If you want to remove the support for any architecture, for example, ARMv7-s in your case, use menu Project -> Build Settings -> remove the architecture from "valid architectures".
You can use this as a temporary solution until the library has been updated. You have to remove the architecture from your main project, not from the library.
Alternatively, you can set the flag for your debug configuration's "Build Active Architecture Only" to Yes. Leave the release configuration's "Build Active Architecture Only" to No, just so you'll get a reminder before releasing that you ought to upgrade any third-party libraries you're using.