At each of those appearances, we provided detailed written testimony on our efforts to establish the CFPB. Today, I welcome this opportunity to testify before the full Committee on Oversight and Government Reform and to provide additional written testimony.
Rutgers opens doors. Students come here from different backgrounds and have different experiences here, but one way or another, this place opens doors.
I came to Capitol Hill on many occasions to testify on behalf of the COP about our oversight efforts. Based on that experience working on behalf of Congress, I became a firm believer in the importance of oversight.
Rich usually heads in smart directions, so I thought I’d follow his lead and pick up where he left off by discussing in greater detail how the CFPB can continue to work with the attorneys general to accomplish those objectives.
For the past six months, I’ve been hard at work setting up the new Consumer Financial Protection Bureau (CFPB). Accountability has been an integral part of my job. I spend a lot of time thinking about how to make this new agency accountable – not just right now, while it’s all new, but how to make it accountable to the American people over the long haul.
For the past six months, I’ve been hard at work setting up the new Consumer Financial Protection Bureau (CFPB). Accountability has been an integral part of my job. I spend a lot of time thinking about how to make this new agency accountable – not just right now, while it’s all new, but how to make it accountable to the American people over the long haul.
But I do not consider myself in hostile territory right now because I believe we share a point of principle: Competitive markets are good for consumers and for businesses. The important question is how to ensure that markets are competitive.
You have made it clear that community banks strive to build their businesses around serving their customers in open and fair ways.
Today, we are pleased to report that we firmly believe in the importance of making prices clearer, making risks more obvious, and cutting back on the fine print and legalese that can make it impossible for families to compare a mortgage or credit card with two or three others. We are here to serve the American people by making sure the consumer financial markets work for them.
Today, we are pleased to report that we firmly believe in the importance of making prices clearer, making risks more obvious, and cutting back on the fine print and legalese that can make it impossible for families to compare a mortgage or credit card with two or three others. We are here to serve the American people by making sure the consumer financial markets work for them.
The consumer bureau’s mission is to make sure consumers have the information they need – upfront, not buried in fine print – to make the best choices about mortgages, credit cards and other financial products and services.
I am committed to building a consumer credit market that works—a market that works for American families, works for the financial services industry, and works for our economy.
It is an honor to be here to commemorate Joanne Alter, whose commitment to meaningful change – both inside and outside of government, despite all odds – still inspires us.
The CARD Act was designed to reduce surprises in re-pricing of accounts and to take a major step in improving the overall transparency of credit card costs
It is a great pleasure to be here to celebrate this anniversary and to thank you for all you have done to make markets work for consumers, for lenders that want to offer value to their customers, and for the whole economy.
We’ll ask questions, give out email addresses, and get started on a long-term conversation about money.
Holly Petraeus will take on a new role at the Consumer Financial Protection Bureau Implementation Team, directing our effort to establish an Office of Servicemember Affairs.
The practices now under investigation took root and grew because there was no single federal regulator with both the responsibility and the tools to look out for consumers.
It has a chance to define clear goals for the agency and a chance to set a direction that is good for families, good for those in the industry who want to compete for customers’ business, and good for the economy generally.
I also come away more convinced that the new consumer agency’s push toward transparency in financial products can serve families and small financial services providers alike.
I am also glad to help set this new agency on the path to strengthen the economic health of American families.
I’m focused on three priorities: reforming the reams of paperwork involved in signing a home mortgage, moving to a short, easy-to-understand credit card agreements, and building a 21st century agency that works on behalf of American families every day.
The very early feedback I’ve received indicates that the industry is eager for simplification.
For the first time ever, both banks AND non-bank lenders will be subject to federal examination to ensure that they are all playing by the same rules.
President Obama understands the importance of leveling the playing field again for families and creating protections that work not just for the wealthy or connected, but for every American.
