joint Committee on Financial Services. Oct, 2015
Midas coordinated the annual Statewide Summit on Financial Education with other members of the MassSaves Coalition. The Summit's theme was "Financial Education: Teach it, build it, coach it, spread it, live it, love it!" April, 2015