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.
Kansas City Star — Without explanation, the Consumer Financial Protection Bureau has dropped a lawsuit in Kansas it had filed a year ago against four payday lending companies.
Check out this two-page snapshot highlighting some of New Economy Project’s work, events, and media coverage during 2017!
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.
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.
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.
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.
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.
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.