Director Cordray, who previously served as Franklin County Ohio Treasurer, Ohio State Representative, Ohio State Treasurer and Ohio State Attorney General, spoke about his experiences as a state and local official and the importance of the CFPB partnering with local enforcement organizations to prevent predatory lenders from taking advantage of the American people.

WHITEHOUSE: Director Richard Cordray Invites Local Leaders to Partner with CFPB in Protecting Consumers | The White House

On Tuesday, Everson acknowledged there are serious problems here--for example, unscrupulous preparers taking advantage of lower income folks with predatory loans and bogus earned income tax credit claims.

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As Mr Lott says, a chief strand of the game-theory account of predatory pricing relies on the idea that incumbent firms have an advantage over would-be entrants they know more, especially about their own costs, than newcomers do.

ECONOMIST: Preying on theory

Lastly, systematic theft is the ultimate predatory practice in that it unlawfully destroys the value of any innovation or creative advantage a competitor may have.

FORBES: The Evidence Google's Systematic Theft is Anti-Competitive