Getting Nj-new Jersey to Divest from Payday Lending. NJ Citizen Action says having a continuing state pension fund spent, also indirectly

NJ Citizen Action claims having a continuing state pension fund spent, also indirectly, in a type of lending unlawful within the state cannot stand.

Whenever Phyllis Salowe-Kaye discovered that the latest Jersey State Investment Council had spent $50 million state retirement bucks with a private equity company which used a few of the funds to shop for a predatory payday loan provider, she experienced 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 stress on the commission to offer its stake within the company. Payday lending is unlawful in nj-new jersey and she considered the utilization of state bucks to get a payday lender, at ab muscles least, a breach of ethics and conflict of great interest for the payment.

On Jan. 27, 2016, nearly 10 months following the NJCA’s initial inquiry, their state investment commission announced at its month-to-month conference it had finalized its divestiture from JLL Partners, the personal equity company that bought Ace money Express. (more…)