financial justice
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“Loan Shark” Crashes DailyPay’s New York City Publicity Stunt to Expose True Cost of “Earned Wage Access” Payday Loan Apps
DailyPay’s “DailyPay Diner” publicity stunt got an unexpected visitor Thursday when a costumed “loan shark” crashed the event, carrying a sign advertising “TODAY’S MENU: WORKERS’ WAGES” and confronting the company with damning allegations about its abusive tactics.
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COPA Is Back, a “Solidarity Stroll” with the Mamdani Administration, a New Coalition Takes on Big Tech Predators, and More!
In our latest newsletter: COPA is back! Catch up on the Community Opportunity to Purchase Act, our work launching a national coalition to fight Big Tech payday lenders, a “Solidarity Stroll” with Deputy Mayor Julie Su and other members of the Mamdani Administration, and much more.
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Public News Service: NY, US Consumer Coalition Works to Rein in Payday Lenders
Consumer rights groups in New York and across the country are organizing against payday lenders and paycheck advance apps they said are evading state lending laws.
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Consumer Groups Team up to Battle EWA Lobby
The House Financial Services Committee passed earned wage access legislation in a largely party-line vote, as well as a number of other bills in a multiday markup session ahead of the July 4 recess.
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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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Wired: AI Is Taking Over the Most Cursed Job in the World
She introduced herself as Eve, but Ben knew right away that the voice on the other end of the line was a bot. Eve knew his name. She also knew how much money he’d owed a former landlord ($266). She didn’t seem to know that he’d settled with a collection agency five months prior. Eve…
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Spring into Solidarity!
In our latest newsletter, we share a new national profile of our work advancing community ownership; highlights from the annual “Worst Banks Awards;” our new Fintech Paycheck Extraction Clock; and a major housing victory for low-income tenants and homeowners.
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Gothamist: Mamdani Halts NYC’s ‘Predatory’ Private Tax Lien Sale Process
Mayor Zohran Mamdani will halt the city’s controversial tax lien sale and potentially scrap it altogether over concerns that the process exposes homeowners to “predatory debt collectors” and foreclosure, City Hall said Tuesday.
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Memorandum in Opposition to A.10133-A
New Economy Project respectfully submits this memorandum in opposition to A.10133-A. This bill was introduced only recently, and it is our understanding that it is not yet on the radar of many consumer and financial justice advocates or regulators. Given the complexity of the issues involved and the potential consequences for New York’s usury and…
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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…