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Apr

23

Public pensions own payday lender that is illegal in their own states

By Tony Seruga

Public pension funds in New York and New Jersey are indirect owners of ACE Cash Express, the nation’s second-largest payday lender. It’s not illegal, but it sure borders on hypocritical.

Going back to colonial days, it has been illegal for payday lenders to operate in the state of New York. Same goes for neighboring New Jersey.

But public pension funds in both states are indirect owners of ACE Cash Express Inc., the nation’s second-largest payday lender. It’s not an illegal arrangement, but it sure borders on hypocritical…

Public pensions own payday lender that is illegal in their own states

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