President Obama talks concerning 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 lending that is payday Thursday as he defended the us government’s customer 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 whilst the customer Financial Protection Bureau outlined a proposition to break straight straight down on payday financing methods that end in exactly exactly just what it calls “debt traps.”
“As People in america, we do not mind people making a revenue,” Obama stated. “But if you should be making that gain trapping hardworking People in the us in a vicious period of financial obligation, then you definitely require to get a unique enterprize model. Read More