Getting Nj-new Jersey to Divest from Payday Lending
Whenever Phyllis Salowe-Kaye discovered that the newest Jersey State Investment Council had spent $50 million state retirement bucks with an exclusive equity company which used a number of the funds to get a predatory payday loan provider, she experienced the roof that is proverbial. The executive that is longtime of brand new Jersey Citizen Action quickly assembled a robust coalition of consumer security and civil liberties advocates and began using strain on the payment to market its stake when you look at the company. Payday financing is unlawful in nj-new jersey and she considered the utilization of state bucks to buy 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. (more…)