Thank you all for inviting me to speak again this year. Last year, I spoke to you about the Consumer Financial Protection Bureau’s important new mortgage rules. I talked about how we are working to create a level playing field for all consumer financial products and services – among banks and nonbank firms in both the mortgage origination market and the mortgage servicing market. And I described how we are striving to strike the right balance as we write rules, conduct examinations, and handle investigations.
Thank you so much for joining us today. It is our pleasure to be here in “the first state.” At the Consumer Financial Protection Bureau, we try to get out and talk with consumers across the country on a regular basis. Today, we are here in Delaware to discuss a market that has seen rapid growth in recent years, which is the market for prepaid cards and other prepaid products.
Thank you for inviting me to speak with you today. We very much enjoy the work we are doing with cities and communities across the country, including those that are part of the Cities for Financial Empowerment coalition, which is reinforcing the fact that municipal government can be a tremendous resource for changing and improving people’s lives. The concentration of focus that comes from dealing with a dense population in a relatively small area is powerful. It becomes possible to reach people who rally around a civic identity, and city leaders often feel the great satisfaction of seeing the results of their positive actions up close and in real time. This can be especially true in the realm of consumer finance.
I first want to thank everyone here today for their commitment to financial education in schools, in the workplace, and in communities all around this country. I have been pleased to see the work being done by these agencies, which gives me confidence that we are moving in the right direction on this important topic. […]
Our focus today is an assessment of the financial reform law that Congress enacted in an effort to address the worst financial crisis in three-quarters of a century. Financial reform is necessary over time because our laws must keep pace with the many innovations in the financial marketplace. The pace of innovation can be rapid in this sector, where the products are intangible objects of human creativity, and the pace has accelerated dramatically in the computer age.
My speech today is intended as an incremental contribution to the year-long conversation on civil and human rights that Michigan State University has commenced through the project known as 60/50. Across the country, this year has marked significant anniversaries for civil rights milestones. It is the 60th anniversary of the Supreme Court’s decision in Brown v. Board of Education, which held that segregated schools in America are unconstitutional and struck down the previously accepted doctrine of “separate but equal.” And it is the 50th anniversary of the Civil Rights Act of 1964, which banned discrimination in public accommodations, employment, and other areas.