payday lending
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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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Capitol Pressroom: AG Tish James Goes After De Facto Payday Lenders
Capitol Pressroom — New York State Attorney General Letitia James is going after de facto payday lending operations that she claims are engaging in abusive and deceptive practices. Andy Morrison, associate director of the New Economy Project, discusses the attorney general’s lawsuit and makes the case for stricter regulations of online financial services.
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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…
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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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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.