NJ Citizen Action claims having state pension fund spent, also indirectly, in a type of lending illegal within the state cannot stand.
Whenever Phyllis Salowe-Kaye discovered that this new Jersey State Investment Council had spent $50 million state pension bucks with an exclusive equity company which used a number of the funds to buy 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 robust online loans coalition of customer security and civil liberties advocates and started using stress on the payment to market its stake into the company. Payday lending is unlawful in nj-new jersey and she considered making use of state bucks to get a lender that is payday at ab muscles least, a breach of ethics and conflict of great interest when it comes to payment.
The state investment commission announced at its monthly meeting that it had finalized its divestiture from JLL Partners, the private equity firm that purchased Ace Cash Express on Jan. 27, 2016, almost 10 months after the NJCA’s initial inquiry. Continue reading “Getting Nj-new Jersey to Divest from Payday Lending”