cordray. i would like to echo a number of concerns expressed by my colleagues on this side of the aisle. i am particularly concerned by reports that the cfpb is engaging in regulatory activity that could jeopardize the safety and soundness of financial institutions. i am also concerned about attempts to regulate insurance. finally, i am told the simplify mortgage disclosures the cfpb is developing may be more complicated than previous disclosures. i welcome your comments on these matters. thank you for being here. i yield back. >> mr. gutierrez, 2 minutes 15 seconds. >> i appreciate that. first of all, welcome. secondly, i would love to see how we went from seven pages to three pages and make it more complicated, because that is what we have done in terms of disclosure of transactions, something easier to understand. i know you are currently testing the document, and i congratulate you. i think that is what we should be doing. but you never know. democrats with a democratic president -- maybe

cordray has agreed to stay til 2:00 which is a very nice accommodation. we very much appreciate that, and we thank you for your attendance today to deliver the semiannual report of the consumer financial protection bureau. the cfpb is an independent federal agency whose authority, as many of us have said, is far reaching. some have said unprecedented. title x or title x of the dodd-frank act confers virtual unfettered discretion and the director to identify financial products and services deemed to be unfair, deceptive or abusive and to ban them under what's been described as a highly-subjective standard that has no legally-defined content. all of us agree on the need to protect consumers, all of us also agree that every government bureaucracy needs transparency and oversight. the simple truth -- if we can have a little order. the simple truth that there's no reason we cannot have both, robust consumer protection and an agency that is accountable for the action it takes and the resources it uses, the cause of greater accountability was not well served by

cordray. i would like to echo a number of concerns expressed by my colleagues on this side of the aisle. i'm particularly concerned about reports that the cfpb is engaging in regulatory activity that could jeopardize the safety and soundness of financial institutions. i'm also concerned about attempts to regulate forced-placed insurance and, finally, i'm today -- told that the simplified mortgage disclosures that the cfpb is developing may, in fact, be more complicated than previous disclosures. i welcome your comments on these matters and thank you very much for being here and yield back. >> all right. two minutes and 15 seconds. >> thank you, mr. chairman, appreciate that. first of all, welcome. and secondly, i'd love to see how we went from seven pages to three pages and made more complicated. because that's what we've done in terms of disclosures of transactions and key terms and something easier to understand, i agree. i know you're currently testing the document, and i congratulate you.

i think that is what richard cordray is thinking this might help. host: has there been pushed back against these proposals? guest: if you remember, richard cordray was a resess appointment by the obama administration, so there was a little push back from republicans about the congressional oversight of this agency and if they would need to report to their new rules to any type of congressional body. they really don't. you really have an agency that exists on its own, has its own independent authority and can also give out really hefty enforcement actions, civil fines against certain banks and non- banks. host: the mortgage bankers association responded to these proposals. it was not negative, it was not necessarily a pushback. it basically says national standards would apply to all residential loans -- the code that for us. guest: basically, they are saying the consumer financial protection bureau looks at large market participants, so it really does not have a whole lot of reporting on smaller firms. and so, they are basically saying this is not go

." >> reporter: richard cordray promises new rules for the industry. he wants both bank and non-bank mortgage servicers to get on board. the changes are simple: requiring clear, easy to understand mortgage statements every month; warning borrowers when interest rates are going to change; and helping more borrowers avoid foreclosure. ideas that make sense to housing counselors like marian siegel. >> some people would say it's too little, too late, but the reality is that these abuses have been going on for years. the need for rules and regulations have been there, but under cover for all of this time. >> reporter: cordray says, in years past, mortgage servicers just haven't had the incentive to have a relationship with their customers. he hopes that these rules, enforced by the federal government, will give them a reason to step it up. >> it is significant that our rulemaking jurisdiction is comprehensive over the entire mortgage servicing market, including both banks and their non-bank competitors. we will also be able to back up any new rules we write

i should invite richard cordray more often. i will be doing that every week. honored to have you here. are there any operation hope clients with us today? fantastic. you were not sure? are you mortgage clients, credit crisis clients? what about yourself? mortgages? you are here every tuesday, aren't you? tuesday and wednesday. what is your focus? fantastic. anybody here have a positive experience with mortgage modification? a negative experience with mortgage modification? are we still working on your experience? >> [unintelligible] >> it cannot be having a negative experience it your the d.c. banking commissioner. >> the modification of peace. >> no good deed shall go unpunished. here is what we are not here to do today. we are not here to demonize. people have become experts on what they are against. they can tell you precisely what they do not like. this country was built based on what went before. this center you are in today is one of 10 in the country. we are in 273 cities in america. etrades funds $1 million a year. they have no branches and somehow the

first of all, i have the greatest respect for rich cordray. he's a terrific first head of the cfpb and they're going to do very good work. down the road in a few years, i could agree with commissioner rosch wholeheartedly. i don't disagree entirely with him now. but it's an untested agency. and the actions it's taking, while -- while it is -- while there are concerns raised about it and people who would like to undo it, are, you know, should not be used as a justification for us to sort of cede the field. again, we have brought 90 cases involving debt consolidation and foreclosure rescue scams and work at home scams and you know, we do really good work and by the way, from time to time, we have had to send people down to south florida and have them deputized as assistant u.s. attorneys to prosecute cases. that's at an expense to the agency. and so i think over time, you may want to and we may want to move people out of predatory or financial fraud, but i think at this point, when as you have pointed out, people are still suffering, it's not pr

on the left is diana cordray, the amount vernon manager and in the middle east today, an incredible artist as you'll see in him the right to stephen horak, and i still wake master. and while it is fair i was able to see these figures as they remain tainted with it with lincoln felt like when i was of course able to ask all of the questions needed to ask and ask all the things i asked when i was little girl. how long did it take you? was made out of? y and y and y? and then what happened? so this was really a wonderful opportunity for me to see these figures as they were being worked on and see them up close and see how they went about creating a. sue day is not only the artists huc in a moment, and that she is the one who put the hairline and tv shows the three figures of george washington. you can see here and the size she is putting one's human hair in a time directly into the? and in this way it looks like the hair is actually growing out of his head. it's critical to get the hairline right on this figures and she's constantly checking against all of these images of george washington be

cordray has agreed to stay until 2:00, which is a very nice accommodation.we very much appreciate that. and we thank you for your

richard cordray was attorney general in ohio. when he was attorney general, he helped return $2 billion in retirement savings back to the residents of ohio to give them the dignity of being able to do for themselves on retirement. when he was state treasurer, he helped to revitalize a small business program for minorities and under-served small businesses in the state to give people a hand up and not just a handout. he was also at the local level. he was the treasurer of a small city. he helped to get his hands around real issues in real ways. he has a real understanding of the issues. he understands it from 10,000 feet and 10 feet away. nothing says more about his character to me then that he did not want to do this announcement in washington. it would have been easy to call a press conference. they will get lost on the way here. it was not easy to get here. he did not have to come here and do this. he could have done it at the white house or the capital, any place. but the fact he went to this much effort to place this message

government, no matter how many letters you write to the director cordray come it doesn't matter. this will be a prime target for the palin enders, title lending, i don't know if you know there are they're renting rim's stores, these are the 20 rims spinners, they are renting rims. that is low and all of these lenders and such, you've got liquor stores because being a broad economic and being a poor and the disabling for enough mind its crushing your spirit and you must vow never to be poor here.

director cordray, one of the things i think mr. bryant is mentioning about the fence this point is that there's so much information that is coming down on consumers, the ag salomon, the independent foreclosure review and one of the things that i'm seeing as i do this work is it's hard for me to keep up, let alone the average consumer. is there any effort that you may be speaking to the come with a be an effort to kind of help the homeowner, the consumer, just to know what resources are unable to them? maybe the thought of able through a housing counselor now, but even that is a lot to ask of that particular person. so just trying to get a sense of the bigger issue and how do we direct people to the places where they can get the most help? >> it's an accident point that you raise. and it's notable that in area mortgage servicing where federal and state agencies pay very little attention until maybe just a couple of years ago, and left into the own devices, and i did not work well for anyone. they are now has been a rush of activity,

is a homeowner bill of rights that says on the one hand, and this is going to be done by richard cordray from the consumer financial protection bureau. you remember how hard it was to give that done by congress right? and even if the president gets it done he had to stand in a way of the director. he had to say i'm sorry congress, i'm the president and i'm going to make an appointment and he did so right now because he did that, the consumer financial protection bureau is putting in place a single straightforward set of commonsense rules that families can count on when they are buying a home, when they are making the single most important financial decision of their lives. but at the same time, and you know this from the crisis, you can't just worry about getting folks the key to that home. we have to make sure that they keep that key and that over time, they can continue to be homeowners and get the help they need so the standard in the settlement says, it will force lenders and servicers to follow a comprehensive list of rights that should they ever lose a job, have a medical emergency

later, richard cordray. >> major league baseball players and owners reached a new agreement last novemberrrow, conversation on the role of collective bargaining in baseball. executive director of the players association will be at the national press club. live coverage getting underway at 1:00 p.m. eastern on c-span2. later in the day, supreme court justices ruth bader ginsberg, sonya sotomayor or, and elena kagan in a tribute to justice sandra day o'connor, who was the first woman appointed to the court. she was appointed by president ronald reagan in 1981. live coverage starts at 6:30 eastern. >> they depart beneficial where rosen says the u.s. will continue to be involved in developing afghanistan after the 2014 withdrawal. he is represented to afghanistan and pakistan and was part of a discussion hosted by the u.s. institute of peace. this 90 minute event was moderated by former national security advisor stephen hadley. >> good morning. my name is george moose, i'm the vice chair of the board of directors here at the u.s. institute of peace. i'm pleased to welcome you here this mornin