Archive | Ohio

Peggy Landers, not payday lending

Payday lenders not a focus in Ohio, more like Peggy Landers, according to this Columbus Biz Insider. So where is the focus? One word: Budget.

Keep watch, as we want to make sure we don’t limit access to credit in Ohio. Consumers deserve the stability of a competitive marketplace that includes banks, payday advance lenders, installment lenders, and other services such as bill pay. Neighborhood financial services centers can provide access to a broad scope of services so the consumer chooses the right service for the situation and never has to borrow more than needed, for longer terms than are needed, or pay more than is necessary.

Posted in access to credit, customers, Ohio0 Comments

Cash America pushes for new cap on Ohio pawn

Ohio’s biggest pawn shop operator, Cash America, is looking for some new rules in the state’s pawn shop regulation. In particular, the pawn and payday lending company is looking to increase the state cap on pawn loans from 5 percent a month to 20 percent. While critics have already spoken out against such an increased rate cap, some industry members look to the other aspects of the potential legislation to show the improvements that this bill would provide for the pawn industry.

Jason Paduchik, a lobbyist for Cash America, said the changes the company is seeking include things Ohioans should like. It would increase the amount of time a store has to hold an item before selling it so law enforcement has more time to spot stolen property. It also would let military members put pawn loans on hold while on active duty.

Posted in Ohio0 Comments

From around the states

An op-ed in Janesville, WI paper want tougher restrictions on payday lending.

Missourians travel to Ohio to protest JP Morgn.  Story gratiously mentions payday lending. 

Dallas Morning News weighs in on pending payday lending legislation.

Payday lending mentioned in Denver Mayor’s race article.

Posted in Colorado, local issues, Missouri, Ohio, Texas, Wisconsin0 Comments

Is is politicking?

Time Magazine columnist raising some interesting questions.  From the story:

Today, Elizabeth Warren, the White House’s “architect” for the new Consumer Financial Protection Agency, a non-political body, has traveled to Columbus, Ohio, to the 15th Congressional District, where she will address a public “consumer roundtable discussion” as part of her effort to stand up the new agency. Her travel was announced by the Treasury Department, and according to a Treasury official I spoke with, the public event is just a single detour on a longer trip which is focused on private meetings in preparation for the new agency. The Treasury official said the event is entirely non-political, and the local Democratic congresswoman, Mary Jo Kilroy, was not invited. The event is hosted by three left-leaning non-profit groups, Policy Matters, COHHIO and Americans for Financial Reform.

But Kilroy is not just any congresswoman, and Ohio-15 is not just any district. She is among the most endangered House members in the nation, and, as a member of the House Committee on Financial Services, has been a major supporter of Warren and Wall Street reform. Her campaign message borrows heavily from Warren’s own work. “I’ll be a watchdog for your money like it’s my own,” Kilroy says in her latest ad, after a number of people praise her for taking on the banks and the credit card companies.

Posted in Elizabeth Warren, Ohio1 Comment

Is this still going on?

I feel like I’m living in the past reading this:

In a bipartisan May vote, Ohio’s House passed a bill closing loopholes in the state’s payday-loan law. In contrast, state Senate Republicans, plainly defying 3.4 million voters, are ignoring the House plan. Before the Nov. 2 election, Ohioans should ask Republican state Senate candidates if they’ll let their caucus keep siding with lenders, rather than with voters. And after the Nov. 2 election, assuming there’s a traditional lame-duck legislative session, the Senate must pass the House bill.

In November 2008, of those Ohioans voting on a statewide ballot issue, 64 percent approved a payday reform law legislators had passed earlier. Previously, annual percentage rates (APRs) on Ohio payday loans had been as steep as 391 percent. The 2008 law capped payday-loan APRs at 28 percent.

In other Ohio news, Browns looked pretty good in losing to the Ravens yesterday.

Posted in Ohio1 Comment

Speaking of a waste of money…

Mary Hulburt from Consumer Credit Counseling Services–an organization which charges consumers to renegotiate their debt for them–has an oped in the Cincinnati Enquirer today where she mentions, among other things, payday loan debt.

She could have just directed the individual back to the free extended payment plan at payday loan stores, but then I guess the CCCS wouldn’t have gotten its cut.  Looking out for consumers’ best interests indeed.

Posted in best practices, Cincinnati Enquirer, Financial Reform Bill - CFPB, Ohio0 Comments

No “bulldozing” reform

I don’t understand the headline of this editorial from Ohio, but I get the drift of what they want:

The intent of the reforms, however, is not to shutter all of the corner-store, fast-cash businesses. Clearly there is a need for quick short-term loan services, or payday lending would not have mushroomed into a growth industry in the state and the nation.

Intent aside, if the result is that  payday lending stores close, then it’s not “reform,”  it’s a ban.

Posted in industry, Ohio, regulation0 Comments

Comment of the Day

A reader comments on the Ohio post below:

The comments in the article show that they dont care about keeping jobs. REALLY????? you are going to wish we are all closed?? I wish you would lose your election!!!! I’ll make sure I stand right next to you in the unemployment line!!!VOTE THEM ALL OUT OF OFFICE!!!

Posted in industry, Ohio0 Comments

Ohio measure passes House

From the story

After a spirited debate this afternoon, the Ohio House passed a bill that would cut the fees payday lenders can charge for short-term loans.

With most Democrats joining more than a handful of Republicans, the House voted 60-37 to prohibit payday lenders from issuing checks and then charging customers to cash them, and would limit origination and credit-check fees on loans $1,000 or less to once every 90 days.

The measure now moves to the Ohio Senate for consideration.

Here’s to hoping cooler heads prevail in the Senate.

Posted in industry, Ohio, regulation4 Comments

Floor vote today in Ohio

House Committee voted yesterday.  From the story:

A bill to clamp down on the fees charged by payday lenders in Ohio is headed to the full House for a vote today, despite pleas yesterday from some store owners and black community leaders who argued it would shut off needed credit.

Posted in Ohio, regulation0 Comments





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