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Payday Lenders

Ohio Public Radio

An Ohio House committee has approved a bill to crack down on payday lending without making any changes – a week after the House Speaker resigned and a vote was halted. 

At Trump National Doral Golf Club near Miami this week, executives with the nation's payday loan industry are holding their annual conference with receptions, breakout sessions and a golf tournament.

Outside the gates of the resort Tuesday, a smaller group gathered to hold a protest. They were trying to shame an industry that they say preys on the vulnerable, by lending them money at interest rates as high as 200 percent to 300 percent a year.

Ohio House of Representatives

Republican legislative leaders from at least four states have acknowledged taking part in a summer trip to London with lobbyists and Ohio House Speaker Cliff Rosenberger, who resigned last week amid a federal probe of his activities. 

Ohio House of Representatives

Republican Ohio House Speaker Cliff Rosenberger is stepping down immediately, moving up the May 1 resignation he announced earlier this week amid talk of an FBI investigation into his activities with payday lending industry lobbyists. 

Democratic gubernatorial candidate Rich Cordray says it was "highly inappropriate" for Ohio Attorney General and GOP gubernatorial candidate Mike DeWine to call Republican Ohio House Speaker Cliff Rosenberger in the middle of a federal investigation and the exchange should be investigated.

Andy Chow

Majority Republicans in the Ohio House balked at passing a bill to reform the payday lending industry just hours after the Speaker stepped down amid an FBI inquiry. 

Ohio Public Radio

Republican Ohio House Speaker Cliff Rosenberger says he will resign effective May 1, amid talk of an FBI investigation into his activities. 

Andy Chow

A battle is brewing over payday lending in Ohio. 

Supporters of capping Ohio's interest rates on payday loans are working to correct errors and resubmit petition language after their first try was rejected. 

Backers of a proposed constitutional amendment capping interest rates on payday loans at 28 percent have delivered petition signatures to Ohio Attorney General Mike DeWine on Wednesday to get the measure onto the November ballot. 

The group pushing for payday lending reform is taking their fight to Ohio voters.

Payday lenders appear to have a powerful friend in Washington.

Former Republican Rep. Mick Mulvaney is the interim head of the Consumer Financial Protection Bureau. He was appointed by President Trump amid an ongoing a power struggle for control of the bureau.

Ohio Public Radio

A bipartisan bill that would crack down on Ohio’s 650 payday lenders has received its first hearing in the House.

Many payday lenders could go out of business if rules made final this week by the Consumer Financial Protection Bureau go into effect. But the changes face stiff headwinds from Republicans in Congress.

One new rule would require payday and auto title lenders to determine whether a borrower can afford to repay in full within 30 days. That could thwart a business model that consumer advocates say relies on the rollover of unpaid loans with the accumulation of exorbitant fees and interest rates of 300 percent or more.

Ohio Public Radio

Faith leaders came to the Statehouse Wednesday to speak out on payday lending. 

Nearly nine years after state lawmakers passed a crackdown on payday lenders and voters upheld the law, people are still borrowings, and the industry is still charging huge interest rates. 

Advocates Call For More Controls On Payday Lenders

Apr 1, 2015

Faith leaders and advocates for the poor are calling on the federal government to do something to reform payday lending.

Lawmaker Sentenced For Ethics Violations

Dec 12, 2014
wcbe files

A Democratic state lawmaker who pleaded guilty to ethics violations related to accepting Cincinnati Bengals tickets from lobbyists and failing to properly report them on required disclosure forms was sentenced Thursday. 

State of Ohio

A Franklin County judge this morning found Democratic State Representative Sandra Williams guilty of violating campaign-finance regulations related to the purchase and re-sale of Ohio State football tickets.

State of Ohio

Democratic State Representative Dale Mallory has pleaded guilty to two misdemeanor ethics charges related to taking Cincinnati Bengals tickets from payday industry lobbyists then failing to properly disclose them.

dalemallory.com

The Joint Legislative Ethics Committee says Democratic State Representative Dale Mallory probably violated state ethics laws by taking and failing to report Cincinnati Bengals tickets from payday lending industry lobbyists in 2009 and 2013. 

cincinnati.com

Republican Franklin County Prosecutor Ron O'Brien says former Democratic State Representative Dale Mallory is one of the subjects of an investigation into possible ethics violations.

Court Ruling On PayDay Lenders Leaves Future Unclear

Jun 16, 2014

The Ohio Supreme Court last week handed a big win to the payday lending industry by ruling that a two-week loan with a 235% interest rate is legal.

In a victory for payday lenders, the Ohio Supreme Court has ruled that a two-week loan to an Elyria man that imposed more than 235-percent interest is not prohibited under Ohio's mortgage lending laws. 

Ex-Lobbyist Sentenced For Filing False Reports

May 2, 2014
bizjournals.com

A former Ohio lobbyist for payday lenders has been fined 2 thousand dollars and placed on probation for failing to report gifts to lawmakers of Cincinnati Bengals football tickets and upscale dinners.

Campaign Contributions Hinder Payday Loan Reform

Aug 9, 2013

Payday lenders targeted by Ohio legislation that banned short-term, high-cost loans five years ago are skirting the crackdown by offering high-interest loans under other laws.