Obama pushes payday financing guidelines in Alabama

Obama pushes payday financing guidelines in Alabama

President Obama talks in regards to the economy and payday lending Thursday, at Lawson State Community university in Birmingham, Ala. (Picture: Jacquelyn Martin, AP)

WASHINGTON — 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. Continue reading