“We are committed to safeguarding the confidential information of the institutions we supervise to ensure the Bureau is best equipped to do its job and protect consumers,” said CFPB Director Richard Cordray. “This new rule supports the free flow of information that is essential to an effective supervision program.”
I’d like to talk to you about how the mission of the CFPB is to help consumer finance markets actually work – for American families, for financial services firms, for investors, and for the economy as a whole.
This is the 18th time that the Bureau has testified before either the House or the Senate, and I am pleased to be here with you again today. My testimony will focus on the areas that you specified in the letter inviting me to testify at this hearing.
Such coordination includes scheduling examinations, conducting simultaneous examinations of covered depository institutions unless an institution requests separate examinations, and sharing draft reports of examination for comment.
“This is an important step in the development of our nonbank supervision program,” said CFPB Director Richard Cordray. “This proposal allows us to reach nonbanks that we would not otherwise supervise, while providing industry with a streamlined process that is fair and efficient.”
The IT Handbook consists of 11 booklets covering a variety of technology and technology-related risk management guidance for financial institutions and examiners.
Let me emphasize at the outset that we all have certain goals in common: a strong and vibrant financial sector; the ability to earn and maintain the public’s trust and confidence; fidelity to the highest standards of business ethics and excellent customer service; and a highly competitive economy that works for Americans in both the short run and the long run.
You, the National Community Reinvestment Coalition, have stepped up to preserve and expand on that foundational principle of our nation by working to increase the flow of capital to underserved communities.
The Bureau will take a close look at service providers’ interactions with consumers. It will hold all appropriate companies accountable when legal violations occur.
I want to thank you for this opportunity to testify on the first “Semi-Annual Report of the Consumer Financial Protection Bureau” detailing the Bureau’s accomplishments in its first six months.
And we have certain goals in common: a strong and vibrant financial sector; a highly competitive economy that works for Americans in both the short run and the long run; the ability to earn and maintain the public’s trust and confidence; and fidelity to the highest standards of business ethics, the kind that the Chamber was founded upon exactly a century ago.
I would like to talk to you today about how we are doing this by promoting transparency, lowering consumer risks, and ensuring a level playing field between banks and their non-bank competitors.
I deeply believe that reporters play an important role in ensuring our government operates fairly, efficiently, and honestly. This role includes a new task of keeping the Consumer Financial Protection Bureau accountable to the highest standards.
I have seen firsthand how the success of community banks benefits the people who live in those communities, where the bankers themselves also live and work.
Making prices and risks clear. Protecting people against fraud. And standing up for consumers to make sure they are treated fairly. That is our new job.
Almost nine out of ten American households have at least one checking account, and many also maintain a savings account. Yet, despite the fact that they are commonplace, bank accounts can be complex and confusing.
Overdrafts can provide consumers with needed access to funds, but the growing costs of overdraft practices have the capacity to inflict serious economic harm. We want to learn how consumers are affected and how well they are able to learn about the costs and risks of overdrafts.
As part of that inquiry, the CFPB is seeking public input on a prototype “penalty fee box” – a disclosure on a consumer’s checking account statement that would highlight the amount overdrawn and total overdraft fees charged.
Testimony of Richard Cordray Before the U.S. House of Representatives Committee on Financial Services
We are committed to fulfilling our statutory responsibilities and delivering value to American consumers. This means being accountable and using our resources wisely and carefully.
We want Latino consumers – on the same footing with every other consumer – to have the information they need to make good choices, choices that enhance their lives and empower them to succeed.
Today, I will spend most of my time providing an update on where we stand in developing our bank and nonbank supervision programs.
Testimony of Richard Cordray Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs
I said that I would always welcome your thoughts about our work. I stand by that commitment. I am pleased to be here with you today to tell you about our work and to answer your questions.
Testimony of Richard Cordray before the Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs
Moreover, we need and want to hear from you. At every stage, I believe that input from Congress will help improve our work and our ability to deliver real value to American consumers. I look forward to an open dialogue with Congress on the many important issues that affect your constituents and consumer financial markets nationwide.
Under the new rule, remittance transfer providers will generally be required to disclose the exchange rate and all fees associated with a transfer so that consumers know exactly how much money will be received on the other end.
Like the FDIC, the CFPB was created in reaction to a crisis in the American financial system to correct market failures that harmed an overwhelming number of American consumers and businesses.