Richard Cordray: “We have to oversee the financial institution. We have to be able to understand the pattern of how they treat their…”

The notion that we are somehow going to take information and use it for political campaigns is deeply offensive.

It is flatly against the law for a debt collector to threaten anyone, let alone a servicemember, with consequences that a debt collector has no ability to carry out.

That is an execrable practice. It is against the law. We have taken strong enforcement actions against it.

We had known about these types of problems from our own sources, but if any institution feels that they can divide and conquer among the regulators, they should know that that is a mistake.