The brand new CFPB guidelines that the President had been marketing would considerably change just just just how lenders that are payday their company.

OBAMA: If you’re making that gain trapping hard-working People in america as a vicious period of financial obligation, you’ve surely got to find a fresh business structure. You’ve surely got to look for a way that is new of business.

The CFPB doesn’t have the authority to restrict rates of interest. (more…)