Where
Levin College, Cleveland State University1717 Euclid Avenue
Cleveland, OH 44115
Driving Directions
Payday Lending-Reform at Last!!
September 28, 2018 Brown Bag on Payday Lending
Ohio Fair Lending and Vital Communities Coalition
Cleveland State University, Levin College of Urban Affairs
12:00 – 2:00pm
The purpose of this brown bag program is to provide backgro und on the coalition that was built in Ohio to rein in the abusive practices of payday le nders, which resulted in successful passage of House Bill 123. Payday lending products, targeted to low-income individuals, with interest rates up to 591%, have been used by approximately one million Ohioans. This is the most significant reform to assist poor people in the last decade. A previous payday lending reform was approved in 2008 by 63% of voters, but was circumvented by payday lenders through legal loopholes. In 2018, forty-one lobbyists worked to defeat House Bill 123; Ted Sanders, representing payday lender CheckSmart in Dublin, Ohio, earned $3.2 million last year.
HB 123 achieves the three mainstays of safe small-dollar lending: lower prices, affordable payments and reasonable time to repay. It closes the exploited loophole while ensuring that borrowers will continue to have access to credit.
This brown bag will feature representatives of the key players in securing passage of this legislation: Ohioans for PaydayLoanReform, and the PEW Charitable Trusts. The program will address three main issues:
- How was passage of the bill achieved?
- Implementation of the legislation
- Other approaches to safe, small-lending—in Ohio and elsewhere
The Panel will consist of the following members:
- Nate Coffman- Executive Director, Ohio CDC Association
- Gabe Kravitz- Senior Associate, Consumer Lending, PEW Charitable Trusts
- Danielle Sydnor- Executive Director, Economic & Community Development Institute, will moderate this event.