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

Thursday, January 23rd, 2020

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 lower the defenses Ohio customers get under federal law.

Payday financing regulations that Ohio adopted year that is last 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, states previous CFPB manager Richard Cordray.

“Those measures goes forward no matter what occurs during 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 had been finalized. [more…]