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payday lending

If you're poor or low-income in the U.S. and use government safety net programs, you could be affected by a number of new rules and actions proposed by the Trump administration. Most of the changes are still pending, and anti-poverty groups are trying to stop them from going into effect. Some of the proposals already face legal challenges.

Andy Chow

The comprehensive bill that completely changed the landscape for payday lenders in Ohio will officially go into effect this weekend, nine months after it passed, giving the industry time to adjust. 

During a recent lunch hour in Springfield, Va., a medical assistant named Angela walked into a branch of Advance America at a strip mall and asked for a loan. She'd borrow $300 and promise to pay it back within 30 days, with an additional $73 in interest and fees.

This loan would help cover a family trip to New York, said Angela, who asked NPR not to use her last name for privacy reasons. She says she prefers payday loans because she doesn't trust herself with credit cards and she would rather not approach her family for help.

The Consumer Financial Protection Bureau is targeting one of the hallmarks of the Obama administration: a rule that would protect the most vulnerable borrowers from the ballooning debt that can accrue with payday loans.

The rule never actually took effect. And now the consumer protection bureau is proposing to take it off the table.

The agency's chief, Kathy Kraninger, said in a statement that pulling back the rule would encourage competition in the payday lending industry and help improve credit options for borrowers in need.

Ohio Public Radio

FBI agents seized records from the home and a storage unit in Wilmington of former Republican Ohio House Speaker Cliff Rosenberger earlier this year as part of its investigation into potential bribes and kickbacks from the payday lending industry. 

Ohio Governor John Kasich has signed into law a proposal cracking down on the payday lending industry. 

The Ohio House Tuesday approved Senate changes to a bill cracking down on the payday lending industry. 

Ohio Public Radio

The Ohio Senate has approved its version of a bill to overhaul the payday lending industry. 

Ohio Public Radio

The Ohio Senate has introduced amendments to a House-passed payday lending bill. 

Republican Ohio Senate President Larry Obhoff tells the Associated Press the chamber will not pass a payday lending bill before breaking for the summer. 

Ohio Public Radio

Proposed changes are coming to an Ohio House-passed bill cracking down on the payday lending industry. 

Ohio Public Radio

The Ohio House on Thursday approved legislation capping interest rates on short-term loans, a measure that had languished for more than a year. 

The Ohio Ballot Board Tuesday certified a payday lending proposal as a single ballot issue.  

Andy Chow

The Ohio Attorney General's office has certified a ballot proposal to cap interest rates on payday loans and impose additional regulations. 

Ohio Public Radio

An Ohio House committee has approved a bill to crack down on payday lending without making any changes – a week after the House Speaker resigned and a vote was halted. 

At Trump National Doral Golf Club near Miami this week, executives with the nation's payday loan industry are holding their annual conference with receptions, breakout sessions and a golf tournament.

Outside the gates of the resort Tuesday, a smaller group gathered to hold a protest. They were trying to shame an industry that they say preys on the vulnerable, by lending them money at interest rates as high as 200 percent to 300 percent a year.

Ohio House of Representatives

Republican legislative leaders from at least four states have acknowledged taking part in a summer trip to London with lobbyists and Ohio House Speaker Cliff Rosenberger, who resigned last week amid a federal probe of his activities. 

Ohio House of Representatives

Republican Ohio House Speaker Cliff Rosenberger is stepping down immediately, moving up the May 1 resignation he announced earlier this week amid talk of an FBI investigation into his activities with payday lending industry lobbyists. 

Democratic gubernatorial candidate Rich Cordray says it was "highly inappropriate" for Ohio Attorney General and GOP gubernatorial candidate Mike DeWine to call Republican Ohio House Speaker Cliff Rosenberger in the middle of a federal investigation and the exchange should be investigated.

Andy Chow

Majority Republicans in the Ohio House balked at passing a bill to reform the payday lending industry just hours after the Speaker stepped down amid an FBI inquiry. 

Ohio Public Radio

Republican Ohio House Speaker Cliff Rosenberger says he will resign effective May 1, amid talk of an FBI investigation into his activities. 

Andy Chow

A battle is brewing over payday lending in Ohio.