Newsroom

Chairman Hensarling, Ranking Member Waters, and Members of the Committee, thank you for inviting me to testify today about the fourth Semi-Annual Report of the Consumer Financial Protection Bureau. Since we opened our doors just over two years ago, the Bureau has been focused on making consumer financial markets work better for the American people, […]

Chairman Rockefeller, Ranking Member Thune, and distinguished Members of the Committee, I’d like to thank you for the opportunity to speak with you today concerning consumer protection for the military, particularly in the area of predatory lending to servicemembers and their families.

Chairman Johnson, Ranking Member Crapo, and Members of the Committee, thank you for inviting me to testify today about the fourth Semi-Annual Report of the Consumer Financial Protection Bureau. Since we opened our doors just over two years ago, the Bureau has been focused on making consumer financial markets work better for the American people, and helping them improve their financial lives.

Written Testimony of Director Richard Cordray Consumer Financial Protection Bureau Before the House Committee on Financial ServicesSeptember 12, 2013Chairman Hensarling, Ranking Member Waters, and Members of the Committee: thank you for inviting me to testify today about the third Semi-Annual Report of the Consumer Financial Protection Bureau. Born out of the worst financial crisis since […]

Chairman Hensarling, Ranking Member Waters, and Members of the Committee: thank you for inviting me to testify today about the third Semi-Annual Report of the Consumer Financial Protection Bureau.

Born out of the worst financial crisis since the Great Depression, the Consumer Financial Protection Bureau is the nation’s first federal agency whose sole focus is protecting consumers in the financial marketplace. We are dedicated to improving the lives of everyday Americans and to restoring trust in consumer financial markets. The Semi-Annual Report we are discussing today embodies our work over the last six months of 2012.

Concerning our education mission, in an effort that I think would be of interest to this committee, my team worked with the Department of Defense (DoD) to create a financial module to be included in the recently revised Transition Assistance Program for those departing the military.

Thank you for the opportunity to provide you with an overview of the Consumer Financial Protection Bureau’s recently released white paper on payday loans and deposit advance products. This is perhaps the largest study to date on the short-term, small-dollar loan market.

I am happy to take part in a dialogue like today’s hearing, to ensure that military families have all the information they need to make sound decisions about where and how they spend their military education dollars.

It is a pleasure to be here again, and I am grateful for the opportunity to speak with you today on behalf of the Consumer Financial Protection Bureau on the subject of debt collections.

The Bureau is a data driven agency, because Congress recognized that the Bureau cannot do its job of protecting consumers and honest businesses unless it understands the consumer financial markets it oversees.

By holding today’s hearing, it is clear that many of you are keenly interested in finding solutions for some of the troubling trends in the student loan market.

Thank you Chairman McHenry, Ranking Member Green, and distinguished members of the subcommittee for the opportunity to participate in today’s oversight hearing about the Consumer Financial Protection Bureau’s budget and workforce.

Thank you Chairman Capito, Ranking Member Meeks, and members of the Subcommittee for this opportunity to testify about the Bureau’s Ability-to-Repay/Qualified Mortgage rule.

Thank you Chairman Terry, Ranking Member Schakowsky, and distinguished members of the Committee for the opportunity to speak with you today about the Consumer Financial Protection Bureau and its work to address the devastating problem of elder financial exploitation.

Credit reporting plays a critical role in consumers’ financial lives. Credit reports on consumers’ financial history and behavior can determine their eligibility for credit cards, car loans, and home mortgage loans – and they often affect how much consumers pay for their loans.

The report illustrates the ways we are using the tools Congress has provided us to empower consumers and promote a fair, transparent, and competitive marketplace for consumer finance.

Chairman Johnson, Ranking Member Crapo, and members of the Committee: I am honored to be here once again as the nominee to serve as the Director of the Consumer Financial Protection Bureau.

Congress created the Bureau in the wake of the greatest financial crisis since the Great Depression. Our mission is to make consumer financial markets work for both consumers and responsible businesses.

The industry is critical in our economy. It promotes access to credit that consumers can afford to repay. Without credit reporting, many consumers likely would not be able to get credit.

Our Office’s statutory mandate is to help provide consumers aged 62 and over with the tools they need to protect themselves from financial abuse and to make sound financial decisions.

Through our regulatory tools, we have proposed smarter rules that will help fix the broken mortgage market with common-sense solutions. We are writing rules that simplify mortgage disclosure forms and rules that make sure consumers do not receive mortgages that they do not understand or cannot afford.

As the report shows, we have been using all of the tools at our disposal to help protect consumers across this country. We pledge to continue our work to promote a fair, transparent, and competitive consumer financial marketplace.

Small businesses are a critical growth engine for our economy and an essential source of financial services for many consumers. For this reason, the CFPB believes that it is very important to understand the impacts of its actions on small businesses.

Over the next six months, we will be proposing and finalizing sound rules, most of them required by Congress, to address each stage of the mortgage process, from application to origination to servicing to termination. Clear rules of the road will support responsible decision-making and rebuild consumer and investor confidence in the system.

For millions of Americans, student loans have opened doors to a college degree— offering new opportunities to create a better life. But the rapid growth of student debt raises concerns that warrant significant attention of policy makers and regulators.