Ohio

Ohio Credit Unions Gain Popularity

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COLUMBUS, OH (October 4, 2018) - Recent studies indicate that increasing numbers of Ohioans are choosing to bank with credit unions; Ohio credit unions served 2.83 million people and provided $177,273,023 in financial benefits in the past year.  

“Every month we track our growth,” Painesville Credit Union CEO Lori Guzzi said. “In the last 12 months, we have grown 250 members. So, we’ve had a steady increase every month in the last year for membership growth. I think part of it is the word is getting out about credit unions.”

“We know our members,” Guzzi added. “We’ve been here for 76 years, so we have had families that have four generations banking with us... I just think that attests to the stability here.”

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Ohio Passes Bill Protecting Consumers from Predatory Lenders

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COLUMBUS, OH (July 27, 2018) - A new bipartisan bill passed in Ohio prohibits loan interest rates and fees from exceeding 60 percent of the original loan, as well as ensuring that monthly payments do not surpass seven percent of monthly income.  

Ohioans pay some of the highest rates for payday loans, with average interest rates over 500 percent.

“HB 123 provides a fix to a loophole that has allowed predatory lenders to rig the system against working Ohioans,” said state Representative Michael Ashford, one of the bill’s sponsors. “These protections put money back into the pockets of consumers and gives them a chance to get a fair deal for an opportunity to get ahead.”

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