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 5, 2017 Updated on October 5, 2017 at 7:36 pm october

Do when I state, much less i really do.

That may be the message ny is delivering once the state’s pension that is public spend millions in payday lending organizations.

Short-term, high-interest financial obligation called payday advances are illegal inside ny edges. But which hasn’t stopped state and city your retirement funds from spending a lot 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 New Economy venture, a nonprofit that urges retirement managers which will make more socially accountable investments. Continue reading “I-Team: Despite Ban on Payday Lending, Public Pensions Benefit From Outlawed Loans”