Get ready for Obamaloans: New regs could drive payday lenders out of business

Watchdog.org discusses the Consumer Financial Protection Bureau's plan to crackdown on payday lending with Iain Murray. 

Iain Murray, a vice president at the Competitive Enterprise Institute in Washington, D.C., says the groundwork for a federal takeover of the small-dollar lending industry has been laid over the past few years.

“When all other sources of short term cash are outlawed for people with poor credit, where do they turn? The outcry will become overwhelming for federally backed loans to the underserved market,” Murray said in an email to Watchdog.

Read the full article at Watchdog.org.