Getting Nj-new Jersey to Divest from Payday Lending

NJ Citizen Action claims having state pension fund spent, also indirectly, in a type of lending unlawful when you look at the state cannot stand.

Whenever Phyllis Salowe-Kaye discovered that the brand new Jersey State Investment Council had invested $50 million state retirement bucks with an exclusive equity company which used a number of the funds to acquire a predatory payday loan provider, she experienced the roof that is proverbial. The longtime administrator manager of brand new Jersey Citizen Action quickly assembled a robust coalition of customer security and civil legal rights advocates and started applying strain on the payment to market its stake within the company.