NJ Citizen Action states having state pension investment invested, even indirectly, in a type of lending unlawful into the state cannot stand.
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 shop for a predatory payday loan provider, she experienced the proverbial roof. The executive that is longtime of brand new Jersey Citizen Action quickly assembled a robust coalition of customer security and civil liberties advocates and started using stress on the payment to offer its stake within the company. Payday financing is unlawful in nj-new jersey and she considered the employment of state bucks to acquire a lender that is payday at ab muscles least, a breach of ethics and conflict of great interest for the 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…)