HARTFORD, Conn. (AP) вЂ” In their run for Connecticut governor, Republican businessman Bob Stefanowski touts their stints with blue-chip organizations like General Electrical and UBS Investment Bank. Nevertheless the part getting most of the attention is their latest task as CEO of an international payday home loan company.
Competitors have actually piled in critique of StefanowskiвЂ™s participation with an organization providing loan services and products which can be not appropriate in Connecticut. Into the GOP primary, one candidateвЂ™s adverts dubbed him вЂњPayday Bob.вЂќ
The 56-year-old gubernatorial prospect states 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 an organization that we washed up,вЂќ Stefanowski stated in an meeting with all the Associated Press. вЂњI brought integrity to it.вЂќ
Analysis StefanowskiвЂ™s tenure DFC that is leading Global from 2014 to January 2017 programs he enhanced its monetary performance and took actions to meet up regulatorsвЂ™ demands. In addition indicates he struggled to bring changes that are lasting methods 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 gather 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 example banking institutions, credit unions and tiny loan licensees. Neighborhood creditors may charge just as much as a 36 % apr. In line with the Center for Responsible Lending, 15 states while the District of Columbia have enacted double-digit price caps on pay day loans.
Whenever Stefanowski went along to work with the business in November 2014, he left their place as primary monetary officer of UBS Investment Bank in London. Read More