One of the issues with some of these lenders is going to be, where will their provider of credit be when there's a crisis? That's why some of these smarter services, to support their operations, are courting more permanent capital. They want a source of longer-term funding that can survive a crisis.

[That is] hard to predict, [it] could be either September or December [2016] I personally think the sooner the better because that would be a good sign that the Fed believes the economy is significantly stronger.

The question is how do you do it [more consumer protection] so that it actually works that way? And that takes analysis, and sometimes collaboration between government and business, to understand how that works.

But in general, as countries get wealthier, there's going to be more savings, which means you're going to have intermediation. So part of it is just the huge growth in wealth, and part of it was globalization - these companies, these clients getting much bigger and much more global.

I think what you've seen them do recently in the markets is what most of us learn doesn't ultimately work. But I think everyone has to figure that on their own.

I think normalization is a good thing.

I want you to say to me right from the start, "We are here to serve customers. We're not here for me to make a lot of money. We're not here to bet on interest rates or credit spreads. We are here to serve our customers really well over a long period of time, and that's how you build a successful business." And so I want to see that, too, you know?