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.
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.
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.