Richard Cordray: “Congress clearly indicated its purpose, to protect servicemembers in this area, and the rules did not get that job done.”

I remain committed to ensuring the OCC completes its review of this matter and takes additional actions to hold the bank and individuals accountable as warranted.

The fastest growing segment of student loan borrowers is actually older Americans.

[a]rbitration clauses, as they are used today both in the field of consumer finance and more generally, often have been deliberately designed to block Americans from effective means of vindicating their rights.

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.