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I-Team Despite Ban on Payday Lending, Public Pensions Benefit From Outlawed Loans

I-Team Despite Ban on Payday Lending, Public Pensions Benefit From Outlawed Loans

By Chris Glorioso and Evan Stulberger • Published October 5, 2017 • Updated on October 5, 2017 at 7 36 pm

Do when I state, not quite as i really do.

That might be the message ny is giving because the state’s pension that is public spend millions in payday financing organizations.

Short-term, high-interest debt referred to as pay day loans are illegal inside ny boundaries. But which has hadn’t stopped city and state your retirement funds from spending significantly more than $40 million in payday loan providers that run in other states.

“New York shouldn’t be investing a dime propping them up,” said Andy Morrison, a spokesman when it comes to brand new Economy venture, a nonprofit that urges retirement supervisors in order to make more socially accountable opportunities.

This new Economy venture happens to be asking nyc Comptroller Scott Stringer and brand new York State Comptroller Tom DiNapoli to start an ongoing process of divestment from payday lenders.