This November, Prosperity Works set our most ambitious fundraising goal ever. On November 27th, #GivingTuesday 2018, we set out to raise $25,000 to put directly towards our programs and initiatives - all of which energizes and furthers our mission to power economic opportunity for all New Mexicans. We are extremely proud - and giddily thrilled - to announce that with your help, we not only reached but exceeded our historic goal. The total we raised is impressive, but we're even more blown away by the number of individual donors who helped us reach this milestone. 90 different families and individuals from across New Mexico and across the country made a gift on this special day. We nearly doubled the number of people who supported Prosperity Works on #GivingTuesdsay 2017. That's 90 people who said, "Yes, I believe the best investment I can make is investing directly in hardworking New Mexicans." We promise to deliver a return on your investment. We also couldn't have reached this goal without the grassroots financial support from local businesses and corporations who wanted to signal that they believe in the mission of Prosperity Works and they've got our back. That's what happened this year. In a BIG way. Prosperity Works received a total of $10,000 in matching gifts for Giving Tuesday from sponsors such as BBVA Compass Bank, US Eagle Federal Credit Union, New York Life, New Mexico Mutual, Duran Central Pharmacy, Nexus Brewery and TLC Plumbing.
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Jason Knowles
Whether it's donations of time, money, food, clothing or other essential services, Giving Tuesday has become a reminder for us to pause for a moment of dedicated reflection -- and to connect with the causes, non-profits and charitable organizations that are closest to our hearts.
We've seen the exposure - and the recognition - of Giving Tuesday grow exponentially since it began, with participation by over 7,000 non profits and counting. Here at Prosperity Works, Giving Tuesday is our largest fundraising event of the year. It's a vital revenue component in our ongoing work of advocating for financial equity and inclusion for all New Mexicans. Equally important, Giving Tuesday has proven to be an invaluable way for us to connect (& reconnect!) with our Prosperity Works' friends, donors, prospects and influencers, as we continue the work and progress we've made with our matched-savings accounts like IDAs and CSAs, our Prosperity Kids program, as well as our ongoing fight against predatory lending in our state. You'll be hearing about Giving Tuesday from us during the entire month of November, as we lead up to this important event on November 27th. And while we hope Prosperity Works remains front and center on your list for Giving Tuesday 2018, we also recognize that any and all giving on this important day makes a world of difference. After all, we're all in this together. And to quote former Senator Paul Wellstone, "We all do better when all do better." Join us on Giving Tuesday this year! Fair Lending Opportunity Expanding in New Mexico: What Payday Lenders Don't Want You to Know10/24/2018 Michael BarrioThis Guest Column originally ran in the Albuquerque Journal on October 22, 2018.
Unlike the 136 storefront lenders currently offering high-interest loans in Albuquerque, U.S. Bank is governed by federal law, and its products are not subject to N.M. state laws around interest rates and other consumer protections. Banks largely discontinued making payday and other high-cost loans in 2013. But last year the federal Office of the Comptroller of the Currency rescinded the previous guidance in an effort to give consumers alternative options to storefront lending.
We are pleased to see the financial industry working to address the issue of triple-digit, predatory, small-dollar loan products, but Simple Loan is a far cry from our goal of making fair loans accessible to all New Mexicans. In addition to a high interest rate and short-repayment term, the product is available only to current U.S. Bank account holders. More than one-third of all New Mexicans are unbanked or underbanked, meaning they have limited or no access to mainstream financial institutions. Our percentage of unbanked households is on par with Alabama and only slightly better than Georgia, Louisiana, Mississippi, and Oklahoma. Eleven percent of households in the Albuquerque metro area have no members with a bank account. Nancy Martira
The are numerous places online where you can submit a comment. Some forms make it particularly easy for individuals by pre-populating a response - just add your contact information and send.
Below the jump, you'll find the full text of the letter submitted by Prosperity Works on behalf of all New Mexicans. Please join us in the fight to #SavetheCensus. Prosperity Works Petitions Indian Affairs Committee to Compel FID to Report on Storefront Loans7/3/2018 Nancy Martira, Communications Manager
Since it is impossible to know how well the new law is protecting New Mexicans, Prosperity Works is also petitioning to see the data lenders are compelled to report to the FID about the loan products they are selling.
In addition to capping the interest rate, the new law also requires lenders to provide clear information about the costs of loans, allows borrowers to develop a credit history when they make payments on small-dollar loans, and sets minimum contract terms for small loans, including at least four payments and 120 days to pay off most loans. "The data and reporting transparency we seek is necessary to close loopholes that could render HB 347 ineffective, and to augment existing consumer protections in New Mexico," says Michael Barrio, Prosperity Works Director of Advocacy. Following testimony from Prosperity Works and the New Mexico Center on Law and Poverty, the Indian Affairs Committee passed a resolution asking the FID to provide a full report as well as a presentation to the committee later this fall. The passage of HB 347 was a necessary step to protect all New Mexicans, particularly Native American communities who have been aggressively targeted by this industry. Prosperity Works continues to fight for increased consumer protections while working to make sure the existing laws are effective as intended. Read the full press release at the New Mexico Center for Law and Poverty. Prosperity Works is excited to welcome a new member to our staff. Dara Romero has joined the team as our new Technology & Innovation Manager. Dara comes to us with experience in corporate HR, non-profit consulting and even experience owning a retail business! When Dara isn't hard at work at Prosperity Works, she manages her own socially conscious fashion line! Welcome, Dara. We're so happy to have you aboard.
Our Albuquerque-based team is hiring two positions. If you know a qualified candidate who enthusiastically upholds Prosperity Works’ vision for a future in which all New Mexicans have the knowledge, relationships and opportunities to thrive, please encourage them to check out these job postings: Director of Development
According to recent numbers from New Mexico Voices for Children, 27% of children in the state live at or below the poverty level and 38% live in single-parent families. These numbers more accurately contextualize the fact that New Mexico is one of the poorest states in the nation and magnify the urgency to reassess and rethink how New Mexico approaches poverty - how we talk about it and how we conceptualize solutions. In general, Republicans and Democrats seem to agree that education is critical to encouraging career mobility and financial stability, as well as a host of other psycho-social indicators and, subsequently, that addressing early childhood education is a top policy priority. However, our work as a State on related policy and legislation has stalled largely as a result of partisan dissension and bickering about approach and appropriations, but also because I don't believe we're taking advantage of existing innovations.
Twenty years ago, Michael Sherraden's proposal to provide individual development accounts (IDA's) for those experiencing poverty catalyzed discussions and policy and what came to be known as the 'asset development movement'. Essentially, IDA's offer matching contributions and provide matching contributions and financial capability education. They are designed to build assets for post-secondary education or buying a house and have historically been funded through federal legislation. In the United States, states like Connecticut, Maine, Massachusets, New Hampshire, Rhode Island, Vermont, California, Mississippi, Michigan, Nevada, Texas and Kansas offer children's savings accounts (CSA's) to encourage parents to begin saving early for their children's education (especially low-income families). Although the programs vary by state, the accounts are long-term savings accounts opened for a child when it is born and most states offer incentives for deposits and tax exemptions, deductions or deferrals on the earnings. Many offer to seed the accounts with an additional deposit and offer matching contributions as incentive to families to continue saving.
Here in New Mexico, the Prosperity Kids program, administered by non-profit Prosperity Works, has been developing and maintaining CSA's since 2014 as a pilot program. Prosperity Kids establishes accounts for children with an opening amount of $100, matches one-to-one up to $200 per year for 10 years, and allows parents to earn benchmark deposits for completing activities associated with child development and academic achievement. The funds are available for post-secondary education or stable transition into adulthood. The program incorporates both account funding and financial training, which has been shown to build wealth and create a college-going identity for children and their families. Additionally, the program establishes emergency savings accounts for parents to utilize for health expenses, car repairs, and other emergency situations so that there are available resources other than their children's accounts. The program works to open pathways and create opportunity for children and their families, while working to cultivate and encourage education as a critical tool in financial stability and asset formation. CSA programs such as these are proven tools for combating poverty with bipartisan appeal and a wide range of benefits, including increasing school performance, saving for college, increasing financial literacy, establishing bank accounts that help families avoid predatory lenders, and creating emotional well-being. But, like anything else, CSA’s and the programs attached to them require a mix of public and private sector funding to realize the potential that they create. As we approach and move past the New Mexico June primary, I believe these are the kinds of solutions and systems that should be garnering much more attention and consideration from our gubernatorial (and congressional) candidates if they are honestly concerned with the state of children and the impoverished in New Mexico and reaching real solutions. It's time to start making real changes to secure the future of our children and our economies. The kids aren't alright.
After the recent news about a bill before the U.S. House of Representatives that would cut funding for #SNAP by $20 billion over the next ten years while imposing strict new eligibility standards, I'd gotten to thinking about the last year in regard to social services.
The past year has seen a steady dismantling of the social safety net in the United States. Under the current administration, a series of policy decisions have been made that come along with strict assistance requirements. These kinds of restrictions cut across healthcare, food, housing, and cash assistance and run contrary to historical evidence against mandating work requirements. Finding and securing work under stricter requirements is far more difficult, not to mention the fact that work (or lack thereof) is the reason so many people find themselves in need of such assistance in the first place. Programs like TANF, SNAP, and Medicaid help people experiencing poverty get through hardships that can make maintaining employment exceedingly difficult - like mental illness, disability, domestic violence, etc.. |
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