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NEDAP organizes campaigns around specific community economic justice issues, frequently in coalition with our ally organizations. Contact NEDAP for more info or to get involved in one of our current campaigns.
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Each year, millions of dollars are siphoned out of New York’s poorest neighborhoods to pay for tax refund anticipation loans, or RALs. RALs are usurious, short-term loans that flood New York’s low income communities and communities of color at tax time.
Made against a person’s expected tax refund or tax credits, RALs typically carry annual percentage rates ranging from 36% to more than 700% -- well above New York State’s 25% interest rate cap. RALs are arranged at tax prep offices, such as H&R Block, Jackson Hewitt, and countless local tax prep sites. Three banks are responsible for financing more than 90% of the RALs made in the U.S.: HSBC; JPMorgan Chase; and Santa Barbara Bank & Trust.
NEDAP is fighting for the elimination of predatory practices that pervade the tax refund anticipation lending (RALs) industry. NEDAP encourages provision of fair and affordable short-term loan products. Our RALs campaign employs the following strategies:
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