I-Team: Despite Ban on Payday Lending, Public Pensions Make Money From Outlawed Loans

I-Team: Despite Ban on Payday Lending, Public Pensions Make Money From Outlawed Loans

Do when I state, much less i actually do.

That may be the message ny is delivering while the state’s public retirement funds spend millions in payday financing organizations.

Short-term, high-interest financial obligation referred to as payday advances are unlawful inside ny boundaries. But which installment loans Maine hasn’t stopped state and town your retirement funds from investing significantly more than $40 million in payday loan providers that operate various other states.

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“New York shouldn’t be investing a dime propping them up,” said Andy Morrison, a spokesman when it comes to brand brand New Economy Project, a nonprofit that urges retirement managers to produce more socially accountable opportunities.

The brand new Economy Project has become asking new york Comptroller Scott Stringer and brand brand New York State Comptroller Tom DiNapoli to start an activity of divestment from payday loan providers. But thus far, neither comptroller has expressed passion for the concept.

DiNapoli declined to respond to questions regarding divestment. 继续阅读“I-Team: Despite Ban on Payday Lending, Public Pensions Make Money From Outlawed Loans”