On Nov. 4, 2008, Ohio voters stripped payday lenders of their permit to fleece working people, said Bill Faith, one of the leaders of a successful referendum to limit interest rates on short-term loans. But after that overwhelming defeat, the short-term lending industry dusted itself off and got creative. Payday lenders are making as much, if not more, on their loans as they did in 2008. And after a two-year, behind-the-scenes battle, state banking regulators admit they cant do anything about it. Only the legislature can, they say, and lawmakers have no plans to take up the issue. Instead of paying out loans in cash, payday lenders cut checks to their clients. They then offer to cash...
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