Capitol Pressroom

Trump admin tries to open backdoor to NY for payday lenders

Sept. 8, 2020 – Sarah Ludwig, Founder and Co-Director of the New Economy Project, discussed changes by the Trump administration that could enable payday lenders to claw their way back into New York, which has banned the industry for years. According to the New Economy Project, a reversal of this ban could spell trouble for low-income and minority communities due to the high-interest rates associated with these loans.

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