Richard Cordray: “I think they are critical to the credibility of the agency and I think you have every right to demand that from us, and…”

We have to oversee the financial institution. We have to be able to understand the pattern of how they treat their customers.

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

Through fair rules, consistent oversight, appropriate enforcement of the law, and broad-based consumer engagement, the Bureau is helping to restore American families' trust in consumer financial markets.

I think Congress legislated that limitation to protect service members against being exploited while they are trying to protect and defend our country.