Oklahoma Gov. Mary Fallin vetoed legislation Friday that would have expanded high-cost consumer lending in the Sooner State.

The veto was not a surprise because Fallin, a Republican, torpedoed similar legislation four years ago. Still, it represented a setback for the payday lending industry, which attracted strong support for the measure in the Oklahoma legislature.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.