By Larry Higgs | NJ Advance Media for NJ.com
on June 08, 2016 at 4:23 PM, updated June 08, 2016 at 4:33 PM
NJ Transit commuters won’t gain additional trains to and from New York after new Hudson River rail tunnels are built, unless two new tracks are also built on the New Jersey side, a transit advocate said.
During a May meeting about starting an environmental study of a project to buildthe tunnels, Federal Railroad Administration officials said the tunnel project won’t increase capacity to Penn Station.
NJ Transit officials could include building new tracks as part of that study, but the opportunity to do so ends soon, said Joe Clift, a former Long Island Rail Road planning director and transit advocate.
A New Jersey appeals court recently ruled that Gov. Chris Christie’s administration violated the state constitution when it awarded more than $11 million in funding to two religious schools. The Department of Higher Education awarded $10.6 million to Beth Medrash Govoha, a Jewish Yeshiva, and $645,323 to the Princeton Theological Seminary pursuant to the Building Our Future Bond Act Donald Scarinci, PolitickerNJRead more
Ridgewood NJ , The New Jersey Supreme Court has delivered a victory to Gov. Chris Christie and has ruled the state does not owe public pensioners cost-of-living payments suspended under a 2011 law.
In a 6-1 ruling and a major legal victory for Gov. Chris Christie’s administration, which warned that restoring the annual increases would hurl a pension system already underfunded by $59 billion closer to insolvency.
The state Supreme Court upheld a landmark 2011 law freezing cost-of-living adjustments for retired government workers, a decision effecting pensions paid to 800,000 current and former public employees.
On Tuesday, June 21—in less than 2 weeks—Ridgewood will hold a special election for a binding referendum (unlike the nonbinding referendum on the parking garage last November) on whether the Village should bond $11,500,000 for a parking garage on Hudson Street.
Bonding…and binding.
See below for important information on voting by mail.
What the ballot will say
You will be asked to answer yes or no to this question: Shall ordinance No. 3521 submitted by referendum petition providing for the Council of the Village of Ridgewood to issue $11,500,000 [in] bonds or notes to finance the cost of constructing the Hudson Street parking deck, be adopted?
What the ballot doesn’t reveal
The $11.5 million bond was linked from the start to garage design “D,” consisting of 4 stories with 5 parking levels. The southern wall would extend 5 feet beyond the existing parking lot, over the sidewalk and into Hudson Street. The narrower street would contain two lanes rather than the current three: one for parking across the street from the garage and one as a combination “thru lane” and turning lane into the garage.
If the referendum passes
One might think that with a binding referendum coming up, garage-related activity would be “on hold”—but no. In their zeal to make this project happen and to fulfill promises made, the outgoing council “majority” of Mayor Paul Aronsohn, Deputy Mayor Albert Pucciarelli, and Councilwoman Gwenn Hauck, aided by Village Manager Roberta Sonenfeld, are actively pursuing completion.
Their goal is to sign a contract just before leaving office, committing the Village to Design D and letting the new council cope with the fallout.
Progress toward a construction contract is well under way. A consultancy firm was recently hired to confirm cost estimates by the architectural firm that created Design D and to engage in preconstruction preparations. If the referendum passes, that same consultancy firm will go out to bid immediately. Legal advice has been sought at taxpayer expense as well. Yet a “no” vote on theJune 21 referendum would nullify all this. How’s that for fiscal responsibility?
If, as the “council majority” continues to insist, the bond is not tied to any design, why is a firm being paid $20,000 to work further on Design D, only weeks before the result of a binding referendum could stop the project in its tracks?
In addition, rumor has it that the contract would carry prohibitively steep penalties for making any changes (change orders), further tying the new council’s hands while committing the Village to this massive edifice permanently.
Residents who want a garage, please note: the three incoming and two continuing council members are not opposed in principle to building a parking garage, including on Hudson Street. All, however, acknowledge that the designs proposed to date are too big. They’d appreciate a chance to think smaller and to try lower-cost, less-disruptive ways to enhance downtown parking. They do “get it,” and they want to do something. But not this.
On May 10, voters made a clear statement of trust for the incoming council. The three new council members won in every district. A “no” vote on the referendum would allow them and their two continuing council member colleagues to do their job unshackled by “deals” of the past.
How to vote
If you want the new council to be given the chance to try comprehensive, achievable parking solutions designed to benefit commuters, residents, and the entire Central Business District, voteNo to the referendum.
If you approve of the amount of the bonding, have no problem with under-the-radar deals, and are willing to let garage design “D” rise noisily in the mist, you may wish to vote Yes—with the understanding that the three council members who have pushed so hard for this project will be out of office on July 1, leaving the new council members—and us, the taxpaying residents— holding the bag. A very big bag.
It may be of interest that Rev. Msgr. Ronald J. Rozniak, P.A. (Father Ron), Pastor of Our Lady of Mount Carmel Church (down the street from the proposed garage), stated flatly in the church’s June 5 weekly bulletin: “the parish will never endorse the [currently proposed parking] deck.” (Full statement at https://www.olmcridgewood.com/images/pdf/bulletin.pdf.) The church’s traffic consultant, he continued, considers the planned reversal of direction of Passaic and Hudson Street traffic unnecessary.
Why that reversal? Because behind the scenes, an agreement with special interests was made to reroute the traffic.
The traffic-direction-reversal plan can be reversed. But the enormous structure that has been dubbed GarageZilla and GarageMahal, once built, would loom over us for a very long time, as would paying for it.
Please ignore whatever means may be used over the next two weeks to entice or confuse voters into approving the $11.5 million bond (and, unspoken, Design D) on June 21. Let’s recall the acres of “Vote yes for parking” signs that littered the landscape before last November’s referendum, when it was known but not divulged that all the garage designs under consideration at that time would have occupied a significantly larger chunk of Hudson Street than Design D. Many whovoted “yes” later wished they hadn’t. What else don’t we know?
Developers and others are desperate to build this thing. The lame-duck council members pushing for it would not be accountable for it.
Let’s JUST SAY NO.
Consider voting by mail
If you can’t vote in person on Tuesday, June 21, or if it would be inconvenient, consider voting by mail.
June 21 is the day after RHS graduation. Ridgewood schools will have closed for the summer. Many residents will be on vacation already or busily planning trips. You don’t even need a reason to vote by mail; if it appeals to you, do it.
If you or your teenage children (age 18+ by June 21) who are registered voters wish to have a say in what happens with this enormous and precedent-setting downtown project, but may be out of town or otherwise occupied or preoccupied and might not vote that day…you can vote by mail (now called Vote by Mail Ballot, no longer Absentee Ballot), if you start soon.
There are two steps: applying for a ballot and receiving it, then completing the ballot and mailing it in.
Or pick up a copy at the Village Clerk’s office during Village Hall business hours (8:30 am–4:30 pm, Monday–Friday). Or call and ask to have one mailed to you: 201-670-5500 ext. 201.
Indicate which election: Where you are asked in which election you wish to vote by mail, check “Special.” Where you’re asked to specify, write: Referendum. For the date, write June 21, 2016 (or 6/21/2016). (We have done this in the application form provided above.)
Your name: For your vote to be counted, you must write and sign your name precisely as it appears in the voting records. If you aren’t sure about a middle initial, spelling, or other item, you can check. Go to: njelections.org or voter.njsvrs.com. Click on “Am I registered?” and follow the simple instructions.
Remainder of form: Fill in your address, the date, etc. Fold, seal, and apply first-class postage (one 47-cent or Forever stamp).
If you mail the application form, the county clerk in Hackensack must receive it at least 7 days before the election (that is, by Tuesday, June 14). Therefore, it’s best to send the form promptly.
You may also submit the application in person at any time up to 3 PM on the day before the election (that is, by 3 PM on June 20).
If you mail the application, in due course you will receive a ballot for the election requested. On the ballot, check the desired box (Yes or No) and mail the form. A return envelope will be provided, but you must use your own first-class stamp (again, 47 cents or Forever). (Ballots for future elections may require more postage, depending on weight.)
Vote-by-mail ballots must arrive in Hackensack before the closing of the polls on election day (June 21). Mail early—at least five days before.
Once you have applied for a Vote by Mail ballot, you must vote that way.
If you have questions about obtaining or using a Vote by Mail ballot, you may call the League of Women Voters of New Jersey at 1-800-792-VOTE.
Dads Night Band concert at Graydon: Sunday, June 12, 3–6pmLifelong Graydon member and longtime Preserve Graydon Coalition supporter Pete Diamond proudly reports that the Somerville–Hawes Dads Night Band will play the first show in Graydon‘s all-new SummerConcert Series on Sunday, June 12, at 3pm.
Free to Graydon badge holders; $10 for others. Some of the proceeds will support the DadsNight Scholarship Committee.
Monday, July 4, 2016Alternate Date – Tuesday, July 5thVeteran’s Field, Ridgewood, New Jersey Entrance gates open at 6:00 PM and close at 9:00 PM
While the Parade is free, Fireworks Tickets are required for entrance to Vet’s Field. Donations for Fireworks Tickets is one of the Celebration’s largest sources of income. Tickets are available for advance purchase at stores for $10. Tickets will be on sale at the gates for $15 for adults and $10 for children ages 6-12. Buy your tickets in advance for big savings! Children 5 and under are admitted for free. Tickets may be purchased online at https://www.ridgewoodjuly4.net/evening-entertainment-fireworks/buy-tickets/ for $11.00 each including shipping and handling.
Tickets will be on sale at the following vendors for $10 each. Children 5 and under are admitted free.
The Wine Seller – 6 West Ridgewood Avenue, Ridgewood
Patrons and belongings will be subject to security checks by Police Department personnel when entering Veterans Field. Alcohol is not permitted. There will be 2 lines at the gates, one for those with bags and one for those without bags. Expect delays. All gates will close at 9:00 PM.
Gates open at 6:00 PM and close at 9:00 PM. No Dogs allowed – Village Ordinance 1689
Ridgewood NJ, Supervisor of Health, Dawn Cetrulo would like to remind Village of Ridgewood residents that 2016 dog license renewals are due during the month of June. A $20 late fee will be charged for all renewals received after June 30, 2016.
The health department will be sending renewals via email. If you do not have an email address please call our office and request a renewal to be mailed to you. Renewal applications may also be obtained by visiting our website at www.ridgewoodnj.net or coming in person to the Ridgewood Health Department, 131 North Maple Ave. The office hours are Monday to Friday from 8:30 am until 4:30 pm. Please call 201 670-5500 ext 503 with questions.
New Jersey law requires owners of all dogs seven months of age or older to be registered with the town they live in. In order for the license to be issued, the owner must present proof that a licensed veterinarian has vaccinated the dog
against rabies and that the duration of immunity from that vaccination does not expire before May 1, 2017. To receive the discount for a spayed or neutered pet, proof must also be provided.
Parents, Coaches: Know the Risks of Concussions in Youth Sports
June 7,2016
the staff of the Ridgewood blog
Ridgewood NJ, To assist parents and coaches in protecting young athletes from the serious head injuries that can result from returning to play too soon after a suffering a concussion, The Valley Hospital Sports Institute offers the ImPACT Concussion Management Test. ImPACT (Immediate Post Concussion Assessment and Cognitive Testing) is an innovative computerized evaluation system that assesses the effects and severity of a concussion and helps determine when it is safe for an athlete to return to contact sports following a concussion.
ImPACT testing is suitable for athletes ages 10 and older. Testing is appropriate in a “group setting” for athletes ages 11 and older. It is a 20-30 minute neurocognitive test battery
that includes measures of verbal and visual memory, attention span, brain processing speed, and reaction time and balance. If an athlete experiences a concussion, he or she is re-tested and the baseline data is compared to the post-concussion data to monitor recovery and to help determine when it is safe for the player to return to active sports. This comparison helps to diagnose and manage the concussion. Follow-up tests can be administered over days or weeks so clinicians can continue to track the athlete’s recovery from the injury.
The Sports Institute recently enhanced its Concussion Management Program with the addition of the Biodex Biosway Balance testing unit. The test takes about 5 minutes and provides a psycho-motor assessment of concussion injuries. Athletes should be tested in the preseason to gather baseline information that can be used for comparison in the event of a concussion to assess the extent of the injury and the athlete’s readiness to return to activity.
Since most high schools in the area have the testing in place already, the Sports Institute is providing this service primarily for the recreation and town-sponsored youth sports teams for athletes ages 11 and older.
The next scheduled baseline testing sessions will take place on Wednesday, June 29, at Valley’s Kraft Center, located at 15 Essex Road in Paramus. Two sessions will be held on that date: at 4:30 p.m. and at 6:00 p.m. at The tests will be conducted in the 3rd Floor Computer Lab.
Pre-Registration is required, as space is limited. The fee is $25. Please call 201-447-8133 for more information and to register.
A concussion is a brain injury. Concussions are most commonly caused by a bump or blow to the head, but, can also be caused by a sudden deceleration or acceleration of the head. In either scenario, the brain, suspended inside the skull and surrounded by fluid, continues to travel with momentum until it “bangs” up against the skull – causing a brain-bruising injury – or concussion. What may seem to be a mild bump or blow to the head can be serious.
You can’t see a concussion. Signs and symptoms of a concussion can show up right after the injury, or may not appear or be noticed until days or weeks after the injury. If your child reports any symptoms of concussion, or if you notice the symptoms yourself, seek medical attention right away. Common symptoms include: headache, dizziness, feeling foggy, nausea, fatigue and confusion. Common signs include memory loss, a loss of balance and coordination, and changes in personality. Concussion severity varies widely, and the number of signs and symptoms vary also – serious injuries may show few symptoms.
Although less common, bleeding in the brain can occur with some head injuries. Loss of consciousness, mental status deterioration and worsening symptoms raise the concern for a bleeding injury. An athlete does not need to lose consciousness (black out) to suffer a concussion. In fact, less than 10 percent of concussed athletes lose consciousness.
An athlete who suffers a concussion can be at risk for a condition known as Second Impact Syndrome if he or she returns to sports before full recovery. Second impact syndrome is a life-threatening condition in which a second concussion occurs before a first concussion has properly healed, causing rapid and severe brain swelling. Second impact syndrome can result from even a very mild concussion that occurs days or weeks after the initial concussion.
“Second Impact Syndrome can be prevented,” Donald Tomaszewski, Director of The Valley Hospital Sports Institute. “Don’t allow an athlete to return to sports after a concussion until their symptoms have completely resolved and they have been cleared by a medical professional experienced in treating concussions.”
The problem is not paying the teachers, the problem is that our Board of Ed treats the teacher salaries as a lower priority. We should pay talent and retain talent. That is the heart of any great business, especially educational businesses.
The start of the solution is getting rid of the 35 people in that building on Franklin Ave. We have far too many administrators each of whom just creates the need for more administration, more secretaries and keep teachers from teaching kids. If the kids in Orchard and Somerville learn a little bit different stuff in math–WHO CARES? It will work out. They will be close enough by the time they get to HS. Use a simple curriculum outline and let the teachers teach.
Also, its enough with the bells and whistles. Make a decision about whether you want new text books or lap tops. You can read on a computer so you really should pick one or the other. Use the laptop and an older text book. They will get what they need.
We dont need rock climbing walls and the insurance that goes with them. Let them play dodge ball. What about considering the real costs of having Football–insurance, equipment, staff, etc. Get rid of the fat and focus on the mission of educating kids. To me it is simple, pay the teachers and let them teach.
Ridgewood NJ, Summer Water Restriction season once again and the Ridgewood blog just has to ask ; are we the only one who wonders what it is going to take to fix this thing and get the Ridgewood water system up to speed. Sorry folks but summer water restrictions every single summer is too much 3rd world for the kind of taxes Ridgewood taxpayers are paying .
This not a critique of Ridgewood water but an attempt to get the ball rolling on a discussion which has for too long been swept under the rug . Do residents really want to live with perpetual water restrictions, law suits and assorted water quality issues.
-For information on the Ground Water Under Direct Influence of Surface Water (GWUDI) monitoring program click HERE.
-For information on PFOA and PFOS click HERE.
Stage I will be in effect each year starting on June 1st and will continue through August 31st. If conditions warrant, irrigation will be prohibited on additional days of the week up to and including a total ban on irrigation.
Compliance with the initial restrictions will reduce the likelihood that more severe controls will be needed. Your cooperation is appreciated.
Stage I (Moderate) – Mandatory restriction of irrigation to Tuesdays, Thursdays, and Saturdays for properties with odd-numbered addresses and Wednesdays, Fridays, and Sundays for properties with even-numbered addresses. Irrigation using a hand-held hose shall be allowed at any time. No irrigation shall be allowed on Mondays except for the use of a hand held hose.
Stage II (Severe) – Mandatory restriction of irrigation to Tuesdays and Saturdays for properties with odd-numbered addresses and Wednesdays and Sundays for properties with even-numbered addresses. No irrigation shall be allowed on Mondays, Thursdays, or Fridays except for the use of a hand held hose. Irrigation using a hand held hose shall be allowed at any time.
Stage III (Pending/Critical) – Mandatory restriction of irrigation to the use of a hand held hose on Tuesdays and Saturdays for properties with odd-numbered addresses and Wednesdays and Sundays for properties with even-numbered addresses. No irrigation of any kind shall be allowed on Mondays, Thursdays, or Fridays.
Stage IV (Critical) – Irrigation is prohibited at any time. Exceptions for irrigation using a hand held hose may be allowed under conditions prescribed by the Village Manager of the Village of Ridgewood.
Ridgewood NJ, the 15th Annual Kessler Foundation WTFUSA National Wheelchair 10K Championship, part of the Fred D’Elia Ridgewood Run, was held on Memorial Day, May 25, 2015 at Graydon Pool–201 North Maple Avenue in Ridgewood, NJ. This event is one of the largest integrated races in the country, as wheelchair athletes compete on the same course, at the same time, as the runners. Racers compete for cash prizes!
The Wheelchair 10K began at 8:15am, with registration opening at 7am. All participants will receive a commemorative t-shirt. Kessler Foundation will host a brief awards ceremony with refreshments immediately following the Wheelchair 10K. Congressman Scott Garrett pitched in and held the ribbon at the finish line.
“It was an honor to have one of the most important jobs at the Ridgewood Wheelchair 10k–holding the ribbon at the finish line! Congratulations to everyone who participated!”
If not for our grassroots involvement, a decade of massive demolition and construction would likely be underway today at Valley Hospital, doubling in size in a location that is already over-burdened.
The Fight Continues! We vitally need your donations to:
1) Finish our legal work.The flawed Master Plan Amendment of 2010 is still on the books of Ridgewood. The current or any future council could allow Valley to build to the 1.2 million square foot limits approved compared to the current building approximating 550,000 square feet. While expensive, this legal action is essential to putting a final halt to Valley’s determined drive to expand in the Village.
2) Continue public advocacy before Ridgewood’s Village Council and Land-Use Boards.The Valley Corporation has seemingly infinite resources and connections to get their way. It is imperative that we continue our grass-roots efforts to counter their efforts to put an incompatible building in our midst.
While there is much corporate and personal money being spent in support of the Valley aspirations, all the opposition is funded by our hard-earned donations.
ALL DONATIONS ARE NEEDED. BECAUSE LEGAL WORK IS COSTLY, WE ASK YOU CONSIDER $200 OR MORE. HOWEVER, ANY DONATION WILL HELP.
PayPal service is available for you convenience — or please mail your donation to
Concerned Residents of Ridgewood
P.O. Box 150 Ridgewood, NJ 07451.
Checks should be made out to Concerned Residents of Ridgewood
The group does not push that hard for money, but we cannot let them pay for this themselves. Please consider giving any amount–small is a lot better than zero. Let’s dig deep so that Valley doesn’t! Once is not enough–this has been going on for nearly a decade and is expen$$$$ive.
The Consumer Financial Protection Bureau, the federal regulatory agency established in response to the 2008 Wall Street meltdown to police banks and other financial institutions, is set to issue new rules Thursday that could reshape payday lending.
Payday loans are small-dollar, high-interest loans used most often by low-income workers to help cover monthly expenses between paychecks. The CFPB contends the $40 billion industry that serves an estimated 12 million customers each year traps workers in a cycle of debt that is difficult to escape.
The new rules will be the culmination of more than three years of work by the CFPB, and the latest step in an even longer crusade by progressives to see payday lending banned entirely.
When a draft version of the new regulations was released in March, the Consumer Financial Services Association of America, the trade group for payday lenders, said a “substantial part of the industry” could be forced out of business. According to a Politico report Wednesday, the CFPB’s own projections show that loan volume could fall by 84 percent under the new rules.
That’s all part of the plan, according to some critics of the CFPB who believe the Obama administration’s goal is to drive payday lenders out of business and clear the way for taxpayer-backed nonprofits — including one with direct ties to federal regulators — to take over the market for short-term lending with an expansion of taxpayer-subsidized loans, called “Obamaloans” by critics.
Iain Murray, a vice president at the Competitive Enterprise Institute in Washington, D.C., says the groundwork for a federal takeover of the small-dollar lending industry has been laid over the past few years.
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Image courtesy Competitive Enterprise Institute
MURRAY: After new regulations force payday lenders to go out of business, says Iain Murray of the Competitive Enterprise Institute, the taxpayer-funded “Obamaloans” will be the only game in town for low income workers who need help making ends meet.
“When all other sources of short term cash are outlawed for people with poor credit, where do they turn? The outcry will become overwhelming for federally backed loans to the underserved market,” Murray said in an email to Watchdog.
Along with the expected new regulations from the CFPB, President Barack Obama’s latest budget proposal contains $10 million for the expansion of the federal small-dollar lending program, administered by nonprofits known as community development financial institutions (CDFI).
What does that mean for low-income Americans who might occasionally need a payday loan to help make ends meet?
The CFPB says the crackdown on payday lending will help them escape the “debt trap,” but evidence from states where payday lending has been restricted offers a different narrative.
North Carolina banned payday loans in 2004 after an intense lobbying effort from progressive groups like the Center for Responsible Lending, which decried the industry as a “debt trap” — the same language now being used by the CFPB as it, at the behest of the CRL, crafts new federal rules.
Three years later, a study from the Federal Reserve of New York found low-income workers in North Carolina were worse off than they had been before the ban. The Fed found higher rates of bankruptcies and bounced checks and found that more borrowers were seeking assistance from CDFIs and other nonprofit lenders.
One of the largest, and certainly the most politically influential, community development financial institution in the country is the Center for Self Help, which is based in North Carolina and was fingered by the Federal Reserve as one of the biggest beneficiaries of the ban on payday lending in the state.
Now, Self Help stands to benefit from both the expansion of federally funded small-dollar loan programs and the coming extinction of their competitors in the payday lending industry.
Some critics see a conflict of interest there, because the Center for Self Help owns the Center for Responsible Lending, which acts as its lobbying arm and has a direct conduit to the CFPB.
READ MORE: Lending Influence – How a progressive group profits from pushing financial regulations
Last year, emails obtained by Politico revealed that the Center for Responsible Lending spent hours consulting with senior Obama administration officials, giving input on how to implement the rule that would restrict the vast majority of short-term loans.
“The group regularly sent over policy papers, traded emails and met multiple times with top officials responsible for drafting the rule,” reported Politico’s Anna Palmer. “At the same time, the group’s financial services business, Self Help Credit Union, was pushing CFPB to support its own small-dollar loan product with a much lower interest rate as an alternative to payday loans.”
With the final rules set to be unveiled this week, critics are pointing to those emails and to a revolving door between the CFPB and the Center for Responsible Lending to claim that the progressive nonprofit had undue influence over policy.
Martin Eakes, who founded the Self Help Credit Union in 1988 and now serves as it’s CEO – as well as the CEO of the Center for Responsible Lending – has been pushing federal regulators for years to crack down on payday lending. In 2007, while serving on an advisory panel for the FDIC, which regulates banks, Eakes suggested allowing banks to extend small-dollar loans to anyone with overdraft protection on their checking account.
According to meeting minutes, Eakes said the most viable outcome of that proposal would be persuading policymakers that there are alternatives to payday loans, “thereby making it more palatable to prohibit payday loans.”
When Eakes pitched that idea in 2007, the CFPB did not even exist yet. Less than a decade later, though, he and other progressives who want to reshape the country’s financial institutions have found the perfect vehicle for doing that.
Created in 2010 as part of the Dodd-Frank Act, the CFPB has nearly unchecked regulatory authority over U.S. banks and financial institutions. To the cheers of progressives such as U.S. Sen. Elizabeth Warren, D-Massachusetts, the CFPB has cracked down on auto loans, payday lenders, community banks and mortgage brokers – though it has also helped to entrench the idea that some banks are “too big to fail,” the very thing that the CFPB was, in theory, supposed to fight against.
Payday lenders are the CFPB’s next target, but reshuffling the small-loan industry might not help American workers as much as Eakes and other reformers claim.
Almost four in 10 Americans say they don’t have enough savings to cover the cost of a $500 emergency, so there is no doubt that payday lending fills a vital role in helping people get by from paycheck to paycheck. But do lenders take advantage of their borrowers?
Image via Wiki Commons
ECHO CHAMBER: Richard Cordray, director of the Consumer Financial Protection Bureau, calls payday loans “debt traps,” mimicking the phrase of progressive groups such as the Center for Responsible Lending, which has significant influence over more than just language at the CFPB.
The CFPB certainly think so. When starting the crusade against payday lending in 2013, the agency issued a report slamming payday loans as too expensive and not suitable for sustained use. A sizable share of consumers end up in cycles of repeated borrowing and incur significant costs over time, the report found.
“For too many consumers, payday and deposit advance loans are debt traps that cause them to be living their lives off money borrowed at huge interest rates,” said Richard Cordray, director of the CFPB.
But that’s not the experience of most borrowers. The CFPB’s own publicly available data shows that just 1.5 percent of all complaints submitted to the federal agency were regarding payday loans.
The Consumer Financial Services Association of America says its research shows 96 percent of customers report payday loans to be useful and 84 percent said it was easy to repay the loans.
Some people do use payday loans irresponsibly and end up trapped in a cycle of debt, but even that minority might be worse off without payday lending as an option. A 2007 paper by Mercatus Center researcher Todd Zywicki suggests that regulators are wrong to look at short-term loans using the same metrics as long-term borrowing like credit cards and mortgages.
In a rather typical payday loan, a borrower might take out $300 with a promise to repay $350 in two weeks. That’s an annual percentage rate of 435 percent – an absurd interest payment, when even the worst credit cards typically carry APRs of around 30 percent.
Zywicki says that’s the wrong way to look at payday loans, since they’re not meant to be paid back over the long term — there is no “annual” to the percentage rate. And for comparisons’ sake, the effective APR on overdrafted checking accounts can be as much as 1,000 percent, according to the FDIC.
“Although expensive, payday loans are less expensive than available alternatives,” wrote Zywicki. “Misguided paternalistic regulation that deprives consumers of access to payday loans would likely force many of them to turn to even more expensive lenders or to do without emergency funds.”
In this case, the regulations will do little to protect consumers’ finances, while driving more people to use the products offered, at taxpayers’ expense, by organizations such as the Self Help Credit Union — just like what happened a decade ago in North Carolina.
“The infrastructure for this — the community development financial institutions — is already in place,” said Murray. “Obamaloans will be the only game in town.”
Ridgewood NJ, With Memorial Day marking the “unofficial” start of the summer recreational season, this weekend is a great time for customers to take advantage of NJ TRANSIT’s discounted travel packages to destinations including the Jersey Shore, Six Flags, Monmouth Park and Liberty Science Center:
Beach Packages: Save up to $5.00 on admission to one of five beaches— Long Branch, Asbury Park, Ocean Grove, Bradley Beach and Belmar—by purchasing round-trip train fare and a discounted beach pass for one price at NJ TRANSIT ticket vending machines (choose “Beach/Monmouth Park Packages” and select “Beach Package”) or at ticket windows. Customers can purchase the package at all NJ TRANSIT rail stations, excluding stations on the Atlantic City Rail Line. Beach Packages go on sale on the following four Fridays: May 27, June 3, 10 and 17 at 7 a.m. and are valid throughout the weekend and on holidays. Beach Packages will be available daily starting Saturday, June 18 and continuing through Labor Day, Monday, September 5.
Six Flags Great Adventure and Safari or Hurricane Harbor: Save up to $30 by purchasing round-trip bus transportation and park admission together. NJ TRANSIT provides express bus service to Six Flags from the Port Authority Bus Terminal in New York and Newark Penn Station.
Monmouth Park: Board a train anywhere on NJ TRANSIT’s rail system, excluding Atlantic City Rail Line stations, and save $5.50 when you travel to Monmouth Park Racetrack. Simply purchase a package to Monmouth Park from NJ TRANSIT ticket vending machines (choose “Beach/Monmouth Park Packages” and select “Monmouth Park”) or at ticket windows, and receive round-trip transportation, Grandstand Admission and an official track program for $3.50 plus the regular cost of a round-trip rail ticket.
Liberty Science Center: Beginning June 1, save $5 per person for up to four general admission, combo ticket and/or all-access passes when you travel on NJ TRANSIT and show your ticket, pass or fare receipt at Liberty Science Center. General admission passes include live science demonstrations, hands-on labs, and a variety of daily activities. Combo and all-access passes provide options for films and premium exhibits.
Ridgewood NJ, NJT is joining with the National Safety Council and numerous other organizations across the country in recognizing National Safety Month during the month of June. Safety is the utmost priority for the corporation and NJ TRANSIT recognizes that collaboration between the agency and the public is necessary to effectively promote safe choices around the public transportation system.
“The safety of our customers and employees remains our top priority,” said NJ TRANSIT Interim Executive Director Dennis Martin. “As we mark National Safety Month, we all should take a brief moment to review some simple ‘do’s and don’ts’ which will further promote a safe environment for our customers and our employees.”
“NJ TRANSIT is taking the message to the streets,’’ said Office of System Safety Chief Gardner Tabon. “The Office of System Safety is reminding employees of safety protocols in many ways; by visiting them at selected work sites, by printing messages on pay stubs and by hanging posters in visible locations. These reminders promote the notion that we all share in the responsibility of staying safe.’’
Rail and Light Rail Safety:
Never take a short cut along, around or across rail tracks.
Only cross railroad tracks in clearly-identified, designated areas where there are lights, signs and grade crossings.
Always stand behind the yellow safety line when waiting on the station platform. Trains can operate on any track, at any time.
Always be aware of your surroundings. Use extra caution when using headphones or using your cell phone near tracks, or while on the station platform. If you are not listening or paying attention, you may not hear a train approaching.
Listen to train personnel and watch your steps when boarding and exiting a train.
Bus Safety:
When waiting for and riding a bus:
Use designated crosswalks and sidewalks to reach the bus stop.
Never run after a bus; you may slip and fall, or may be struck by another vehicle.
Wait for the bus at designated stops and stand two to three feet from the curb.
Hold handrails while boarding the bus.
When exiting, do not cross in front of the bus. Wait for the bus to pull away, walk to the nearest crosswalk, and look both ways before crossing.
NJ TRANSIT will be hosting several employee safety day events at various work sites to remind employees of the importance of safety protocols. As part of the month-long program, there will also be an increase in safety advertising and handouts onboard bus, rail and light rail vehicles.
In April 2016, Tabon was appointed by U.S. Secretary of Transportation Anthony Foxx to serve on the U.S. Department of Transportation’s Northeast Corridor Safety Committee. This committee serves as an advisory body to the Department and is responsible for evaluating proposed safety improvements on the NEC main line and providing information, advice and recommendations on policy initiatives.
Cyclist Tejay van Garderen has removed his name from from consideration for the U.S. team that will compete in the Rio Olympics, becoming what is believed to be the first U.S. athlete to back out because of concerns about the Zika virus.
Van Garderen, who was likely to make the team, is concerned that, if he contracted Zika, he could pass it along to his pregnant wife, who is due to give birth in October.
“If Jessica were not pregnant right now, assuming I was selected, I would go,” he told Cyclingtips. “But the fact is, she is pregnant. If we were just going to start trying, I’d say we could start trying six months after the Olympics. But when she has a baby in her belly, I don’t want to take any chances.”
