Listen

predatory lending

Ohio Public Radio

The Ohio Senate has approved its version of a bill to overhaul the payday lending industry. 

Ohio Public Radio

The Ohio Senate has introduced amendments to a House-passed payday lending bill. 

Republican Ohio Senate President Larry Obhoff tells the Associated Press the chamber will not pass a payday lending bill before breaking for the summer. 

Ohio Public Radio

Proposed changes are coming to an Ohio House-passed bill cracking down on the payday lending industry. 

Ohio Public Radio

The Ohio House on Thursday approved legislation capping interest rates on short-term loans, a measure that had languished for more than a year. 

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.

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. 

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.

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.