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Economy and Business


Sen. Sherrod Brown calls for regulators to crack down on pay day loans
Urges federal officials to change regulations after Ohio Supreme Court ruling
by WKSU's STATEHOUSE BUREAU CHIEF KAREN KASLER


Reporter
Karen Kasler
 
U.S. Sen. Sherrod Brown is calling for federal regulators to get tough on payday loans.
Courtesy of U.S. Senate
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A new Ohio Supreme Court ruling upholding the practices of payday lenders has some consumer advocates calling for more rules on them.

Among those is Democratic US Sen. Sherrod Brown, who says it is time for federal regulators to step in.

LISTEN: BROWN ON PAYDAY LOANS

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“Last week Ohio’s supreme court ruling reaffirmed lenders ability to side step laws designed to protect consumers," Brown says. "Ohioans shouldn’t be trapped with a life time of debt from predatory loans because of a loophole in the law.”

Brown says he is asking the Consumer Financial Protection Bureau to come up with federal regulations on payday lenders, online quick-loan companies, and auto title lenders, so those products can be treated equally.

Brown says there are more payday lenders in the US than Starbucks and McDonald’s combined, and a recent study showed Ohio has the fourth-highest rate of payday loan usage in the nation.

Listener Comments:

After the Great Bailout of 2008, the feds proved they were more concerned with helping the banks than the people that the banks ripped off. They forked over nearly 8 trillion dollars to 'save the economy' and all that really did was underwrite the lavish bonuses for the very executives that wrecked the economy. Credit is still tight and many defrauded home owners still struggle with their predatory mortgages. Get over this payday loan thing, there are real problems to address...


Posted by: Leeg (Cleveland) on June 20, 2014 3:06AM
I've used local and internet payday lenders, I also pay higher interest on my motorcycle loan because of my credit. The thing is, that's my fault and my problem. I don't need to have the government step in and hold my hand. I've learned not to borrow more than I can afford to pay back. I have a $1,700 hundred dollar credit limit and currently have a 3 week loan for $100 that costs $115. What's the problem? Yet these same politicians feel it's ok for the State to charge $2.50 tax on a $2.50 pack of cigarettes. How about a law that says "you can't assess more than 25% sales tax on ANY item?"


Posted by: Dave Moore (Ohio) on June 18, 2014 2:06AM
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