President Obama talks in regards to the economy and payday lending Thursday, at https://speedyloan.net/title-loans-ar Lawson State Community university in Birmingham, Ala. (Picture: Jacquelyn Martin, AP)
WASHINGTON — 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 sense: 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 since the customer Financial Protection Bureau outlined a proposition to break straight straight down on payday financing methods that end in just what it calls “debt traps. “