CFPB National Payday Lending Rule Has Potential Pitfalls for New Jersey

CFPB National Payday Lending Rule Has Potential Pitfalls for New Jersey

NJCA:  CFPB Rule Needs Work, Poses Problems for States with Stronger Laws

New Jersey Citizen Action (NJCA) hails the Consumer Financial Protection Bureau (CFPB) issuing a proposed national rule, which attempts to eliminate abusive payday and car title lending.  NJCA, however, urges the Bureau to issue a final rule without loophole. The proposed rule does not require an ability-to-repay assessment for all payday loans, which could undermine the strong state usury and other consumer protection laws in place in New Jersey. It also fails to provide explicit reinforcement of …

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NJ Consumer Advocate Ramp Up Demand for Divestment from Payday Lender

For Immediate Release: July 22, 2015

Media Contacts: Phyllis Salowe-Kaye, Phyllis@njcitizenaction.org, 973-220-3823

Beverly Brown Ruggia, Beverly@njcitizenaction.org, 201-344-2954

NJ Consumer Advocates Ramp Up Demand for Divestment from Payday Lender

Advocates Attend New Jersey State Investment Council Meeting to Reiterate Demands

(Trenton)– Today, New Jersey Citizen Action, (NJCA), the NAACP NJ Conference, New Jersey Communities United, and other state advocacy organizations …

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Divest the NJ Pension Fund from Payday Lending!

 

The New Jersey Pension Fund, and the taxpayers and public workers of New Jersey who contribute to the Pension Fund, are the indirect owners of a business so heinous that its primary business activity is actually illegal here in New Jersey.  New Jersey Pension Fund dollars were used by a private equity firm to buy the country’s second largest payday lender, ACE Cash Express. Payday lenders prey on desperate borrowers living paycheck to paycheck, keeping them trapped in a devastating debt cycle payday after payday. It is …

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