The goal of what Japan's central bank is doing is to create growth. If it actually creates growth, in the long run, it will lead to appreciation.

You've seen certain credit type products that are going to be in nonbanks, like sophisticated CLO [collateralized loan obligation] tranches and stuff where the capital charge is so high that a bank simply will not own it. Someone will buy it, hedge it, trade it. But it won't typically be a bank.

Economies of scale are a good thing. If we didn't have them, we'd still be living in tents and eating buffalo.

It might be harder for us to charge a higher interest rate, like they do, so it might not be as profitable for us. But we can either compete or partner, like we've announced with On Deck, which does some of the stuff we just spoke about.

Usually, something that is fairly expected is already factored in. I also think that you have to think that America is raising rates because the economy is getting 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.

We don't think there are cases where people were evicted out of homes when they shouldn't have been.