"the tricks and traps, as it has been described by Elizabeth Warren, used to trap consumers into high-cost abusive financial products"
"I strongly support the concept of an independent agency that concentrates solely on consumer financial services issues."
"It is essential that this new agency have real power, that they have flexible rulemaking authority, that it be adequately funded, not subject to the starvation by Congress, and that it have real enfor..."
"the consumer credit market is broken."
"I think it is time for change. We need someone in Washington who cares primarily about families, who cares about consumers."
"What I have suggested is an agency that offers plain vanilla products that provide a safe harbor on regulation."
"I think that is extremely destructive."
"The point, Congressman, as I see it, is that it is all about disclosing them."
"Well, my view is, if you cannot explain it, then you probably should not sell it to customers. I think that is destructive."
"There was no reason to develop a business model that put tricks and traps in back and you pretended to compete on things that were not real."
"The agency could say if you will issue a page-and-a-half credit card contract that is readable, a one-page mortgage that is readable and make the blanks clear... you are relieved of other regulatory o..."
"What I really think is that it is time to talk about disclosure in a way that means something."