COLUMBUS, Ohio (AP) — U.S. Sen. Sherrod Brown is calling for new protections against predatory lending in the wake of a court ruling last week.
The Ohio Supreme Court ruled an Elyria man’s two-week loan imposing more than 235-percent interest is permissible under state mortgage-lending laws, allowing the lender to circumvent a payday-lending crackdown.
At an event Monday, Brown said he’s written to Consumer Financial Protection Bureau chief Richard Cordray, a fellow Ohio Democrat, seeking federal action.
A former financial-services manager for a local payday loan store joined Brown. She described strategies for harassing low-income consumers who get a payday loan to meet short-term expenses.
The lenders say they’re providing a needed financial service.