Federal improvement in payday financing limitations won’t undermine Ohio legislation

Federal improvement in payday financing limitations won’t undermine Ohio legislation

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 shall reduce steadily the defenses Ohio customers get under federal legislation.

Payday financing laws that Ohio adopted this past year are more strict, in a lot 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 cycle of financial obligation, says previous CFPB manager Richard Cordray.

“Those measures goes ahead it doesn’t matter what occurs in the level that is federal” claims Cordray, A Democrat whom left the CFPB to unsuccessfully run for Ohio governor right after the federal payday financing guidelines he endorsed were finalized. Continue reading “Federal improvement in payday financing limitations won’t undermine Ohio legislation”