Richard Cordray Quotes

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.

Beefs against debt collectors are consistently among the top complaints received by both the FTC and state attorneys general.

Regulation is necessary, particularly in a sector, like the banking sector, which exposes countries and people to a risk.

North Carolina is home to some of the largest financial institutions in the country, and a vibrant network of community banks. We're a banking state, and we're proud of that distinction. But we also understand that responsible financial regulation protects consumers and businesses.

States used to protect consumers from predatory lenders, but strong state usury laws were obliterated by a 1978 U.S. Supreme Court decision.

To get our economy back on track and keep it functioning properly without the problems of our financial institutions, we need reasonable regulations that will protect Main Street while at the same time allow Wall Street to do what it does best - make money for American investors.

Debt collectors should be required to disclose the applicable statute of limitations in the body of their collection letters, in bold type. While it's not illegal to dun a consumer for an old debt, it is illegal to sue for one.

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.

It is certainly for the public good to keep all the banks competitors for our favors by a judicious distribution of them and thus to engage the individuals who belong to them in support of the reformed order of things or at least in an acquiescence under it.

No significant deregulation of financial institutions occurred in the last 30 years.

If the large banks can do this without breaking the rules, then the rules should be revamped.

It defies logic that protections against predatory debt collection practices don't apply to debt collectors hired by the federal government.

Our objective in regulation should be to put in place tough enough regulation and capital and liquidity standards that we level the playing field and make it costly.

The basic architecture of Dodd-Frank makes sense. At the same time, as a number of regulators and legislators have observed, the act was a complex effort that produced thousands of pages of rules.

We're charged by Congress with regulating financial institutions. We take that mission seriously. We are tough supervisors and regulators.

If anything, one would think we learn from Brexit is we need a strong, stable banking system, not one to repeal the consumer bureau and repeal Dodd-Frank and give Wall Street what it wants. That would be the worst kind of response.

Britain needs a tough, strong financial conduct regulator.

I'll be very clear about this: I'm not a fan of getting rid of Dodd-Frank.

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.

Some bailiffs were tacking on extra charges left, right and centre - a fee for every letter they sent, extra fees for visiting your house, for clamping your car, seizing it, towing it and selling it. It all stacked up and people in debt had no choice but to pay. We have put an end to this.

Dodd-Frank is an important statute, but often when the government believes it's handling a particularly important issue, there can be a tendency to overreach.

Reasonable regulations are essential to protect consumers from harmful practices and ensure that consumer financial markets operate in a fair, transparent, competitive manner.

If you ever had the misfortune of reading all 2,000 pages of Dodd-Frank, which I have done - and it almost killed me - basically, all it does is create a list of all the things it wants the Fed to fix.

Dodd-Frank is 2,000 pages long. It covers thousands of rules, regulations, interpretations and things like that.

My mother was being hounded by a debt collector over a debt that she didn't owe, and she eventually just paid it because she wanted the calls to stop. I was very surprised. It sounded so strange. I started poking around on the internet and found this was extremely common. There was this world where these debts were sold off by the banks for pennies on the dollar and bought and sold.