State Treasurer Richard Moore's office is asking firms that manage state pension funds to make sure they don't hold stock in payday lending companies.
The Charlotte Observer reported this week that the pension fund last year may have invested nearly 11 million dollars in as many as five payday lending companies. That's as Moore was criticizing the companies.
The newspaper reported Friday that the pension fund's chief investment officer wrote to the state's outside managers this week, asking them to sell shares in any such firms. The order applies to funds that pick their own stocks, not those that follow a certain index such as the S-and-P 500.
Moore criticized the payday lenders last year for giving short term loans with the equivalent of annual interest rates of more than 500 percent.
This week, Moore's office said the pension fund sold its shares in four of the payday lending companies identified by the Observer and were reviewing the fifth.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.