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payday lending
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Let’s Be Real Episode 5: A Vision for Financial Justice in New York
This episode, we focus on the payday lending industry’s most recent attempt to legalize high-cost predatory lending in New York. We feature a conversation with New York State Assemblymember Yuh-Line Niou about the importance of standing up for strong consumer protections as a matter of racial and economic justice. We also sit down with New…
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Disparities in Economic Security for New Yorkers of Color 50 and Older
New Economy Project undertook this report, at the request of AARP, to examine barriers to economic security faced by 50+ New Yorkers of color, including immigrants. The analysis focuses on economic justice disparities statewide and in New York City, with attention also given to Long Island and Buffalo.
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NBC News: Despite Ban on Payday Lending, Public Pensions Profit from Outlawed Loans
NBC News — Our Campaigns Director Andy Morrison talks to NBC’s I-Team about New York State and City’s investments in companies whose predatory loans are illegal in New York.
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Gothamist: Rogue Democrats Could Be Trying To Open New York Up To Payday Lenders
Gothamist — Payday loans are a poverty trap, a way to get the poor and desperate locked into a cycle of debt that traps them under an ever-increasing pile of high interest loans that they can’t pay back. Because of their nefarious nature, New York and 14 other states have banned such loans.
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NY1: Bad Credit
Road to City Hall — New Economy Project’s Sarah Ludwig and Deyanira Del Rio discuss a new proposal in Albany that threatens NYS’ protections against exploitative lending.
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Memo in Opposition to An Act to Amend the Banking Law, in Relation to Conduit Services (S.6121/A.7907)
This bill would allow check cashers to partner with out-of-state and nationally-chartered banks to facilitate loans in excess of New York’s usury laws.
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Memo in Opposition: “Credit Creation Pilot Program Act” (S.5771/A.6511)
The bill would blast a hole in our vital state usury laws, which serve as a crucial bulwark against high-cost and predatory lending. The bill would jeopardize financial security for struggling New Yorkers, particularly low-income immigrants and people of color.
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Testimony before NYS Senate and Assembly committees, regarding online lending
We are extremely concerned about new attempts to undermine our state’s strong consumer protection laws – this time by online lenders that seek to circumvent or diminish our state’s usury laws, firmly on New York’s books since colonial days. We see a clear need for increased consumer protections in the online lending space, and to…
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How One Obscure Regulator Is Unleashing a Predatory Lending Hellscape
Thomas J. Curry has only one week left as Comptroller of the Currency. But America’s chief regulator of national banks isn’t acting like it. Despite intense opposition from community advocates and conservatives alike, Curry, an Obama appointee, is doubling down on an ill-advised plan that would allow online lenders and other so-called fintech firms to…
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WBAI’s Morning Show
WBAI’s Morning Show — Our Campaigns Coordinator Andy Morrison talks to WBAI’s Morning Show about recent threats to worker and economic justice in New York and beyond.