NJ Citizen Action states having a continuing state pension fund spent, also indirectly, in a type of lending illegal when you look at the state cannot stand.
Whenever Phyllis Salowe-Kaye discovered that the newest Jersey State Investment Council had spent $50 million state retirement bucks with an exclusive equity firm which used a number of the funds to get a predatory payday loan provider, she had the roof that is proverbial. The longtime professional manager of brand new Jersey Citizen Action quickly assembled a strong coalition of customer security and civil liberties advocates and started using strain on payday loan today the payment to market its stake within the company. Payday lending is unlawful in nj-new jersey and she considered the usage state bucks to shop for a lender that is payday at ab muscles least, a breach of ethics and conflict of great interest for the payment. Continue reading “Getting Nj-new Jersey to Divest from Payday Lending”