In a significant move to ensure consumers are properly protected and have more transparency in their banking transactions, Ohio Governor John Smith signed into law a series of banking reforms on August 1, 2025. The reforms aim to increase oversight on financial institutions and give consumers greater control over their finances.One of the key changes in the new banking laws is the requirement for banks to provide clearer and more detailed information to customers about the fees associated with their accounts. Under the new law, banks are mandated to disclose all fees related to checking and savings accounts, including ATM fees, overdraft charges, and minimum balance fees. This will enable consumers to make more informed decisions about their banking transactions and avoid unexpected charges.Additionally, the new banking laws include measures to protect consumers from unauthorized or fraudulent transactions. Banks are now required to promptly investigate and resolve any reported instances of fraud or unauthorized access to a customer's account. This will help prevent financial losses for consumers and ensure a more secure banking experience.Furthermore, the reforms also extend protections to borrowers by placing caps on interest rates for certain types of loans, such as payday loans and auto title loans. This move aims to prevent predatory lending practices and help borrowers avoid falling into cycles of debt.Governor Smith praised the new banking laws, stating that they will "help level the playing field for consumers and hold financial institutions accountable for their actions." He emphasized the importance of transparency and fair practices in the banking industry to ensure that consumers are treated fairly and have access to the information they need to make sound financial decisions.The Ohio banking reforms have received widespread support from consumer advocacy groups and financial experts, who believe that these changes will have a positive impact on consumers and the overall stability of the banking sector in the state. The reforms are set to go into effect on January 1, 2026, giving banks and financial institutions time to adjust their practices to comply with the new regulations.