The Ohio Senate approved tough new regulations on Ohio’s payday lenders, bringing the state very close to ending the payday industry as it currently exists.

The approval of these new regulations in both the Ohio House and Senate is a direct result of a coordinated progressive grassroots effort. 245 non-profit, religious and civic organizations joined together in the Ohio Coalition for Responsible Lending to change public policy and educate the public and media about the impact of the 391% interest rates charged to many of Ohio poorest citizens.

Steve Stivers: for 391% interest rates before he was against them

Interestingly, Ohio State Senator Steve Stivers, former bank lobbyist and Republican running against Mary Jo Kilroy for Congress, was for 391% interest rates before he was against them. Only a few months ago, Stivers was repeating payday lending industry talking points.