Elizabeth Warren actually said...

"And because banks have an exemption from State usury caps, there would essentially be no limit as to what the payday lender could charge a borrower if it just funnels its loan through a bank."

"I think what you are saying to me is the OCC will be tough on banks."

"Under your rule, if a payday lender arranges a loan for a consumer, it is subject to State usury laws."

"The new rule you have put in place says let us look at the paperwork, and if the bank's name is on the paper, that is what is going to control."