Obama To Say New Payday-lending Rules Are 'pretty Common Sense'

MarketWatch Pulse

President Barack Obama will tell college students in Alabama later Thursday that new rules proposed by the Consumer Financial Protection Bureau to rein in payday lenders are "pretty common sense," according to excerpts provided by the White House. "If you're making that profit by trapping hard-working Americans in a vicious cycle of debt, then you need to find a new way of doing business," he will say, according to the excerpts. The CFPB is considering requiring that lenders make sure borrowers can repay the loans or provide affordable repayment options.

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