Bernie Sanders Quotes

Before the CFPB, there was no single agency or entity within the federal government tasked with protecting Americans from predatory or negligent practices of banks, credit card companies, mortgage lenders, payday lenders, credit rating agencies and other financial service businesses.

The credit card companies have put the loan sharks out of business.

Citigroup, Bank of America, and JP Morgan Chase should not be permitted to charge consumers 25- to 30-percent interest on their credit cards, especially while these banks received over $4 trillion in loans from the Federal Reserve.

The Pentagon got fed up with its recruits getting ripped off by payday lenders and in 2007 got Congress to make it illegal to extend such loans to members of the military. But civilians remain fair game.

No other facet of American business is more corrupt, more intoxicated with illegality, more weakly regulated, and has a greater impact on poor and working people than debt collectors; not credit card companies or subprime mortgages, not even payday lenders.

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

Groups that work in black neighborhoods around the country have contended that much of subprime lending is 'predatory lending.'

The mortgage crisis is a clear instance of consumers who needed protection. There was predatory lending to people who didn't know what they were doing.

We've got to make greedy banks pass on interest rate cuts in full, and we've got to see rents coming down.

A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it.

Former Senator Al D'Amato in 1991 offered an amendment to cap credit card interest rates at 14 percent.

Imagine if the pension funds and endowments that own much of the equity in our financial services companies demanded that those companies revisit the way mortgages were marketed to those without adequate skills to understand the products they were being sold. Management would have to change the way things were done.

We also must pull from our highest ideals of justice and protect against those ills that destabilized our economy - like predatory lending, over-leveraged financial institutions and the unchecked avarice of the past that trumped fairness and common sense. Our platform calls for significant cuts in federal spending.

It has always been more expensive for the poor to borrow money. We see this in everything from mortgage rates to credit cards.

The Federal Reserve has the responsibility to protect the credit rights of consumers.

Usury once in control will wreck the nation.

If there had been a Financial Product Safety Commission in place 10 years ago, the current financial crisis would have been averted.

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.

Stipulated interest beyond the legal rate, being against the law, cannot be recovered; they call that a usurious way of lending; the lender is in no case entitled to more than five in the hundred.[5%]

We believe that you know how pernicious the vice of usury is …. We command you all by this apostolic writing not to permit those who are known as usurers to clear themselves by any subterfuge or trick when they are charged with the crime.

No person shall practice usury at a rate of more than one twelfth.

I am an Enemy of all banks discounting bills or notes for anything but coin.

As I travel across Illinois and talk with people, and as others reach out to my office desperate for help, I am becoming convinced that, despite their rhetoric, many lenders have no interest in actually helping their customers.

Congressman Watt has a long history of advocating against predatory lending and the mortgage practices that caused millions of families to lose their homes.