Richard Cordray, the former Ohio AG that has been tasked as the director of enforcement at the CFPB, says the new agency won’t be going rogue once it goes up July 21st.

Cordray said the bureau will “start in a deliberate and transparent manner. We’re not going to come off doing random or crazy things. We will be communicating with the public and with industry and we will be sensible about what we do.’’

Later quote in the story that we couldn’t agree more with:

“If we are enforcing the law against the dishonest businesses, the ones that are competing unfairly and illegally with the honest businesses, then that’s better for all concerned,’’ Cordray said. “It cleans the markets.’’

Laura A. Bischoff of the Dayton Daily News did ask the industry to comment on a new report in Ohio, so I guess we should be thankful.  The fact that she ended up included a two-sentence quote, in the last line of the article…we’ll that’s another story. 

Read CFSA’s full statement.

The Dayton Daily News is waking up to the fact that Ohioans don’t have great alternatives to payday loans. Here’s a quote from an Ohio Credit Union League official, Becky Hart: 

“Credit unions are not going to be the solution for everybody in Ohio,” Hart said. “We’re not trying to be payday lenders, but we do know it’s possible to offer small, short-term loans.” 

Who is this guy?

The Dayton News does breakdown of where the money went so far in the Ohio campaign to overturn the state’s rate cap law.  Nothing shocking here.  

Here are the details. 

A left-wing non-profit surveyed credit counselors and calls it a “report.”  Guess what, this research leads them to concluded that Ohioans need a loan rate cap to solve all their economic problems.

From today’s Dayton Daily News:

Payday industry no laughing matter 

Re “Latest payday lending TV commercial has Ohio farmers riled up,” Aug. 12: I’m glad columnist Mary McCarty found it funny to mock the use of a farmer in a payday industry commercial, because I certainly didn’t. As a two-year employee of a payday lending company, I think the situation of Ohio’s payday industry is no laughing matter.

McCarty claims that the chances of House Bill 545 putting most payday stores out of business are quite slim, but this is exactly what has occurred in other states that have enacted similar legislation. When Oregon banned payday lending in 2007, the number of stores statewide dropped from more than 300 to 80.

In addition, I doubt McCarty’s claim that farmers don’t often use the services of payday stores. Our customers come from all walks of life, and with 74,000 farming families in the state, you can bet that many have used our services.

— Andrea Lank

Dayton

The editorial writers are stroking out over the fact that the Ohio Chamber of Commerce supports free enterprise.   From the hysterical editorial: 

It’s not shocking that the Ohio Chamber of Commerce has lined up with the payday lending industry. The chamber is reflexive in its support of anything that is “pro-business” no matter how extreme or loosely defined “pro-business” is.

Recently, the chamber came out in support of repealing a new law that will limit the interest charges that payday businesses can charge.

“The Ohio Chamber champions free enterprise and economic competitiveness, and we believe HB 545 … runs counter to our mission,” the chamber president said. “This new law, if not reined in by Ohio voters, will drive an entire industry and 6,000 good-paying jobs out of our state.”

The pitch is shameless…

More yada, yada, yada if you have the stomach to read the whole thing.

Letter to editor published in today’s Dayton Daily News:

Which is bigger drain on economy?
In an Aug. 3 Dayton Daily News article, Sandy Theis claimed that the effort to urge voters to repeal part of Ohio’s new restrictions on the payday industry is “a drain on the economy.” That’s a classic example of the pot calling the kettle black.

On one hand, you have the payday industry, which has stores in almost every city, employs thousands of workers and provides short-term financial assistance for Ohioans in need.

On the other hand, you have supporters of H.B. 545, which shuts down the payday industry and puts the jobs of myself and more than 6,000 people at risk.
Now you tell me: Which is the greatest drain on the economy?

Jessica Tipton, Dayton