Listen

predatory lending

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.