Curbs on payday loans a tough sell to Ohio lawmakers, By Jim Siegel, October 17, 2017, Columbus Dispatch: “When Ohio lawmakers pass a law that doesn’t come close to working as planned, they often fix it. Not so much with payday lending regulations approved nine years ago. Short-term lenders in Ohio today are charging the highest rates in the nation, according to The Pew Charitable Trusts. A Republican lawmaker who wants to change that says he’s getting pushback from GOP colleagues who control the legislature…”
Tag: Payday lending
Payday Lending
Payday lending faces tough new restrictions by consumer agency, By Stacy Cowley, October 5, 2017, New York Times: “A federal agency on Thursday imposed tough new restrictions on so-called payday lending, dealing a potentially crushing blow to an industry that churns out billions of dollars a year in high-interest loans to working-class and poor Americans. The rules announced by the agency, the Consumer Financial Protection Bureau, are likely to sharply curtail the use of payday loans, which critics say prey on the vulnerable through their huge fees…”
Financial Stress Among Native Americans
Study shows high levels of financial distress among Native Americans, By David Erickson, May 2, 2017, Missoulian: “The use of high-cost borrowing methods such as payday loans and a lack of retirement and college savings plans may be keeping many in Montana’s Native American population in an endless cycle of poverty. There are more than 62,000 Native Americans in Montana, making up 6.6 percent of the state’s population, and a new national study has found that they are more likely to have high levels of financial distress compared to other demographic groups…”