Lessons we’ve learned

Yesterday, Raj Date spoke in Philadelphia about the lessons of the 2008 financial crisis for the consumer bureau. Before taking questions from the audience, Mr. Date, Special Advisor to the Secretary of the Treasury, outlined three basic themes for our work.

Number one: People should be able to know before they owe. More paperwork doesn’t mean better disclosure.

Number two: Common-sense rules of the road can prevent bad practices from harming consumers.

Number three: The rules of the road should apply to everyone – and they should be consistently monitored and enforced.

Watch his full speech below, or read his full prepared remarks. If you have any thoughts, we encourage you to leave them in comments below.

Update: After his remarks, Mr. Date also took audience questions about the CFPB in a panel moderated by Jeff Gelles of The Philadelphia Inquirer.