Cash advance task shadows exec’s run for Connecticut governor

Cash advance task shadows exec’s run for Connecticut governor

HARTFORD, Conn. — in the run for Connecticut governor, Republican businessman Bob Stefanowski touts blue-chip companies to his stints like General Electrical and UBS Investment Bank. However the role getting most of the attention is his latest task as CEO of an international payday home loan company.

Competitors have actually piled in critique of Stefanowski’s participation with an organization providing loan items which are not appropriate in Connecticut. Into the GOP primary, one prospect’s adverts dubbed him “Payday Bob.”

The 56-year-old candidate that is gubernatorial his experience straightening out of the difficult, Pennsylvania-based DFC worldwide Corp. would provide him well repairing their state’s stubborn budget deficits.

“It really bothers me personally that i am being assaulted on a business that we cleaned up,” Stefanowski stated in an meeting aided by the Associated Press. “we brought integrity to it.”

Overview of Stefanowski’s tenure DFC that is leading Global from 2014 to January 2017 programs he enhanced its economic performance and took actions to fulfill regulators’ demands. Additionally indicates he struggled to create lasting changes to methods described by experts as preying in the bad and individuals in monetary distress.

Pay day loans — unsecured, short-term loans that typically enable loan providers to get payment from a person’s bank checking account whether or not or perhaps not they usually have the cash — are void and unenforceable in Connecticut, unless they are produced by specific exempt entities such as for instance banking institutions, credit unions and little loan licensees. Continue reading “Cash advance task shadows exec’s run for Connecticut governor”