Giving Tuesday (#GivingTuesday) is an international day of giving created in 2012 and traditionally held every year on the Tuesday after Thanksgiving.  Conceived as a response to Black Friday, Cyber Monday, and the consumerism of the holiday season, Giving Tuesday is a way to give back to your local communities.

​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!

Recently, U.S. Bank announced a small-dollar loan product known as Simple Loan. The announcement generated fanfare in New Mexico and beyond. The product is a three-month installment loan of up to $1,000. While the Simple Loan APR of 70 percent is concerning, the offering marks a positive change in the industry landscape: the return of banks to the short-term, high-interest loan market.

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.