Exactly about Nj-new Jersey Divests from Payday Lending

This short article initially starred in Shelterforce.

Whenever Phyllis Salowe-Kaye discovered that this new Jersey State Investment Council (NJSIC) had spent 50 million state retirement dollars with an exclusive equity company which used a few of the funds to shop for a predatory payday loan provider, she had the roof that is proverbial. The executive that is longtime of the latest Jersey resident Action (NJCA) quickly assembled a strong coalition of customer security and civil liberties advocates and started applying stress on the payment to market its stake within the firm. Payday financing is unlawful in nj-new jersey and she considered the application of state bucks to buy a lender that is payday at ab muscles least, a breach of ethics and conflict of great interest for the payment. Read more…