financial justice
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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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Testimony Before the NYS Senate Committee on Internet and Technology, on the Use of AI
Our testimony today focuses on the New York Artificial Intelligence Act (S1169A) which would create a long-overdue regulatory framework for use of artificial intelligence systems by banking, insurance, human resources, and other industries making consequential decisions that affect people’s economic and civil rights.
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New York Focus: ‘Zombie Debts’ Refuse to Die, Haunting New Yorkers for Decades
Many sewer service victims aren’t aware if their servers have been disciplined or found to be engaging in misconduct “because there’s no way to track every case that server worked on,” said attorney Elena Rodriguez, who helps clients with sewer service cases at the nonprofit New Economy Project. Sewer service is particularly widespread in the…
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Statement on Passage of the FAIR Business Practices Act
“New Economy Project is deeply dismayed that Albany caved to the business lobby and passed a watered-down version of the FAIR Business Practices Act. At a time when the Trump administration continues to dismantle vital federal consumer protections, New York had the opportunity to lead—but Albany once again failed to meet the moment.
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New York Focus: 5 Key Takeaways From Our Investigation Into ‘Sewer Service’
New York Focus — For decades, people being sued in New York City civil courts over unpaid debt never learned about the lawsuits against them.
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New York Focus: Have You Been Sued for Credit Card Debt? Your Fake Relative Might Know.
New York Focus — Last April, Sam Gordon, a Harlem resident who works with people experiencing drug addiction, got a notice in the mail: Thousands of dollars were about to be garnished from his wages.
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The Capital Pressroom: Limiting Fees on Accessing Government Assistance
The Capital Pressroom — Our associate director Andy Morrison speaks with Capital Pressroom about financial fees and new legislation that would prohibit the practice on electronic benefit cards.
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BK Reader: Three Banks Charged NYC Black Homeowners Higher Mortgage Rates, Report Says
BK Reader — A recent analysis by the nonprofit New Economy Project found that home mortgage lending by Bank of America, Citibank and JPMorgan Chase—which hold the vast majority of New York City’s municipal deposits— charged higher interest rates to people of color between 2018 to 2023.
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The City: Black Home Mortgage Borrowers Pay More in NYC, New Study Finds
The City — Three major banks charged Black homeowners in New York City more interest on their mortgages than they did white borrowers, according to a new analysis of loan data by The New Economy Project, a racial and economic justice advocacy group.
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Analysis: Fed Rate Cuts May Exacerbate Racial Wealth Inequality Due to Persistent Mortgage Lending Disparities
As the Federal Reserve lowers interest rates, many borrowers stand to benefit—particularly White homeowners and homebuyers, who already benefit from lower average interest rates compared to people of color. By contrast, Black borrowers who face persistent barriers to fair lending could be left out in the cold, unable to access more favorable interest rates…