Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Voters in Ohio keep payday loan cap at 28
CLEVELAND, Ohio (11/7/08)--Ohio residents voted Tuesday to uphold Issue 5, a referendum to uphold a law that limits payday loan interest rates in the state at 28%. The law had been challenged by the payday lending industry. About 64% of voters were in favor of keeping the cap. Issue 5 limits payday loans to $500, and lenders are required to give borrowers 30 days to repay the loans. Borrowers are allowed only four payday loans per year. A state database also will be created so that lenders will not unknowingly grant more payday loans beyond a consumer’s limit (News Now Nov. 5). Issue 5 was backed by the Center for Responsible Lending of Durham, N.C. The Ohio Credit Union League didn’t advocate a position on the bill because it doesn’t directly affect credit unions. However, some credit unions were supportive of the measure. If Issue 5 hadn’t passed, payday lenders would have been allowed to charge borrowers 391% interest rates.
Other Resources

RSS print
News Now LiveWire
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
4 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
5 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
6 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
6 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
8 hours ago