HARTFORD вЂ” In their run for Connecticut governor, Republican businessman Bob Stefanowski touts their stints with blue-chip businesses like General Electrical and UBS Investment Bank. Nevertheless the role getting all of the attention is their newest task as CEO of an international payday home loan company.
Competitors have piled in critique of StefanowskiвЂ™s participation with an organization loan that is offering that are not appropriate in Connecticut. When you look at the GOP primary, one candidateвЂ™s adverts dubbed him вЂњPayday Bob.вЂќ
The 56-year-old gubernatorial prospect claims their experience straightening out of the difficult, Pennsylvania-based DFC worldwide Corp. would provide him well repairing the stateвЂ™s stubborn budget deficits.
вЂњIt really bothers me personally that IвЂ™m being assaulted on a business that we washed up,вЂќ Stefanowski stated in a job interview utilizing the Associated Press. вЂњI brought integrity to it.вЂќ
Analysis StefanowskiвЂ™s tenure leading DFC worldwide Corp. from 2014 to January 2017 programs he enhanced its monetary performance and took actions to satisfy regulatorsвЂ™ demands. Additionally shows he struggled to create changes that are lasting techniques described by experts as preying in the bad and folks in monetary stress.
Pay day loans вЂ” unsecured, short-term loans that typically enable loan providers to get payment from a customerвЂ™s account that is checking of whether they have the funds вЂ” are void and unenforceable in Connecticut, unless theyвЂ™re made by specific exempt entities such as for instance banks, credit unions and tiny loan licensees. Regional loan providers may charge just as much as a 36 per cent percentage rate that is annual. In line with the Center for Responsible Lending, 15 states plus the District of Columbia have actually enacted rate that is double-digit on pay day loans. Continue reading →