Federal improvement in payday lending limitations won’t undermine Ohio law

Federal improvement in payday lending limitations won’t undermine Ohio law

WASHINGTON, D.C. – A Trump management drive to flake out regulations on payday lenders won’t put the brake system on Ohio’s newly adopted defenses for payday lending clients, though it will lessen the defenses Ohio customers get under federal law.

Payday financing laws that Ohio adopted a year ago are more strict, in lots of respects, than guidelines that the customer Financial Protection Bureau (CFPB) adopted in 2017 to help keep low-income borrowers from being caught in a period of financial obligation, claims previous CFPB manager Richard Cordray.

“Those measures is certainly going ahead it doesn’t matter what occurs in the federal degree,” claims Cordray, A Democrat whom left the CFPB to unsuccessfully run for Ohio governor soon after the federal payday lending guidelines he endorsed had been finalized. Continue reading “Federal improvement in payday lending limitations won’t undermine Ohio law”