Obama praises payday lender rules, vows veto of limitations

Embracing proposed new rules aimed at payday lenders, President Barack Obama on Thursday said working families need protections from heavy debt burdens and warned Republicans that he would veto attempts to unravel regulations that govern the financial industry. Obama praised the Consumer Financial Protection Bureau for its proposal to set standards on a multibillion-dollar industry that has historically been regulated only at the state level.

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