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 administration 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 lessen the defenses Ohio consumers get under federal legislation.

Payday financing laws that Ohio adopted this past year are more strict, in several 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, says previous CFPB manager Richard Cordray.

“Those measures is certainly going ahead no matter what takes place during the level that is federal” says Cordray, A Democrat whom left the CFPB to unsuccessfully run for Ohio governor soon after the federal payday financing guidelines he endorsed had been finalized. Continue reading “Federal improvement in payday financing limitations won’t undermine Ohio legislation”