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 while he defended the us government’s customer protection 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 given that customer Financial Protection Bureau outlined a proposition to break straight down on payday lending techniques that end up in just 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, you will need to locate a brand new enterprize model. You will need to locate a way that is new of company.”
Obama to cite lending that is payday, lawmaker says
Almost all of Obama’s message in Birmingham observed the template of their present campaign for “middle-class economics.” However the place therefore the timing had been deliberate: Birmingham ended up being your website of CFPB’s very very first industry hearing on payday advances in 2012. (više…)