Hour 3 includes more commentary on the payday lending debate with Jamie Frauenberg, president of the Ohio payday lending trade association.

Joyce Beatty represents a district with severely underserved neighborhoods where both banking services and employment opportunities are scarce. (My own state representative, Barbara Boyd (D-Cleveland Heights), represents such areas in East Cleveland, and she has spoken to this issue as well.) The fact is that payday lending outfits, despite their potential for abuse and their unpalatable business model, do provide some form of banking services that are accessible to people living in neighborhoods without commercial bank branches. Sometimes people do need small, temporary loans, and as a practical matter they currently have nowhere else to turn. Payday lenders also provide some jobs, and they pay rent and buy office supplies. In struggling urban areas where local commercial establishments like bars and restaurants have been dealt a double blow by the smoking ban and the elimination of the popular video games, the threat of potentially crippling another form of commercial activity is to be taken very seriously.