NJ Citizen Action states having state pension fund spent, also indirectly, in a type of lending unlawful within the state cannot stand.
Whenever Phyllis Salowe-Kaye discovered that the brand new Jersey State Investment Council had invested $50 million state pension bucks with a personal equity firm which used a few of the funds to shop for a predatory payday lender, she experienced the roof that is proverbial. The executive that is longtime of brand new Jersey Citizen Action quickly assembled a strong coalition of customer protection and civil liberties advocates and started using strain on the payment to offer its stake within the company. Payday financing is unlawful in nj-new jersey and she considered the usage of state bucks to buy a payday lender, at ab muscles least, a breach of ethics and conflict of great interest when it comes to payment. Continue reading