Barney Frank: “I was astonished again--I get astonished a lot these days; I am out of the business.”

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…

It was a great mistake to push lower income people into housing they couldn't afford and couldn't really handle once they had 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.

Barney Frank said that he believed that it was a war on crypto that motivated this--not a systemic risk of crypto.