| 00:00:29 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
WAS REPORTED TEN EXECUTIVES WAS GUZZLED TO RECEIVE BONUSES TOTALING MORE THAN $12 MILLION. GIVEN THE CURRENT ECONOMIC TIMES AND CONTINUED CHALLENGES...
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| 00:07:08 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
IDEA REGARDING HIGH SALARIES AND SO FORTH. THESE HIGH SALARIES AT FANNIE AND FREDDY, BUT I ASK YOU BRING UP THE TREASURY BECAUSE THEY, THE FEDERAL...
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| 00:11:48 |
Tester, Jon - U.S. Senator, [D] Montana
OF WHY THOSE BONUSES WERE GIVEN AND AND GET ACCOUNTABILITY, BUT I APPRECIATE YOU AND YOUR STAFFS SCHEDULING THAT HEARING. I THINK IT'S CRITICALLY IMPORTANT....
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| 00:12:20 |
Kirk, Mark Steven - U.S. Senator, [R] Illinois
STABLIZATION FACILITY MEETING ITS GOALS. I'M CONCERNED ABOUT REPORTS THAT U.S. BANK EXPOSURE NOW IS CONSIDERABLY MORE THAN IT WAS, AND ACTIVITY AND...
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| 00:13:18 |
Akaka, Daniel K. - U.S. Senator, [D] Hawaii
THAT I'M CONCERNED ABOUT THE UNIQUE CHALLENGES CONFRONTING MILITARY FAMILIES AND OUR VETERANS. PROLONGED DEPLOYMENT AND MORE FREQUENT RELOCATION CREATE...
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| 00:14:48 |
Brown, Sherrod - U.S. Senator, [D] Ohio
I SAID WITH CHAIRMAN AKAKA AND CHAIRMAN TESTER AND THE STORIES WE SEE ESPECIALLY IN PLACES INDAYTON, THE SCAMS THAT APPEAL TO A VET RANS' PATRIOTISM,...
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| 00:15:46 |
Hagan, Kay R - U.S. Senator, [D] North Carolina
APPROPRIATE. IN NORTH CAROLINA, WE PRIDE OURSELVES ON BEING ONE OF THE MOST MILITARY-FRIENDLY STATES IN THE NATION AND HAVING SUCH A HUGE NUMBER OF...
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| 00:17:11 |
Johnson, Timothy V. - U.S. Representative, [R] Illinois
YOUR TESTIMONY. >> CHAIRMAN JOHNSON, RANKING MEMBER SHELBY, MEMBERS OF THE COMMITTEE, THANK YOU FOR THE OPPORTUNITY TO SPEAK WITH YOU TODAY ABOUT THE
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| 00:17:23 |
Petraeus, Holly - Assistant Director
OFFICE OF CONSUMER AFFAIRS AT THE FINANCIAL PROTECTION BUREAU OR CFPB. AS A LIFETIME MILITARY FAMILY MEMBER, I'VE SEEN FIRSTHAND THE DEVASTATING IMPACT...
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| 00:22:33 |
Spain, Bonnie - CEO
PETRAEUS. MS. SPAIN, YOU MAY PROCEED. >> CHAIRMAN JOHNSON, RANKING MEMBER SHELBY, COMMITTEE MEMBERS, THANK YOU FOR THE FONT TO BE HERE TODAY. OUR ORGANIZATION...
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| 00:29:43 |
Abbot, Charles - President and CEO
CHAIRMAN, SENATOR SHELBY, OTHER SENATORS, I THANK THE OPPORTUNITY TO BE WITH YOU TODAY TO DISCUSS WHAT OUR MEMBERS ARE ENCOUNTERING IN THE FINANCIAL...
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| 00:38:37 |
Bergner, Kevin J. - Major General
CHAIRMAN, RANKING MEMBER, AND MEMBERS OF THE COMMITTEE, THANK YOU FOR LETTING ME REPRESENT USAA. I GREW UP IN A MILITARY FAMILY, AND MY FATHER SERVED...
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| 00:43:58 |
Pollack, Frank - President and CEO
FEDERAL CREDIT UNION, THANK YOU FOR THE OPPORTUNITY TO TESTIFY TODAY ON THESE IMPORTANT ISSUES THAT AFFECT THOSE WHO ARE SACRIFICING SO MUCH TO PROTECT...
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| 00:48:56 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
ON THE CLOCK FOR EACH MEMBER. MRS. PETRAEUS, MANY OF THE ABUSES THAT HAVE BEEN RAISED IN TESTIMONY TODAY ARE COMMITTED BY NON-BANK FINANCIAL INSTITUTIONS....
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| 00:49:43 |
Petraeus, Holly - Assistant Director
BE ENFORCEMENT, BUT THE THIRD LEG, IF YOU WILL, IS SUPERVISION, AND WITHOUT A DIRECTOR, WE CAN WANT DO THAT SUPERVISION OF THE NON-BANK ENTITIES LIKE...
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| 00:50:08 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
THE COMMITTEE SOME OF THE REGULAR FINANCIAL LITERACY TRAININGS YOU AND YOUR PARTNERS CONDUCT FOR THE SOUTH DAKOTA NATIONAL GUARD? >> WE PROVIDE A PROGRAM...
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| 00:50:21 |
Spain, Bonnie - CEO
A TWO-HOUR BASIC FINANCIAL EDUCATION PROGRAM. WHAT IT TEACHES -- WHAT PEOPLE UNDERSTAND IS THEY KNOW THEY SHOULD BUDGET. THEY DON'T KNOW WHY. THEY...
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| 00:51:22 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
ABBOT, GENERAL BERGNER, AND MR. POLLACK, THERE'S DIFFERENT CHALLENGES FOR SERVICE MEMBERS AND THEIR FAMILIES, ESPECIALLY DURING THE DEPLOYMENT. WHAT...
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| 00:51:48 |
Abbot, Charles - President and CEO
ADMIRAL? >> THE MILITARY LIFESTYLE IS ONE THAT AS MRS. PETRAEUS DESCRIBED IN RECENT YEARS INVOLVES MANY ROTATIONS THAT CREATES THE DIFFICULTIES FOR THE...
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| 00:53:15 |
Bergner, Kevin J. - Major General
CHALLENGE. WE SEND HIM HITHER AND BEYOND, ALL OVER THE WORLD. THEIR ABILITY TO MAINTAIN THEIR CREDIT AND AT THE SAME TIME HAVE ACCESS TO THEIR FINANCIAL...
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| 00:54:25 |
Pollack, Frank - President and CEO
HAVE A DEPLOYMENT KIT. MANY MEMBERS SERVE IN OVERSEAS BASES, AND VERY FEW OF THE LOCATIONS MAKE ANY MONEY. WE DO IT AT A LOSS, AND THE ISSUES ARE...
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| 00:55:34 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
YOUR TESTIMONY, YOU DISCUSSED YOU JOINED THE BUREAU IN JANUARY OF THIS YEAR TO START AN ENTIRELY NEW OFFICE, THE OFFICE OF SERVICE MEMBER AFFAIRS....
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| 00:56:05 |
Petraeus, Holly - Assistant Director
SO OVER A SMALL BUT MIGHTY OFFICE I HOPE. I DON'T EXPECT TO HAVE IT MUCH LARGER THAN THAT, AT LEAST NOT FOR THE MOMENT, AND, OF COURSE, EVERYBODY HAS...
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| 00:58:54 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
REQUIRE FIRST-TIME HOME BUYERS AND TO RECEIVE FINANCIAL EDUCATION IN SOME SORT BEFORE THEY CAN OBTAIN THE VA INJURED LOAN IN OTHER WORDS COUNSELING,...
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| 00:59:14 |
Spain, Bonnie - CEO
YES. THE REASON THAT I SAY THAT IS BY MEANS OF THE HOME AGAIN IS A COMPLICATED PROCESS AND ALLOWS YOU ARE A REALTOR OR MORTGAGE LENDER YOU CAN'T KNOW...
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| 00:59:29 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
WILL EVER MAKE. >> ADMIRAL ABBETT, HAVE YOU AND YOUR TESTIMONY AMONG OTHER THINGS YOU STATE THAT THE MILITARY LENDING ACT HAS DRAMATICALLY CURTAILED...
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| 01:00:06 |
Abbot, Charles - President and CEO
LOOPHOLES? >> YES, SENATOR. WE DID IN FACT IN THE YEAR IMMEDIATELY AFTER THE ACT WAS PASSED AND THEN IMPLEMENTED HAVE A PERIOD WHERE WE EXAMINED ITS...
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| 01:01:48 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
FIGHT. GENERAL, GUINN USAA -- I KNOW THAT YOUR ORGANIZATION IS UNIQUE -- WHAT ARE SOME OF THE WAYS USAA IS QUALIFIED TO SERVE THE MILITARY? I KNOW THAT...
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| 01:02:08 |
Bergner, Kevin J. - Major General
I THINK IT STARTS WITH THE BEST CUSTOMERS IN THE WORLD, AND WE RECOGNIZE THAT AND IT HAS BEEN FOLLOWED BY THE BEST EMPLOYEES IN THE WORLD TO DO THAT...
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| 01:03:16 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
YOU. >> IT'S MY UNDERSTANDING THERE ARE AT LEAST NINE FEDERAL REGULATORS AND REGULATORS IN ALL 50 STATES WITH THE AUTHORITY TO REGULATE AND SUPERVISE...
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| 01:03:51 |
Pollack, Frank - President and CEO
THEIR JOBS. >> I'M NOT SURE I CAN ACTUALLY ANSWER YOUR QUESTION, BUT I DO BELIEVE IT IS AN ISSUE OF EDUCATION. IF WE PROPERLY EDUCATE OUR YOUNG PEOPLE...
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| 01:04:08 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
DEWAAL AGREE THE WORST THING THAT A LENDER CAN DO IS OVERLOAD ANYONE BUT ESPECIALLY A YOUNG SERVICE MEMBER, 19, 20, 21 YEARS OF AGE WITH DEBT THEY CAN'T...
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| 01:04:30 |
Pollack, Frank - President and CEO
DOING THIS FOR 33 YEARS AND FOR 33 YEARS WE HAVE HAD THAT PROBLEM THAT A YOUNG PERSON ENTERS THE SERVICE AND THE FIRST THING THEY DO IS BUY A CAR THEY...
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| 01:04:53 |
Reed, John "Jack" F. - U.S. Senator, [D] Rhode Island
I WANT TO COMMEND YOU FOR ADOPTING THE DISCLOSURE REFORM FOR THE FINANCIAL INSTITUTIONS THROUGHOUT THE COUNTRY. THANK YOU. SECOND, I THINK ONE OF THE...
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| 01:07:08 |
Petraeus, Holly - Assistant Director
IT SHOULD ALSO BE TRANSPARENT WITH WHAT THEY ARE CHARGING AND WHEN THAT CONTRACT COMES UP FOR REVIEW THAT IS AN OPPORTUNITY FOR THE SERVICES TO DECIDE...
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| 01:08:12 |
Spain, Bonnie - CEO
BASE, AND THE SUPPORT FINANCIAL THE EDUCATION TO THE GRANTS THAT ALLOW US TO PROVIDE THE EDUCATION. THE MILITARY MEMBERS AND THE FAMILY READINESS CENTER...
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| 01:08:30 |
Abbot, Charles - President and CEO
THAT OUR SERVICE MEMBERS AND I, OUR CLIENTS ARE GRATEFUL FOR THE SERVICES THAT THEY GET FROM THE FINANCE INDUSTRY ON BASE. IT'S A GREAT CONVENIENCE...
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| 01:09:47 |
Reed, John "Jack" F. - U.S. Senator, [D] Rhode Island
DASHING TRIUMPH. THE YEARS HAVE PASSED AND MALAE AND ENSURING THE 1991 FORD ESCORT. THAT'S WHAT HAPPENS AS YOU GROW OLDER, SO THANK YOU FOR YOUR SERVICE....
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| 01:10:34 |
Akaka, Daniel K. - U.S. Senator, [D] Hawaii
DIFFERENCES IN THE CONSUMER PROTECTION NEEDS FOR FAMILIES OF RESERVE COMPONENTS WHEN THEY ARE ON ACTIVE DUTY NURSES WHEN THEY ARE IN THE AIR
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| 01:10:49 |
Petraeus, Holly - Assistant Director
RESERVE STATUS? >> I HAD THE OPPORTUNITY AS A MENTIONED TO TALK WITH A NUMBER OF NATIONAL GUARD OFFICERS AND ENLISTED IN THEIR FAMILIES ON MY TRIP BACK...
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| 01:12:07 |
Akaka, Daniel K. - U.S. Senator, [D] Hawaii
YOU. >> ON AVERAGE MEMBERS ARRIVE AT THEIR INITIAL TRAINING ASSIGNMENT WITH $10,000 IN DEBT. THIS MEANS THEY MAY ALREADY BE BEHIND BEFORE THEY EVEN...
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| 01:12:42 |
Spain, Bonnie - CEO
NEEDS? >> WHEN THEY COME AND HAVE IT IT DOES AFFECT THEM BECAUSE THEY'VE BECOME TARGETS, THEY KNOW THEY HAVE TO MAKE THOSE AND IF THEIR CAR BREAKS DOWN...
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| 01:13:21 |
Akaka, Daniel K. - U.S. Senator, [D] Hawaii
AVAILABLE. >> MS. PETRAEUS, I WANT TO CONGRATULATE YOU AND WISH YOU THE BEST TO FOCUS ON IMPORTANT TOPIC OF FINANCIAL THE EDUCATION AND CONSUMER PROTECTION...
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| 01:13:58 |
Petraeus, Holly - Assistant Director
US. WE CAN USE THE FULL ARRAY OF WHAT'S THERE. I AGREE EDUCATION IS VITALLY IMPORTANT, BUT WE NEED TO BE BUT ALSO EXERCISE SUPERVISION TO GO AND TO...
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| 01:17:02 |
Tester, Jon - U.S. Senator, [D] Montana
TO USE THE WORDS THAT HAVE NOT BEEN RECEIVED PERMISSION TO LAND IN OTHER WORDS RECENTLY CANNOT REGULATE THE NON-BANK FINANCIAL FOLKS BUT EVERYBODY...
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| 01:17:56 |
Petraeus, Holly - Assistant Director
THAT? >> I THINK IT IS A WORK IN PROGRESS RIGHT NOW. I THINK A LOT OF IT JUST HAS TO BE EDUCATION WHERE SERVICE MEMBERS KNOW TO ASK THE RIGHT QUESTIONS....
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| 01:20:47 |
Bergner, Kevin J. - Major General
SO THIS WAS THE BENEFIT FROM THE TRAINING NECESSARY FOR THE MEMBER SERVICE REPRESENTATIVE TO UNDERSTAND WHAT THE SCRA REQUIREMENTS ARE AND REMEMBER,...
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| 01:22:30 |
Menendez, Robert "Bob" - U.S. Senator, [D] New Jersey
HOUSING SUBCOMMITTEE CHAIR WE HAVE TAKEN A PARTICULAR INTEREST IN STOPPING FOR CLOSURE ON THE MILITARY FAMILIES, AND AT ONE OF THE HEARINGS THAT I...
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| 01:23:55 |
Petraeus, Holly - Assistant Director
ON WHILE HE WAS DEPLOYED. I SHOULD FIRST POINT OUT THAT IS ALL THE SERVICE MEMBERS IT IS A MONOLOGUE THAT THE CFPB WILL ENFORCE IT REMAINS WITH THE JUSTICE...
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| 01:26:35 |
Menendez, Robert "Bob" - U.S. Senator, [D] New Jersey
ASK YOU COLLECTIVELY I KNEW THAT SOME OF MY COLLEAGUES BEFORE HAVE TALKED ABOUT THE MILITARY LENDING ACT, AND I JUST WANT TO GET A BOTTOM-LINE ANSWER...
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| 01:27:44 |
Petraeus, Holly - Assistant Director
BROAD PROTECTIONS, BUT I KNOW THAT IT WAS IN THE DETAIL TO WRITE A RULE THAT DOES IT IN A WAY THAT DOESN'T HAVE ANY UNINTENDED CONSEQUENCES, BUT YES...
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| 01:28:08 |
Abbot, Charles - President and CEO
TO EXTEND IT FOR THE SAME REASON THAT THE ORIGINAL LEGISLATION WAS PUT IN PLACE BECAUSE OF THE EFFECT THAT IT WAS HAVING ON THE SERVICE MEN AND WOMEN...
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| 01:29:08 |
Hagan, Kay R - U.S. Senator, [D] North Carolina
OF THAT. I KEEP SAYING IT'S NOT ROCKET SCIENCE. WE JUST DON'T TEACH IT, AND I THINK SO MANY OF OUR YOUNG PEOPLE IN THE MILITARY COULD BENEFIT GREATLY...
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| 01:30:06 |
Bergner, Kevin J. - Major General
ANYBODY ELSE? >> SENATOR, THANK YOU VERY MUCH. WE DO NOT OPERATE ON THE MILITARY INSTALLATION AS A SINGLE BANK, BUT WE DO HAVE AN EDUCATIONAL FOUNDATION...
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| 01:31:56 |
Pollack, Frank - President and CEO
CREDIT UNIONS ARE NOT MAKING MONEY OVERSEAS AND TO THE EXTENT IT WOULD PUT MORE FINANCIAL INSTITUTIONS ON THIS OVERSEAS I THINK WHAT ACTUALLY COUNTERPRODUCTIVE....
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| 01:32:11 |
Hagan, Kay R - U.S. Senator, [D] North Carolina
CAREFUL. >> THANK YOU. ADMIRAL, YOU MENTIONED OVERDRAFT PRACTICES IN YOUR TESTIMONY. WHAT CAN BE DONE ON THIS FRONT, AND ARE THE HIGH OVERDRAFT FEES,...
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| 01:32:29 |
Abbot, Charles - President and CEO
INSTITUTIONS? >> SENATOR, YES. I WOULD HAVE TO ASSESS IT AS PROBABLY THE TOP PROBLEM THAT I AM OBSERVING RIGHT NOW IN THE YOUNG SERVICEMEN AND WOMEN...
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| 01:34:53 |
Hagan, Kay R - U.S. Senator, [D] North Carolina
THE UNDERSTAND THE DYNAMICS OF STUDENT LOANS, AND SO MANY OF OUR STUDENT MEMBERS AND IN PARTICULAR IN MANY CASES FIRST TIME FIRST-GENERATION COLLEGE...
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| 01:35:19 |
Petraeus, Holly - Assistant Director
ADVICE? >> I THINK THAT THERE ARE SOME REAL CONCERNS. AGAIN, THERE'S SUCH AGGRESSIVE MARKETING RIGHT NOW TO MILITARY COME AND IT'S NOT JUST THE MILITARY...
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| 01:37:09 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
THE PANEL, THANK YOU ALL FOR YOUR TESTIMONY AND FOR BEING HERE WITH US TODAY. I'M GRATEFUL TO THE BRIEF MEN AND WOMEN WHO HAVE SERVED OUR COUNTRY...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.