Richard Cordray: “That is an execrable practice. It is against the law. We have taken strong enforcement actions against it.”

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…

We also want to make sure that when a consumer goes in to get a loan to buy a car that they are not unwittingly being forced to pay more based on assumptions made about their racial or ethnic background.

We do not want to dry up access to credit, and maintaining that balance is quite important.