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New Economy Project Testifies at Federal Field Hearing that Debt Buyers Illegally Extract Billions of Dollars from Communities of Color
Debt collectors engage in rampant fraud and systematically use the courts to extract billions of dollars from low-income people and people of color, according to hard-hitting testimony delivered today by Susan Shin, New Economy Project’s legal director. Shin traveled to Sacramento, California to share our expertise from years of working with thousands of low-income New…
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NY Groups Call on New DFS Supt. Maria T. Vullo to Speak Out Against Check Casher Industry Bill
New Economy Project, Lower East Side People’s Federal Credit Union, MFY Legal Services, Inc., Westchester Residential Opportunities, Inc., and Western New York Law Center issued a statement regarding the NYS Senate’s confirmation of Maria T. Vullo as Superintendent of Financial Services, the state’s top financial regulator.
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New Economy Project and Allies Go to DC to Demand Strong Payday Lending Rule
A coalition of two dozen faith leaders, and labor, civil rights, and community groups from states that ban payday lending hand-delivered strongly-worded letters to Consumer Financial Protection Bureau Director Richard Cordray on Wednesday, calling on the federal agency to “use its full authority” to crack down on predatory payday lending.
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Community Groups Call on New York City to Fight for Responsible Banking Act
The Association for Neighborhood and Housing Development (ANHD), New Economy Project, Legal Services NYC, and the National Community Reinvestment Coalition (NCRC) are profoundly disappointed that a U.S. district court has ruled in favor of the banking industry in striking down the NYC Responsible Banking Act (RBA).
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Statement on Proposed NYS Payroll Card Rules
New Economy Project commends the Governor and NYS Department of Labor for advancing workers’ rights in New York State, by issuing strong proposed rules to regulate payroll cards.
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New York Group Protests JPMorgan Chase’s Lobbying Against Financial Reforms
A leading New York economic justice organization traveled to Detroit, MI, today to speak out at JPMorgan Chase’s annual shareholder meeting and demand accountability by the bank.
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Lawsuit Against JPMorgan Chase Charges Bank With Fraudulent And Deceptive Lending
New Economy Project filed a federal lawsuit against JPMorgan Chase and a Bronx-based car dealer last week, charging that the defendants defrauded Manhattan resident Olga Arroyo into buying a car and taking out an auto loan, in violation of multiple state and federal consumer protection laws.
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Statement on NYC’s Ban of Discriminatory Employment Credit Checks
Today, Mayor de Blasio signed into law Intro 261, which bans employers in NYC from using credit checks in hiring and promotion decisions. New Economy Project commends the Mayor and NYC Council for taking this important step to end employment credit checks.
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Statement on NYC’s Action to End Unjust, Discriminatory Employment Credit Checks
New Economy Project is thrilled that New York City has taken action to end credit checks in employment, which unjustly block qualified New Yorkers, particularly people of color, from needed jobs. NYC Council is expected to pass this vital civil rights law on Thursday.
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Statement on CFPB Payday Lending Blueprint
Our organization has consistently urged the CFPB to set a high national bar for addressing predatory and exploitative payday lending. The CFPB’s blueprint indicates, however, that the agency is considering including glaring loopholes in its final payday lending rule, which would allow payday lenders continued latitude to make unaffordable high-cost loans. This approach is simply…
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Groups Welcome New Guidelines for Banks Selling Old Consumer Debt
Civil rights, consumer, and community groups lauded the Office of the Comptroller of the Currency (OCC) for issuing strong guidance this week regarding banks’ selling of charged-off consumer debts to debt buyers. The groups urged the agency to also take the next step and issue strong regulations to ensure that national banks do not continue…
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Groups in Four Key States Applaud End of Bank Payday Lending
Groups in four key banking states celebrated the end of bank payday lending, with the wave of announcements in recent weeks by Wells Fargo, US Bank, Fifth Third, and Regions Bank that they will each finally stop making predatory payday loans. Known as “direct deposit advance” loans, the banks’ payday loans carried triple-digit interest rates…