Richard Cordray: “But I emphasize that those small businesses that play by the rules are at a competitive disadvantage.”

On top of the historic debt that we have pushed upon tens of millions of Americans, they face a financial marketplace that is littered with predatory players.

[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.

We had known about these types of problems from our own sources, but if any institution feels that they can divide and conquer among the regulators, they should know that that is a mistake.

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…