The Honorable Scott M. Stringer Comptroller, New York One Centre Street Nyc, NY 10007
Dear Comptroller Stringer:
The undersigned companies urge one to instantly and permanently divest ny City’s retirement funds from payday lending organizations – whose loans are categorically unlawful in nyc. City pension funds invested significantly more than $20 million in payday high-cost and lending installment financing organizations in 2016. Also, City pension funds spent almost $160 million in Lone celebrity Fund VIII, a personal equity investment that has DFC worldwide, Inc.,i which, in change, owns several payday loan providers, including cash Mart together with Check Cashing Store.
Spending general public retirement funds in disreputable payday financing organizations raises an immediate conflict for the City. Not merely do these businesses make triple-digit rate of interest loans which are unlawful in ny, but the majority of those have now been the topic of enforcement actions for flagrant violations regarding the legislation; mistreated clients; and encountered allegations of misleading and defrauding investors – including pension that is public – in states where they’ve been allowed to use. Continue reading Letter to Comptroller Stringer Calling for Divestment from Illegal Payday Lenders