Richard Cordray: “My stance on online lending, as with all lending, is that it should be done legally; it should be done by folks who are…”

If we're not getting value for that money, we should not be spending 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.

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.

To have a place to turn to, to come to this Consumer Bureau, to say the complaint in their own voice, and to make sure we will work with the company to try to get it fixed and they can get relief in many instances, that is really important…