Richard Cordray: “Debt traps should not be part of their financial futures.”

[a]rbitration clauses, as they are used today both in the field of consumer finance and more generally, often have been deliberately designed to block Americans from effective means of vindicating their rights.

Look, I understand that you want to make a speech and I appreciate that, but there is no comparison between the NSA and the CFPB.

That is an execrable practice. It is against the law. We have taken strong enforcement actions against it.

To have a place to turn to, to come to this Consumer Bureau, to say the complaint in their own voice, and to make sure we will work with the company to try to get it fixed and they can get relief in many instances, that is really important…