community equity agenda
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Nearly 30 New York Credit Unions Urge Albany to Pass the Stop Taking Our Pay (STOP) Act, To Crack Down on Racial Wealth Extraction and Exploitation of Low-Wage Workers
On Wednesday, 29 credit unions from across New York State delivered a letter to Governor Kathy Hochul, Senate Majority Leader Andrea Stewart-Cousins, Assembly Speaker Carl Heastie, State Senate Judiciary Committee Chair Luis R. Sepúlveda and State Assembly Banks Chair Clyde Vanel, urging lawmakers to crack down on predatory payday loan apps by passing the Stop…
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$650 Million and Counting: New Online Tool Tracks Massive Fee Drain from New Yorkers’ Paychecks by Illegal Cash Advance Apps
New Economy Project today released a new interactive tool revealing the massive and growing stream of fees that so-called “earned wage access” (EWA) apps are extracting from New Yorkers’ paychecks—exacerbating the state’s affordability crisis and deepening racial wealth inequality.
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Online Payday Lenders Look to Skirt New York Restrictions
Assemblymember Steven Raga, a Queens Democrat, and Katy Lasell, of the New Economy Project, make the case for rewriting New York’s consumer protection laws to regulate the latest evolution of payday lenders that are skirting existing restrictions on loans.
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Testimony Before the NYS Senate Codes Committee, in Support of the STOP Act
We are deeply concerned about the rapid proliferation of so-called “Earned Wage Access” or EWA companies pushing illegal and highly extractive loan products in violation of New York’s usury laws. Our coalition urges the Legislature to pass the Stop Taking Our Pay Act or the STOP Act (S9839-Brouk; A9644-Raga), in this year’s state budget. This…
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American Banker: New York State Introduces Bill Deeming EWA a Loan
The bill was introduced by New York State Senator Samra Brouk (D) and Assemblymember Steven Raga (D), and proposes that any wage or cash advances be considered loans and subject to the state’s 16% interest rate cap. It also would classify any fee paid in connection with the advance, including tips and subscription costs whether…
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Statewide Coalition, Lawmakers Unveil “Stop Taking Our Pay” (STOP) Act at Capitol Press Conference
On Tuesday, community groups, community development credit unions, and impacted New Yorkers from across the state joined lawmakers at the State Capitol to announce the introduction of the Stop Taking Our Pay (STOP) Act (S8939, A9644) sponsored by State Senator Samra Brouk of Rochester and Assemblymember Steven Raga of Queens. The STOP Act would crack down…
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NY Coalition Blasts Wall Street’s Latest Scheme – Underwriting Payday Loans to Low-Wage Workers
NY Coalition Blasts Wall Street’s Latest Scheme: Underwriting Payday Loans to Low-Wage Workers
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Statement: Groups Condemn Trump’s Dismantling of CFPB, Call on NY Leaders to Act
The 50+ member organizations of the NYS Community Equity Agenda, representing hundreds of thousands of New Yorkers statewide, made the following statement responding to the Trump Administration’s assault on the Consumer Financial Protection Bureau (CFPB)—and urging New York leaders to take bold action to protect New Yorkers and New York communities from financial exploitation
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Press Release: NY Labor & Community Groups Endorse CFPB Rule To Crack Down on Predatory Paycheck Advance Loans
Groups called on New York regulators to aggressively enforce the state’s usury Law and take action against predatory fintech companies that exploit workers.
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Press Statement: New CFPB Rule Cracks Down on Predatory “Fintech” Payday Loans
New Economy Project strongly supports the CFPB’s proposed rule cracking down on predatory payday loans, marketed through Earned Wage Access (EWA) phone apps. Financial technology (or fintech) companies use these insidious apps to prey on low-wage workers – peddling debt trap loans with interest rates as high as 300% or more.