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 decrease the defenses Ohio customers get under federal legislation.

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

“Those measures is certainly going ahead no 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 lending guidelines he endorsed had been finalized. Read More