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 payday lending guidelines Thursday as he defended the government’s consumer protection 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 be sure that the debtor are able to afford to cover it right back, » Obama stated at Lawson State Community College in Birmingham, Ala., on Thursday afternoon, in accordance with an advance content of their speech.
Obama’s speech arrived while the customer Financial Protection Bureau outlined a proposition to break straight straight down on payday financing techniques that end in just just what it calls « debt traps. »
« As People in america, we do not mind people making a revenue, » Obama stated. « 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. Continuer la lecture de Obama pushes lending that is payday in Alabama