Four additional banks have agreed to block online payday lenders from accessing customer accounts in New York. The agreement comes as the banks' processing network remains silent on efforts to keep the illegal loans from crossing state borders.
Payday lending is generally illegal in New York and Connecticut because the loans, which can be as high as 500 percent, exceed both states' cap on allowable interest.
However, investigators in New York have received complaints that payday lenders are making these loans online.
A government watchdog group in Connecticut says nearly $17 million was spent by outside groups on the state’s tight gubernatorial race.
Common Cause Connecticut has determined that $16.75 million was spent on the race for governor.
“We don’t have all the details about that yet. But it will be important to look at how it is that they were trying to influence our elections,” said the executive director of the group, Cherie Quickmire. Much of the money came from out-of-state entities, she said.
A new survey finds that Wall Street bonuses this year will be flat despite strong gains in the stock market.
This comes as hundreds of new rules take effect pushing the industry away from making risky bets.
In the past those risky bets led to big profits and big bonuses. But the Dodd-Frank Wall Street Reform Act introduced rules requiring banks to keep more cash on hand and curb the kinds of complicated trading that led to the financial collapse in 2008.
New Haven Democrat Martin Looney has been chosen to be the Connecticut Senate President in the new session that begins in January.
Looney is one of several leaders of the upper chamber of the state General Assembly selected by their members on Thursday.
He has served as Connecticut Senate majority leader since 2003. He is expected to be officially elected president by the full Senate in January. Looney will replace Donald Williams of Brooklyn, who did not seek re-election.
Looney said he’s honored to have been selected to lead the body .