Obama pushes payday financing guidelines in Alabama. Obama to cite payday financing proposals, lawmaker says
President Obama talks concerning the economy and lending that is payday, at Lawson State Community university in Birmingham, Ala. (Picture: Jacquelyn Martin, AP)
WASHINGTON — President Obama pushed for stricter payday lending guidelines Thursday while he defended the government’s consumer security watchdog against Republican efforts to defund the agency.
«The idea is pretty wise practice: you should first make sure that the borrower can afford to pay it back,» Obama said at Lawson State Community College in Birmingham, Ala., on Thursday afternoon, according to an advance copy of his speech if you lend out money.
Obama’s message arrived because the customer Financial Protection Bureau outlined a proposition to break straight down on payday financing techniques that end up in just just what it calls «debt traps.»
«As People in america, we do not mind folks making a revenue,» Obama stated. «But if you are making that gain trapping hardworking People in the us in a vicious period of debt, you will need to locate a unique business structure. More
