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

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

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 lessen the defenses Ohio customers get under federal legislation.

Payday financing laws that Ohio adopted year that is last more strict, in several respects, than rules that the customer Financial Protection Bureau (CFPB) adopted in 2017 to help keep low-income borrowers from being trapped in a period of debt, claims previous CFPB manager Richard Cordray.

“Those measures will go forward no matter what occurs in the level that is federal” claims Cordray, A Democrat whom left the CFPB to unsuccessfully run for Ohio governor soon after the federal payday financing guidelines he endorsed had been finalized. “Our CFPB set up a federal flooring and didn’t restrict states doing more.”

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