fintech
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Putting CLTs on the Map, Public Banking Push, Fighting Debt-Trap Apps, and More!
New Economy Project is digging deep with coalition allies across New York—fighting back against federal attacks and advancing bold, systems-changing solutions rooted in racial and economic justice.
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The City: Payday Loan Apps Cost New Yorkers $500 Million Plus, New Study Estimates
The City — Cash advance apps like Dave and EarnIn have charged New York consumers more than $500 million in hidden fees and “tips” since 2019, a new report estimates — allowing the loan platforms to thrive despite New York’s strict limits on consumer interest rates.
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$500 Million and Counting: How Unchecked Payday Loan Apps Are Draining New Yorkers’ Paychecks
New Economy Project estimates that payday loan apps have siphoned over half a billion dollars in deceptive fees from New Yorkers’ paychecks since 2019.
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Letter to Governor Hochul on Payday Loan Apps’ Usurious Rates
We write to bring to your immediate attention the alarming rise of payday loan apps that exploit working New Yorkers, extracting over half a billion dollars in predatory fees from their paychecks since 2019, according to a New Economy Project analysis (see attached).
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Memorandum in Opposition to S3332 (Cooney)/A258 (Vanel)
New Economy Project vehemently opposes S3332/A258, a blatant attempt to eviscerate New York’s usury laws and sanction predatory lending under the sham pretense of regulating so-called earned wage access (EWA) services. This bill is a gift to Big Tech predators, weakening longstanding consumer and worker protections and opening the floodgates to a new breed of…
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Testimony Before the NYC Council’s Committee on Technology Regarding Oversight of “MyCity” Portal
New Economy Project respectfully submits the following testimony regarding the oversight of MyCity. Since 1995, New Economy Project has worked with community groups and low-income New Yorkers to combat systemic discrimination and racial wealth extraction in our financial system and economy; and to promote public banking, worker and financial cooperatives, community land trusts, and other…
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WBAI’s Living for the City: Predatory Lending
WBAI’s Living for the City — Our associate director Andy Morrison discusses fintech, Earned Wage Access apps, and a proposal to end these forms of predatory payday lending in New York.
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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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Law.com: NY Lawmakers Eye Bolstering Regulatory Framework for Fintech
Andy Morrison, associate director of the New Economy Project, said there’s an urgent need for New York to advance structural reforms that close loopholes to the state’s usury law that are exploited by fintech and other predatory lenders.