"Well, my view is, if you cannot explain it, then you probably should not sell it to customers. I think that is destructive."
"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."
"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."
"What I really think is that it is time to talk about disclosure in a way that means something."
"We are really trying hard to see what the effectiveness is and to make recommendations that might make it more effective."
"If we go back to a world where the basic consumer financial products are just steady, and they are just plain vanilla, they are ones that have a level playing field."
"It is always a surprise when... we discover that there are people who have abused public trust."
"Nobody should be protected from making mistakes."
"I appreciate the invitation to be here today on behalf of the Congressional Oversight Panel and to be as helpful to you as I can."