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.
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.
Daily News — The city will stop depositing its cash at Wells Fargo, after the bank got in hot water with the feds for discriminatory lending, Mayor de Blasio and City Controller Scott Stringer announced Wednesday.
Daily News — Wells Fargo — embroiled in a scandal over the creation of up to 2 million fake accounts — was knocked down to a “needs improvement” rating by federal regulators in March under the Community Reinvestment Act, citing an extensive pattern of discriminatory and illegal lending practices. New York City rules say that in order to be designated to get government deposits, a bank must have at least a “satisfactory” rating.
Philadelphia Inquirer — Andy Morrison, campaigns director for the New Economy Project in New York, accused Dimon and his bank of making large financial contributions to U.S. Rep. Jeb Hensarling, R-Texas, and other members of Congress who want to stop or restrict the federal Consumer Financial Protection Bureau and other government agencies that have punished JPMorgan for ripping off borrowers.
New York Times — Department stores and big name retailers are increasingly making the hard sell to sign up customers for credit cards at the register. The store cards promise deep discounts on clothing, furniture and electronics, and are tough for shoppers to resist.
As federal actions threaten immigrants’ rights and economic security, immigrant New Yorkers are rightly concerned about how to protect themselves and their families. Here, you’ll find answers to frequently asked questions about immigrants’ financial rights, based on current laws and information.
El Diario — Mientras acciones federales amenazan los derechos y la seguridad económica de comunidades inmigrantes, los neoyorquinos inmigrantes están enfocándose en cómo protegerse a sí mismos y a sus familias.
City Limits, Op-Ed — Hundreds of thousands of working New Yorkers just had the rug pulled out from under them. The New York State Department of Labor’s (DOL) long-awaited rules on payroll cards were scheduled to take effect this month.
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.