HB 123: The Ohio Fairness inside the Financing Operate Pursuing the financial crisis out-of 2008 and 2009, Congress developed the Individual Financial Security Agency (CFPB) this present year getting good watchdog of one's individual funds world. The initial manager, former Kansas Lawyer General Richard Cordray, began examining economic goods plus pay check financing. The newest agency invested many years producing study, collecting and you may reviewing issues, conducting job hearings nationwide and you may entertaining consumer supporters, academics and the economic attributes business. One of many important specifications of the advised rule expected lenders to check on a great borrower's power to repay financing, before giving you to definitely. More than 100 Ohio groups had written meant for the new signal. [...]