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 will lower the protections Ohio customers get under federal legislation.

Payday lending laws that Ohio adopted just last year are more strict, in several respects, than guidelines that the buyer Financial Protection Bureau (CFPB) adopted in 2017 to help keep low-income borrowers from being trapped in a period of financial obligation, states previous CFPB manager Richard Cordray.

“Those measures goes ahead it doesn’t matter what occurs in the level that is federal” says 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