Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Ohio governor signs payday lending law
COLUMBUS, Ohio (6/3/08)--A bill that would place new restrictions on payday lending in Ohio was signed by Gov. Ted Strickland Monday. The law would limit borrowers to four short-term loans per year. It also caps annual interest rates at 28%(Associated Press June 2). Payday lenders had charged borrowers $15 for each $100 on a two-week loan--an annual interest rate of 391%, the news service said. “The league continues to impress upon legislators that the mission of credit unions is separate from that of a payday lender,” John Kozlowski, Ohio Credit Union League general counsel, told News Now. “Credit unions have always focused on an overall financial relationship with their members, and the governor and the Ohio General Assembly have been receptive to our mission.”
Other Resources

RSS print
News Now LiveWire
About 1 in 3 consumers use plastsic for in-person purchases of less than $5, according to @CreditCardsCom survey.
33 minutes ago
#NewsNow Bankrate cites Schenk on 100M membership reach http://t.co/iNwjpZRJp4
1 hours ago
Aug. consumer confidence highest since 10/07, says @Conferenceboard See #NewsNow http://t.co/pzGAYvIjYp
1 hours ago
Kill-switch to protect phones? Calif gov signs bill that may lead to natl trend http://t.co/KCWOPJRtJi
1 hours ago
How FICO 9 could change #creditunion lending from @FAACreditUnion via @Cornerstone_CUL http://t.co/CO4l8LRrpR
2 hours ago