fintech
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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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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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National Coalition Launches to Confront Big Tech-Backed Payday Lending Disguised as “Earned Wage Access,” as Congressional Republicans Advance Industry Giveaway
Today, two dozen community, labor, and faith-based organizations, along with community development credit unions, from 21 states where payday lending is categorically illegal announced the launch of the Stop Taking Our Pay (STOP) Coalition to confront so-called “earned wage access” (EWA) payday loans. The coalition is taking aim at the rapidly expanding EWA industry, which…
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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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Federal Judge Deals Major Blow to Predatory Fintech, Says “Earned Wage Access” Advances Are Payday Loans
Last week, a second federal court in New York joined a growing number of courts rejecting the fintech industry’s tired claim that so-called “earned wage access” (EWA) cash advances aren’t loans. In Freeman v. Bridge It, active-duty service members sued EWA company “Brigit” for making high-cost loans in violation of the federal Truth In Lending…
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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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Earned Wage Access (EWA) Fee Extraction in New York
Payday lending is illegal in New York. Yet fintech payday lenders have siphoned well over half a billion dollars from New Yorkers’ paychecks since 2019 by exploiting loopholes – and the total is still rising.
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Campaign Breakthroughs, Exposing Predatory Lenders, and More
This summer, New Economy Project has been on the move—taking on predatory lenders, pushing for transformative change in our housing system, and much more. Check out our latest round-up for exciting updates and ways to take action!
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Predatory Lending? There’s an App for That
By Andy Morrison New York stands at a crossroads in the fight against predatory lending. One path would open the floodgates to triple-digit interest loans—marketed as sleek, smartphone apps but designed to trap working people in debt. The other would strengthen the state’s centuries-old usury law and protect New Yorkers from a new wave of…
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Statement of Labor and Community Groups on Attorney General Letitia James’ Lawsuits Cracking Down on Predatory Payday Loan Apps
“We applaud New York State Attorney General Letitia James for taking strong action against MoneyLion and DailyPay, financial technology (“fintech”) lenders that target working New Yorkers with triple-digit interest, debt-trap payday loans. Operating through smartphone apps, these and other so-called Earned Wage Access (EWA) companies market high-cost, short-term loans as “free,” while hitting users with…