Richard Cordray: “There are States, including my home State of Ohio, that have made a determination in the legislature to cap the interest…”

[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.

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 the law we are required to enforce. We will enforce it vigorously, and we believe to root out discrimination, which nobody supports, in any of these markets.

Military families make enormous sacrifices for our Nation and deserve to be protected from those who would take advantage of them.