Press Releases

Prominent New York City and State elected officials joined with labor, grassroots, civil rights, faith-based and legal services groups, as well as community development financial institutions, to send a strongly-worded letter on Friday to Consumer Financial Protection Bureau Director, Richard Cordray, calling on the federal watchdog agency to crack down on predatory payday lending.

Our organizations commend New York State Governor Cuomo and the NYS Department of Labor for adopting critical new payroll card regulations that protect workers’ hard-earned wages. An estimated 13,000 businesses in New York State pay approximately 200,000 workers through payroll cards. New York’s wage laws have not kept up with the proliferation of the cards, and studies have shown that low-wage workers often end up paying high and hidden fees to access their own wages, among other problems.

Debt collectors engage in rampant fraud and systematically use the courts to extract billions of dollars from low-income people and people of color, according to hard-hitting testimony delivered today by Susan Shin, New Economy Project’s legal director. Shin traveled to Sacramento, California to share our expertise from years of working with thousands of low-income New Yorkers aggrieved by discriminatory and abusive debt collection.

The Association for Neighborhood and Housing Development (ANHD), New Economy Project, Legal Services NYC, and the National Community Reinvestment Coalition (NCRC) are profoundly disappointed that a U.S. district court has ruled in favor of the banking industry in striking down the NYC Responsible Banking Act (RBA).