USA Today: Obama to cite payday lending proposals, lawmaker says
President Obama is expected to cite new payday lending proposals during his trip to Alabama on Thursday, according to Rep. Terri Sewell, D-Ala.
Sewell told the Birmingham News that there is an "urgent need for stronger consumer protections and increased transparency" in the payday loan business.
"The economy is slowly recovering, and many of my constituents rely on payday loans to help make ends meet," she said. "I recognize the need for emergency credit, but we must also ensure that these products help consumers, rather than trap them to a perpetual cycle of debt."