Ohio senator seeks payday-lending protections - WFMJ.com News weather sports for Youngstown-Warren Ohio

Ohio senator seeks payday-lending protections

Posted: Updated:
COLUMBUS, Ohio (AP) - U.S. Sen. Sherrod Brown is calling for new protections against predatory lending in the wake of a court ruling last week.

The Ohio Supreme Court ruled an Elyria man's two-week loan imposing more than 235-percent interest is permissible under state mortgage-lending laws, allowing the lender to circumvent a payday-lending crackdown.

At an event Monday, Brown said he's written to Consumer Financial Protection Bureau chief Richard Cordray, a fellow Ohio Democrat, seeking federal action.

A former financial-services manager for a local payday loan store joined Brown. She described strategies for harassing low-income consumers who get a payday loan to meet short-term expenses.

The lenders say they're providing a needed financial service.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • More From wfmj.comHot ClicksMore>>

  • LGBT community cheers pope's 'God made you like this' remark

    LGBT community cheers pope's 'God made you like this' remark

    Monday, May 21 2018 3:04 PM EDT2018-05-21 19:04:00 GMT
    (AP Photo/Gregorio Borgia). Pope Francis asperges holy water as he celebrates a Pentecost mass in St. Peter's Basilica, at the Vatican, Sunday, May 20, 2018.(AP Photo/Gregorio Borgia). Pope Francis asperges holy water as he celebrates a Pentecost mass in St. Peter's Basilica, at the Vatican, Sunday, May 20, 2018.
    Pope Francis' reported comments to a gay man that 'God made you like this' have been embraced by the LGBT community as another sign of Francis' desire to make gays feel welcomed and loved in the Catholic Church.More >>
    Pope Francis' reported comments to a gay man that 'God made you like this' have been embraced by the LGBT community as another sign of Francis' desire to make gays feel welcomed and loved in the Catholic Church.More >>
  • Palace shares family portrait and other royal wedding photos

    Palace shares family portrait and other royal wedding photos

    Monday, May 21 2018 3:03 PM EDT2018-05-21 19:03:47 GMT
    (Alexi Lubomirski/Kensington Palace via AP). This photo released by Kensington Palace on Monday May 21, 2018, shows an official wedding photo of Britain's Prince Harry and Meghan Markle, on the East Terrace of Windsor Castle, Windsor, England, Saturday...(Alexi Lubomirski/Kensington Palace via AP). This photo released by Kensington Palace on Monday May 21, 2018, shows an official wedding photo of Britain's Prince Harry and Meghan Markle, on the East Terrace of Windsor Castle, Windsor, England, Saturday...
    Kensington Palace has released three official wedding photographs taken of Prince Harry and the former Meghan Markle shortly after their wedding.More >>
    Kensington Palace has released three official wedding photographs taken of Prince Harry and the former Meghan Markle shortly after their wedding.More >>
  • Toxic cloud caused by Hawaii volcano lava emerges over ocean

    Toxic cloud caused by Hawaii volcano lava emerges over ocean

    Monday, May 21 2018 3:02 PM EDT2018-05-21 19:02:50 GMT
    (U.S. Geological Survey via AP). In this image provided by the U.S. Geological Survey, lava from fissure 20 enters the ocean near Pahoa, Hawaii on Sunday, May 20, 2018. The volcano that is oozing, spewing and exploding on Hawaii's Big Island has gotten...(U.S. Geological Survey via AP). In this image provided by the U.S. Geological Survey, lava from fissure 20 enters the ocean near Pahoa, Hawaii on Sunday, May 20, 2018. The volcano that is oozing, spewing and exploding on Hawaii's Big Island has gotten...
    White plumes of acid and extremely fine shards of glass are billowing into the sky over Hawaii as molten rock from Kilauea volcano pours down a hillside and into the ocean.More >>
    White plumes of acid and extremely fine shards of glass are billowing into the sky over Hawaii as molten rock from Kilauea volcano pours down a hillside and into the ocean.More >>
Powered by Frankly
All content © Copyright 2000 - 2018 WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms