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# Obama, Regulators To Take On Payday Loans

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<!-- video src="https://cdn.jwplayer.com/manifests/g2RbNoIk.m3u8" -->
## Video: Obama, Regulators To Take On Payday Loans

[Watch (HLS stream): Obama, Regulators To Take On Payday Loans](https://cdn.jwplayer.com/manifests/g2RbNoIk.m3u8) (1:19)

![Obama, Regulators To Take On Payday Loans](https://cdn.jwplayer.com/v2/media/g2RbNoIk/poster.jpg?width=720)

_Published 2015-03-26. Both President Obama and the Consumer Financial Protection Bureau, or CFPB, are expected setting their sights on the industry Thursday._


---

Jul 27, 2023 6:05 PM UTC

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## Transcript

Payday loans are considered a short term solution to some, an endless cycle of debt to others and now they're facing new scrutiny. Both President Obama and the Consumer Financial Protection Bureau or CFPB plan to set their sites on the industry Thursday. Obama in his speech, the CFPB would propose new regulations. The subject matter of the president's Birmingham, Alabama speech was initially confirmed by Democratic representative Terry Sewell of Alabama. As AL. com reports, Sewell expects the speech will highlight the urgent need for stronger consumer protections, and increased transparency. Meanwhile CFPB Director Richard Cordray unveiled a proposed regulations for the industry in Richmond, Virginia.

Cordray's proposal will include verifications of a borrower's income, debt and borrowing history before issuing a loan. It will also include a mandatory cooling off period of 60 days after a borrower takes out. Three consecutive loans. The payday loan in history has faced criticism for so- called predatory lending in recent years. Basically payday loans are the Lay's potato chips of finance. You can't have just one, and they're terrible for you. As the Center for Responsible Lending reports, interest rates on payday loans are often more than 400 % annually. And as a previously CFPB study found, 80 % of payday loans were rolled over or followed by another loan within 14 days.

Of course, this is simply a proposal. It still has to go under review before making changes official.

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