payday lending

Last night, Representatives Gregory Meeks (D-NY-5) and Tom Suozzi (D-NY-3) broke with the rest of the state’s Democrats and joined New York’s Republican members of the U.S. House of Representatives in voting to pass a bill, H.R. 3299, that would allow lenders to launder loans through banks to override limits in New York and other states on high-cost loans, potentially paving the way for loans of up to 300 percent APR in states where those rates are prohibited.

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 Economy Project’s Campaigns Director, Andy Morrison, to discuss a vision for financial justice for New York City’s communities.

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.