| 00:00:09 |
Unidentified Speaker, -
BUREAU. TWO REPORTERS TO HELP WITH QUESTIONS. WE HAVE A NATIONAL BUSINESS WRITER WITH THE LOS ANGELES TIMES. IN TWO SENTENCES, TELLS US WHAT IS THE CONSUMER...
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| 00:00:44 |
Unidentified Speaker, -
YOUR BANK ACCOUNTS OR STUDENT LENDING, A WHOLE VARIETY OF OTHER PRODUCTS -- WE ARE INTENDED TO STAND ON YOUR SIDE, PROTECTED AGAINST FRAUD, AND MAKE...
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| 00:01:07 |
Unidentified Speaker, -
THAT. GIVEN THAT, I AM WONDERING -- YOU HAVE FOCUSED SO FAR ON A CONSUMER EDUCATION, COMPLAINTS FROM IMPROVED DISCLOSURE. IS THAT CONTROVERSY AND FOUGHT...
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| 00:01:37 |
Unidentified Speaker, -
WE WERE NOT ABLE TO FULFILL ALL OF THE AUTHORITY THAT CONGRESS HAD GIVEN US. SINCE I WAS APPOINTED, WE LAUNCHED OUR NON-BANKS SUPERVISION PROGRAM. WE...
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| 00:03:40 |
Unidentified Speaker, -
TOP EXECUTIVES IN DIFFERENT PROFIT PLANS AT THE LARGER BANKS. MANY OF THEM RECOGNIZE THERE SEEMS TO BE -- THERE SEEMS TO BE A CLEAR RECOGNITION THAT SOMETHING...
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| 00:04:19 |
Unidentified Speaker, -
THAT MIGHT BE DIFFERENT FROM WHAT OTHER BANK REGULATORS ARE FINDING? HAVE YOU STARTED LOOKING AT NON- BANKS? >> WE HAVE. WE HAVE EXAMINERS ON THE GROUND...
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| 00:04:34 |
Unidentified Speaker, -
THOUGH OUR NON-BEEN PROGRAM WAS HAMPERED BY NOT HAVING A DIRECTOR UNTIL JANUARY. THEREFORE, A FAR AWAY A LITTLE BIT LATER. WHAT IS INTERESTING ABOUT OUR...
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| 00:06:42 |
Unidentified Speaker, -
A LITTLE DIFFERENTLY FROM THE WAY THE BANKING AGENCIES DO. THEY INVOLVE MORE DIRECT RISK TO CONSUMERS. WE WILL BE AGGRESSIVE ABOUT GOING ON-SITE AND LOOKING...
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| 00:08:53 |
Unidentified Speaker, -
THEIR ARE TWO WAYS WE SET OUR PRIORITIES -- >> THERE ARE TWO WAYS WE SET OUR
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| 00:09:01 |
Unidentified Speaker, -
PRIORITIES. CONGRESS'S PRIORITIES ARE IMPORTANT FOR US. THEY SPECIFY THE MORTGAGE MARKET, WHICH INCLUDES MORTGAGE ORIGINATION -- THE ACTUAL MAKING ...
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| 00:11:13 |
Unidentified Speaker, -
THE WAY BANKING REGULATORY AGENCIES HAVE LOOKED AT THEM AND THE PAST. CAN YOU BRING IT DOWN TO THE CONSUMER LEVEL? MS CERTAINLY. IF AN INSTITUTION CONTRACTS...
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| 00:12:48 |
Unidentified Speaker, -
AGENCIES MIGHT NOT HAVE DELVED INTO BECAUSE -- FROM A SAFETY ISSUE STANDPOINT, THEY WERE CONTENT WITH THE SETUP. >> I'VE BEEN THE BANKING INDUSTRY NEEDS...
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| 00:13:07 |
Unidentified Speaker, -
THEY HAVE A CONTRACTUAL RELATIONSHIP. THEY COULD SEEK INDEMNIFICATION. THE BOTTOM LINE IS, FOR THE DIRECT CONTACT WITH THE CONSUMER. THENCE OUR FOCUS....
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| 00:13:33 |
Unidentified Speaker, -
ANY EVIDENCE YET OF CUSTOMERS CHANGING ANYTHING ON THE GROUND? >> IF YOU COULD SIGNAL MORE CLEARLY TO THE MARKET THE DIRECTION YOU ARE GOING, THERE IS...
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| 00:13:53 |
Unidentified Speaker, -
SOME OF THE GOOD BUSINESSES IN TRYING TO GET OUT AHEAD AND UNDERSTAND WHAT IS EXPECTED. I THINK THE MERE FACT THAT PEOPLE UNDERSTAND WE'RE OUT THERE,...
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| 00:15:31 |
Unidentified Speaker, -
TO SAY, OH, GOOD, I AM GLAD THAT AGENCY IS HERE AND DOING ITS WORK. >> THAT -- I THINK THERE IS A NUMBER OF THEM. WE HAVE RECENTLY FINALIZED REMITTANCE...
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| 00:15:50 |
Unidentified Speaker, -
THERE ARE MANY PEOPLE WHO SEND MONEY ABROAD FOR A VARIETY OF REASONS, MAYBE SOMEBODY IS TRAVELING OR GOING TO SCHOOL OVERSEAS. THERE HAD NEVER BEEN ANY...
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| 00:17:06 |
Unidentified Speaker, -
IN THE MORTGAGE AREA, ANYBODY WHO HAS BOUGHT THE HOUSE KNOWS THAT, WHEN THEY COME TO THE APPLICATION
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| 00:17:17 |
Unidentified Speaker, -
PROCESS, THE CLOSING, THERE ARE MASSIVE AMOUNTS OF PAPERWORK, MUCH OF IT DUPLICATIVE AND CONFUSING. IN PART BECAUSE IT IS RICH LANGUAGE. DIFFERENT AGENCIES...
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| 00:19:29 |
Unidentified Speaker, -
CONGRESS WOULD LIKE TO CHANGE THE OVERSIGHT. U.S. THE SINGLE DIRECTOR HAVE LOT OF AUTHORITY, SOUL OF 40 BANG IN A LOT OF WAYS. IF YOU WERE NOT THE DIRECTOR...
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| 00:20:11 |
Unidentified Speaker, -
A SINGLE HEAD. SOME OF THE INDEPENDENT AGENCIES HAVE A BOARD OF THREE, FIVE, OR SEVEN. SOME HAVE A SINGLE DIRECTOR. NOBODY SEEMS TO ACTIVELY TRY TO CHANGE....
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| 00:21:51 |
Unidentified Speaker, -
THE CFPB IS KIND OF PRESIDENT OBAMA'S MAYBE. HE PUSHED FOR IT ALONG WITH ELIZABETH WARREN. HOW DO YOU PUSH FOR AN INDEPENDENT AGENCY ALONG WITH ALL THE...
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| 00:22:12 |
Unidentified Speaker, -
THE BANKING AGENCIES, THE CFTC, A NUMBER OF THEM. THE FACT OF THE MATTER IS THE WEIRDEST THING FROM THE ADMINISTRATION. THEY MAY BE INTERESTED IN A LOT...
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| 00:24:22 |
Unidentified Speaker, -
BUT, AND THE QUESTION OF POSSIBLE LEGAL ACTION,
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| 00:24:27 |
Unidentified Speaker, -
IS THAT IN KEEPING THE AGENCY, THE THOUGHT THAT THE FIRST AGGRESSIVE ACTION THEY TAKE, RULEMAKING OR ENFORCEMENT AGGRESSIVE, IS LIKELY TO END UP IN COURT...
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| 00:24:57 |
Unidentified Speaker, -
OWN QUESTIONS OR PERSPECTIVES ABOUT THAT. NOW THAT I AM THE DIRECTOR, THIS BUREAU IS UNDER OBLIGATION, BY LAW, TO DO CERTAIN THINGS. THE THINGS THAT...
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| 00:25:54 |
Unidentified Speaker, -
HI HAVE TESTIFIED ON THE SAME REPORT IN FRONT OF THE SENATE BANKING COMMITTEE. THIS MIGHT NOT BREAK A WHOLE NEW GROUND,
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| 00:26:04 |
Unidentified Speaker, -
BUT IT IS A NEW SET OF PEOPLE INQUIRING. WILL FIND THAT VERY STIMULATING. >> THANK YOU FOR BEING OUR "NEWSMAKERS." WE'RE BACK WITH OUR REPORTERS. LET
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| 00:26:16 |
Unidentified Speaker, -
ME ASK ABOUT THIS AGENCY. AS FOR THE OVERSIGHT AND WHERE THEY GET THEIR MONEY. >> THE AGENCY WAS SET UP SOMEWHAT UNUSUALLY. THEY DID NOT GIVE MONEY DIRECTLY...
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| 00:26:33 |
Unidentified Speaker, -
THEY DO NOT GET MONEY FROM CONGRESS. IT CREATES QUESTIONS AMONG SOME IN CONGRESS ABOUT HOW MUCH OVERSIGHT THEY HAVE. FOR EXAMPLE, WHEN HE GOES TO THE...
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| 00:27:36 |
Unidentified Speaker, -
SOME PEOPLE IN THAT INDUSTRY. IF HIS APPOINTMENT IS NOT VALID, THERE ARE A LOT OF AUTHORITIES THAT THE
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| 00:27:41 |
Unidentified Speaker, -
AGENCY HAD THAT THEY GOT ONLY WHEN THERE WAS A FULL- TIME DIRECTOR APPOINTED. YOU COULD MAKE THE ARGUMENT THAT ANY RULE MAKING MORE ENFORCEMENT ACTION...
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| 00:28:10 |
Unidentified Speaker, -
CLEAR THAT THEY ARE MOVING AHEAD, REGARDLESS. ONE THING THEY ARE MOVING ON THAT IS NEW IS THIS THIS
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| 00:28:17 |
Unidentified Speaker, -
PASSING EXAMINERS -- THIS DISPATCHING FOUR OF THE EXAMINERS TO NON-BANKS. THEY WILL LOOK AT FIRMS THAT PROVIDE LOANS TO CONSUMERS, BUT NOT NECESSARILY...
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| 00:29:10 |
Unidentified Speaker, -
BANKS. WHAT DO YOU SAY ON THAT? BUT HE MADE IT CLEAR THAT HE WILL NOT SHY AWAY. HE DID NOT TELL US WHAT HE IS DOING MORE LOOKING AT, BUT HE TOLD US HE...
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| 00:29:39 |
Unidentified Speaker, -
RESPONSIBILITIES AND SPREAD THEM AMONGST DIFFERENT AGENCIES. THEY ARE
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| 00:29:43 |
Unidentified Speaker, -
OFTEN NOT THE HIGHEST PRIORITY AT OTHER AGENCIES. BUT IN ONE PLACE WHERE THAT IS THE FOCUS. HE IS VERY FOCUSED ON WHAT THE CONSUMER EXPERIENCE IS. FROM...
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| 00:30:29 |
Unidentified Speaker, -
TO STOP THEM? WHAT INDICATION IS THERE THAT IS WHAT THEY'RE DOING? OR COULD BE? >> I DON'T KNOW. THEY HAVE DONE A LOT ALREADY, BUT MUCH OF IT HAS BEEN...
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| 00:30:43 |
Unidentified Speaker, -
THEY HAVE NOT GOT INTO A LOT OF THE SUBSTANTIVE RULES THEY NEED TO DO THIS YEAR, A BIG ISSUE IS MORTGAGES. EVERYBODY IS WAITING TO SEE. WHAT THEY'VE...
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| 00:31:26 |
Unidentified Speaker, -
THINGS THAT WOULD APPEAL,
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| 00:31:29 |
Unidentified Speaker, -
QUESTIONS AND ANSWERS, THINGS THE INDUSTRY IS NOT NECESSARILY GOING TO OPPOSE. IT WILL BE INTERESTING WHEN THEY COME UP WITH SOME RULES, THAT THERE IS...
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| 00:31:51 |
Unidentified Speaker, -
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| 00:31:56 |
Unidentified Speaker, -
A LOOK AT THE SUPREME COURT THIS MORNING, SOME VISITORS ON THE STEPS RIGHT BEFORE THE COURT. AHEAD OF THE ORAL ARGUMENTS THAT
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| 00:32:06 |
Unidentified Speaker, -
BEGIN TOMORROW ON THE AFFORDABLE CARE ACT. SOME PEOPLE WAITING IN LINE JUST TO THE LEFT OR TO THE RIGHT OF THIS SHOT. ALL DAY, C-SPAN WILL PREVIEW THE...
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| 00:34:16 |
Unidentified Speaker, -
WE WILL BRING YOU THE AUDIO OF THOSE ARGUMENTS AND THE SAME DAY THEY ARE ARGUED IN THE COURT. TUNE IN HERE AT C-SPAN OR ACTUALLY, C-SPAN3, C-SPAN RADIO...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.