Richard Cordray Quotes

Any informed borrower is simply less vulnerable to fraud and abuse.

Making loans accessible to millions of the previously unbankable customers is a noble goal. Getting them hooked to such loans isn't.

They explained to me that the bank cannot lend money to poor people because these people are not creditworthy.

You don't need credit.

The way the credit cards were made in the '80s to be a people's form of capitalism and be able to make it so that you could get a loan that you would have been denied previous, now that's the way stocks are.

No one lives on credit in France because banks don't allow overdrafts and zero percent credit cards do not exist.

Rent-to-own provides a vital service to millions of Americans. It is also critical for African-Americans, Latinos and other minorities to have access to alternative products and services, such as rent-to-own.

Consumer banking - selling debt to middle class families - has been a gold mine.

With the right sources of funding and some smart, strategic thinking about how to force non-banks to follow the same rules as other lenders, the entire landscape of consumer lending would change.

North Carolina's approach in crafting its law ensured the creation of the best possible law and, consequently, North Carolina is now the acknowledged leader in addressing predatory lending.

There are hundreds of millions of people around the globe who could safely repay loans but nonetheless do not have access to a line of credit. Financial institutions in developing economies are broken and inefficient, and hard-working people have not been given the chance to establish a credit history.

Our servicemembers are focused every day on serving our country. It's our job to ensure that they have everything they need to do their jobs to the best of their ability. That must include effective consumer protections against predatory lending, already afforded under the Military Lending Act, for our men and women in uniform and their families.

What you want to watch are the lenders, not the borrowers. The borrowers will always be willing to take a great deal for themselves. It's up to the lenders to show restraint, and when they lose it, watch out.

I look at subprime lending and I see the American dream in action.

I don't want to sell credit to people who are going to hurt themselves with it. You should only sell products that are good for the people who use them. Some disagree with this, but I know I'm right. That is to say, you're talking to a Republican who admires Elizabeth Warren.

Spend not on hopes.

I learned how to lend money by cleaning up the messes of others who had made loans before me.

Because financially capable consumers ultimately contribute to a stable economic and financial system as well as improve their own financial situations, it's clear that the Federal Reserve has a significant stake in financial education.

Yes, Americans can still get credit for cars and trucks and refrigerators, and those businesses are doing well. But just try to get a home loan now.

Before the arrival of the Credit Union, people who were from the poor background or a working class background couldn't borrow from banks.

The most important thing is to not waste your money.

The broken consumer credit market had to be repaired by making sure that consumers had the right information and could use it effectively. That meant consolidating the bloated patchwork of ineffective agencies and regulations so that a single agency could act as a voice for consumers.

Why don't we call on the credit card companies to be accountable? They need to be held accountable for their predatory lending practices.

Competition is good for consumers. It provides more choices at better prices.

It is wrong when we, in effect, throw safe and sound financial institutions into the same category with banks and lenders that climbed too far out on a limb with no way to return.