Elizabeth Warren actually said...

"I understand ways in which it is more effective than a payday loan, but what I do not understand is your statement about how this is not a payday loan."

"Thank you, Ms. Smith."

"If the concern we have is about a product that is designed to ensnare people in repeat loans over time so that it is possible to extract from them 200 percent interest, then it seems to me that Ms. Sm..."

"But you feel like you have adequate authority. You do not need any additional authority to do it. You just need the resources."