Ohio stamps out predatory payday lending
Bringing an end to the practice of trapping borrowers in 400 percent payday loans, the governor of Ohio promises to sign a 28 percent interest rate cap finalized by the Ohio House today, a reform that passed the State Senate last week and had already passed the Ohio House. The measure had strong bipartisan support, including sponsorship and support by Republican leadership. A fierce coalition of consumer, religious and business groups kept the fire burning in the media and the pressure on lawmakers to do the right thing throughout the hard-fought battle. Ohio's citizens will save $210 million