Barney Frank: “The gentleman is wrong to say that we evaluated everybody under CRA. We have evaluated banks and thrifts under CRA.…”

One thing that not only Barney Frank, Ms. Barnes and also Sandra Day O'Connor, Justice O'Connor agreed on is that that Kelo decision stripped those three words out of the Fifth Amendment, 'for public use.'

We should have made it much higher, $125 billion or more, and we should have indexed it.

I urge staff to pay close attention to the differences in products offered by nonbank institutions and to be mindful of Congress's intent in financial reform that State consumer protection laws be preserved to the extent possible.

For example, there are key differences in product characteristics between payday, car title, and other high-cost secured loans and more traditional closed-end unsecured lending and related products, and the products are often regulated…