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From: Jackson, Peter (CFPB) To: Blenkinsopp, Alexander (CFPB) Cc: Bcc: Subject: Emailing: Quotes for Review Date: Wed Feb 2011 10:45:45 EST Attachments: 09292010 FSR Speech Briefing.docx 09292010-Brady Dennis-Washington Post.docx 20101105 Cheynne Hopkins American Banker.docx 20101108 Kiplinger's Follow-Up Questions DRAFT.docx 20101108 Kiplinger's Follow-Up Questions FINAL.docx 20101109 American Banker Tech Q.docx 20101213 Cheyenne Hopkins American Banker.docx 20110118 Maya Jackson Randal Dow Jones.docx 20110128 Boston Globe Magazine Shannon Mullen.docx 20110128 Donovan Slack Boston Globe Follow Questions Writing.docx 20110131 Center for Public Integrity.docx ELIZABETH WARREN QUOTES.docx M-warren interview for Elizabeth Warren's office-psj.docx M-warren interview for Elizabeth Warren's office-Warren Edits.docx Newsweek Online version.docx Newsweek.docx Transcript Interview with Elizabeth Warren for Bankrate edits round 1.docx Transcript Interview with Elizabeth Warren for Bankrate FINAL.docx 201101xx Pamela Yip Dallas Morning News.docx 201101xx Tampa Bay Business Journal.docx 20101014 Cheyenne Hopkins American Banker.docx Your message ready sent with the following file link attachments: Quotes for Review Note: protect against computer viruses, e-mail programs may prevent sending receiving certaintypes file attachments. Check your e-mail security settings determine how attachments arehandled. 09292010 FSR Speech Briefing.docx (Attachment 21) Briefing 9/29/2010 Cleared Quotes: Brady Dennis/Washington Post: "They may say no. They may say yes but then not follow through. dont know, but this important first step the conversation." While she seeking principles-based regulatory approach, Warren said there will still the need for "very crisp rules safeguard against deceptive predatory practices. welcome partnership with the banks, and want work with them create something sustainable, she said. A virtuous market sustainable over time, but market that relies omniscient regulator always unstable. The idea behind the new agency get something that lasts." "It important that there clear goal for regulation." "This the invitation another approach, and well see what they say,"she said, adding jokingly that, going into room where there are forks and knives the table." Deborah Solomon/Wall Street Journal: If youre talking the 400 top executives for large financial institutions lets talk little turkey. her goal: Can the customer understand the product easily, assess its costs and its risks and make apples apples comparisons direct comparisons among the products. Regulation there fix the places where the market cant work. wanting cooperation/buy-in from the industry: I want work with them create something thats sustainable. virtuous market sustainable over time, but market that relies omniscient regulator always unstable. The idea behind the new agency get something that lasts. the creation the CFPB: It happened because American familiesexperience consumer credit something that has made them deeply angry. Its tearing hole the bottom their economic boats. Dan Wagner/Associated Press: 09292010 FSR Speech Briefing.docx (Attachment 21) There are clean products and dirty products out there. There are probably some good products, some relative scale, and some worse products. But competition works only the customer can see and see what those differences are only good products get rewarded and bad products get hurt competitive market. (The agency was created) because the American familys experience consumer credit something that has made them deeply angry. Its tearing hole the bottom their economic boats. Fairness customers means Can the customer easily understand the product, assess its costs and risks and make apples apples comparisons direct comparisons among products. products are understandable, can say financial compaies the price you. You put in. You can explain it. What you cant sell product way that nobody can tell what the price is. opposed piling rules upon rules, I think its better for American families clean out the fine print. Thats what drives me. also think its better for financial institutions, even the big ones. This the function regulation: Regulation there fix things that the market cant. Its not replace the business decisions. This where regulation can actually help the banks and the customers get better place than they can get their own. This invitation another approach, and hope theyll work with Well see what they say. Dave Lawder/Reuters: Regarding how traditional rules-based regulatory approach raises compliance costs for smaller banks and underscores adversarial relationship between banks and customers: "It locks this idea that the banks are one side and customers are the other, consumer credit products are something banks their customers rather than for their customers. locks adversarial relationship." "The consumer agency was the tip the spear why financial reform was good for and would work for American families. That happened without millions lobbying dollars. happened because American families' experience consumer credit something that made them deeply angry and deeply worried." RE: Approach for more principles-based relationship that sets out the goal: "This ultimately far better than the regime which the products are still laden with incomprehensive text but there's rule every turn, forcing the issuers through series hurdles able produce product. "It aims towards putting banks and their customers back partnership rather than leaving them adversarial relationship." market that relies omniscient regulator always unstable. works the short run 09292010 FSR Speech Briefing.docx (Attachment 21) sometimes but can't work forever. the idea behind the new agency get something that lasts." "Layering 10,000 rules not going turn this into working relationship. Maybe that's the way have go. This the invitation another approach. hope they will work with me."