Monday, August 8, 2022

Play

The annual Kids Count report highlights the well-being of America's children, Pennsylvania groups call for reproductive rights, and Minnesota's electric vehicle infrastructure is on verge of a growth spurt.

Play

Democrats seal the deal on the Inflation Reduction Act after a weekend session, New York City's Mayor condemns the Texas governor's immigrant busing initiative, and Elon Musk calls for a debate on Twitter bots.

Play

People in five rural Kentucky counties are fighting their way back after catastrophic flooding, efforts to preserve Oklahoma's historic buildings in small communities are running up against funding challenges, and more factory-built manufactured homes could help solve the nation's housing shortage.

Ohio Groups Speak Out Against Payday Lending Loopholes

Play

Tuesday, October 4, 2016   

COLUMBUS, Ohio – Nearly 100 groups in Ohio are banding together and speaking out against what they say are loopholes in proposed payday lending regulations. The organizations, which advocate for low-income families and other vulnerable Ohioans, sent a letter to the head of the Consumer Financial Protection Bureau on Monday calling for the rules to be strengthened.

Marcus Roth, the director of communications and development the with the Coalition on Homelessness and Housing in Ohio, said these groups see firsthand the destruction predatory lending inflicts.

"A lot of people that come to food banks, for example, are driven to seek assistance and get help from food banks because they don't have enough money left over to afford food after paying these outrageous fees from payday lenders," he explained.

In Ohio, payday lenders can charge nearly 600 percent interest. Roth said weaknesses in the draft rules could allow borrowers to skirt the requirement for lenders to assess a borrower's ability to repay. He also noted the 30-day waiting period between loans is not sufficient to prevent a cycle of borrowing and refinancing. The draft rules are open for public comment through Friday, October 7.

According to data from the Center for Responsible Lending, payday lenders collected about a half million dollars from Ohioans in 2015, more than double the fees collected in 2008 when Ohio voters approved a law regulating the industry. Roth believes that's why water-tight federal regulations are needed.

"Since we've seen how they're able to really squirm around the regulations here in Ohio we know that if the CFPB doesn't do a really good job with these rules then they're likely not going to be real effective in Ohio," he said.

The industry contends it provides a valuable service to consumers unable to get credit or who need financial help in an emergency. And opponents argue the proposed rules could put some lenders out of business.


get more stories like this via email

Salt marshes are coastal wetlands rich in marine life. They sometimes are called tidal marshes, because they occur in the zone between low and high tides. (FWC)

Environment

Conservation groups along several states on the East coast stretching from North Carolina to northeast Florida are working through a plan to conserve …


Social Issues

Children in Missouri are facing unprecedented levels of anxiety and depression - that's according to the 2022 Kids Count Data Book, released today by …

Environment

Over the weekend, Nevada's Lehman Caves celebrated its 100th anniversary as a national monument. Supporters behind a proposal to add another monument …


Later this year, Minnesota officials hope to receive federal approval for its plan to use infrastructure dollars, awarded to each state, to add fast-charging stations for electric vehicles. (Adobe Stock)

Environment

By 2030, Minnesota wants 20% of all light-duty vehicles on its roads to be electric. But a lot of charging stations are needed to help achieve that …

Health and Wellness

In about a month, the Pennsylvania General Assembly revisits a controversial proposal with five separate amendments to the state Constitution…

Corridor H Highway Project construction in Tucker County, West Virginia. (W.Va. Dept. of Transportation)

Environment

West Virginia has received federal Infrastructure Bill funding to complete the Corridor H Highway, a four-lane route beginning in Tucker County and …

Social Issues

Despite numerous challenges, eastern Kentucky schools and advocacy groups are working to make the upcoming school year as normal as possible and get …

Social Issues

Children's advocacy groups are sounding the alarm about the well-being of Ohio's kids. The 2022 Kids Count Data Book released today highlights some …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021