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

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.

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