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

Donnerstag, Januar 23rd, 2020

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

WASHINGTON, D.C. – A Trump administration drive to flake out regulations on payday lenders won’t put the brakes on Ohio’s newly adopted protections for payday lending clients, though it shall reduce steadily the defenses Ohio customers get under federal legislation.

Payday financing laws that Ohio adopted year that is last more strict, in lots of respects, than guidelines that the buyer Financial Protection Bureau (CFPB) adopted in 2017 to help keep low-income borrowers from being trapped in a period of financial obligation, claims previous CFPB director Richard Cordray.

“Those measures is certainly going ahead it doesn’t matter what takes place 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. (mehr …)