President Obama talks in regards to the economy and payday lending Thursday, at Lawson State Community university in Birmingham, Ala. (Picture: Jacquelyn Martin, AP)
WASHINGTON вЂ” President Obama pushed for stricter payday lending guidelines Thursday as he defended the us government’s customer security watchdog against Republican efforts to defund the agency.
“the concept is pretty good judgment: in the event that you provide out cash, you really need to first make sure the debtor are able to cover it right back,” Obama stated at Lawson State Community university in Birmingham, Ala., on Thursday afternoon, based on an advance content of their speech.
Obama’s message arrived given that customer Financial Protection Bureau outlined a proposition to break straight straight down on payday financing techniques that end in just exactly just what it calls “debt traps.”
“As People in america, we do not mind people making a revenue,” Obama said. “But then you need to find a new business model if you’re making that profit by trapping hardworking Americans in a vicious cycle of debt. Continue reading Obama pushes payday financing rules in Alabama