Ohio Consumer Law: Payday Loan Reform

7/7/20 CFPB is backing away from its regulation of payday lending.

The US Supreme Court granted cert on 2/28/23

Utah found that online dispute resolution favored payday loan lenders because debtors did not show up.

Pew Trusts

Mother Jones 2/10/20 In November 2019, the Federal Deposit Insurance Corporation (along with the Office of the Comptroller of the Currency) floated a permanent loophole for payday lenders that would allow them to launder their loans through out-of-state banks, which aren’t subject to state caps on interest. Payday lenders arrange the loans, the banks issue them, and the payday lenders buy them back.

NPR 11/12/19, and evade Ohio's new Payday Loan Reform

The Federal Trade Commission filed a complaint against Scott Tucker alleging deceptive payday lending practices in violation of the Federal Trade Commission Act. The US Supreme Court held on 4/22/21 that the Act does not authorize the Commission to seek, or a court
to award, equitable monetary relief such as restitution or disgorgement.