Pay day loan work shadows exec’s run for Connecticut governor

Pay day loan work shadows exec’s run for Connecticut governor

HARTFORD, Conn. — In his run for Connecticut governor, Republican businessman Bob Stefanowski touts blue-chip companies to his stints like General Electric and UBS Investment Bank. Nevertheless the part getting most of the attention is their latest task as CEO of an international lending company that is payday.

Competitors have actually piled in critique of Stefanowski’s participation with an organization providing loan services and products which are not appropriate in Connecticut. Into the GOP primary, one prospect’s adverts dubbed him “Payday Bob.”

The 56-year-old candidate that is gubernatorial his experience straightening out of the distressed, Pennsylvania-based DFC worldwide Corp. would provide him well repairing their state’s stubborn budget deficits.

“It really bothers me personally that i am being assaulted on an organization that we cleaned up,” Stefanowski stated in a job interview with all the Associated Press. “we brought integrity to it.”

Overview of Stefanowski’s tenure leading DFC worldwide Corp. from 2014 to January 2017 shows he enhanced its monetary performance and took actions to fulfill regulators’ needs. In addition it indicates he struggled to create changes that are lasting techniques described by experts as preying from the bad and folks in monetary stress.

Pay day loans — unsecured, short-term loans that typically enable loan providers to gather repayment from an individual’s bank checking account whether or not or not they will have the income — are void and unenforceable in Connecticut, unless they truly are produced by particular exempt entities such as for instance banking institutions, credit unions and loan that is small.