so it can protect consumers in one single place. the consumer financial protection bureau is a critical part of last year's financial reform bill. it will ensure there's a cop on the beat, protecting consumers from predatory products and misleading information. but instead of supporting the cfpb on its first day, the house republicans are pushing forward with a bill to weaken this important agency, to derail, delay, and defang it. and i want to point out that many of the people on the other side of the aisle that are supporting the republican change are the exact same ones that voted against dodd-frank in the first place, opposed the consumer protection and oppose the creation of the cfpb. i would say that the bill sets out to change the cfpb so it is less independent and instead is more bureaucratic. the house republicans want a five-person commission instead of a single director. but the single director structure is exactly thick oh o.c.c., the o.t.f. and other financeable agencies and a single director promotes more accountability, allows quicker reaction and change to

restrict it to things that was in their jurisdiction if it was a systemic risk that the consumer financial protection bureau was creating by promulgating a rule or regulation, then we thought it was fair to have them police what the consumer financial protection agency was doing. but i don't know of any reason that we would create a child of an agency to deal with consumer protection when we have -- we don't have a child of an agency dealing with other aspects of the regulation in our financial sevices industry. so for me this is just about parity. give this agency equal authority and umph as the other agencies have. and we are not asking that the consumer financial protection be able to overrule the federal reserve when it makes a decision, we're not asking that the consumer financial protection agency be able to overrule the o.c.c. when it makes a determination, neith should we be allowing those other agencies, the fdic, the o.c.c., the federal reserve, to overrule the consumer financial protection bureau when they are not acting within their authority. i thank the gentleman for yielding the time and i yi

restrict it to things that was in their jurisdiction if it was a systemic risk that the consumer financial protection bureau was creating by promulgating a rule or regulation, then we thought it was fair to have them police what the consumer financial protection agency was doing. but i don't know of any reason that we would create a child of an agency to deal with consumer protection when we have -- we don't have a child of an agency dealing with other aspects of the regulation in our financial services industry. so for me this is just about parity. give this agency equal authority and umph as the other agencies have. and we are not asking that the consumer financial protection be able to overrule the federal reserve when it makes a decision, we're not asking that the consumer financial protection agency be able to overrule the o.c.c. when it makes a determination, neither should we be allowing those other agencies, the fdic, the o.c.c., the federal reserve, to overrule the consumer financial protection bureau when they are not acting within their authority. i thank the gentleman for yielding the time and i

agencies are on the job, but this high race is one of the reasons why we need the consumer financial protection bureau, to protect consumers from unfair, to set didn't abusive financial practices. and what if we don't understand that, then i don't know what we can do about that. but it's good the agencies were to enforce the law after the fact, that consumers especially, active-duty service members shouldn't have to go through an illegal foreclosure in the first place. think about it. a servicemembers stationed overseas, fighting for their country, risking their life, love back your family is losing their homes illegally. no one should have to endure that. professor warren, i understand you organize an office a server member affairs with cfpb. can you please explain the role of the cfpb and protect the rights of servicemembers and their families? >> yes, sir. when we sat at the consumer financial protection bureau, one of the first pieces we try to put in place when they got to office of servicemember affairs. ali petraeus i believe is that over, but it could be impossible to find that. she had come t

way to attack professor warren the person the president obama wants to run the new consumer financial protection bureau because they see her as the man or woman simply because she believes that the consumer deserves as much protection as the banks do you see the bureau schedule to begin operating and a week and it still doesn't even have a leader because republicans are go walking a little bit warns nomination and why would i sign his friends on the senate side to block her nomination well i don't know maybe because warren's role at the bureau would be to inspect the books of the nation's biggest banks and wall street with the washington d.c. establishment on their side they definitely don't want anyone looking at those books so i just wonder what would they find if they did it now think progress pointed out today there are far more consumers out there than there are banks so i wonder what republicans are finally awake up start caring about the consumer probably never since wall street just happens to run washington d.c. but that's why we're giving republican congressman darrell i said tonight's truth

meanwhile this consumer financial protection bureau you're talking about will at least get control ofgs like credit card rates and so on. and that is probably going to be a battle getting richard cordray confirmed by the senate. but he has a better chance than lit beth warren. it is something we'll see probably shaping arguments over the next couple of weeks, couple of months. >> tim, good to see you, have a great show and a great week, we'll talk all week. host of "morning briefing" on sirius fm potus radio. >>> the government wants airlines to be more transparent about fees. right now airlines must only disclose baggage fees and reservation change fees. they've collected nearly $6 billion from those fees last year. under proposed new rules they'll be required to be more detailed about 16 other fees they collect from you. >>> if it's not airline fees maybe you're keep an eye on prices at the gas pump. aaa reports the national average for a gallon of regular unleaded rose to $3.68 over the weekend. that is the 12th consecutive increase. however, a year ago, the same gallon of gas woul

agencies are on the job, but this highlights just one of the many reasons why we need the consumer financial protection bureau, to protect consumers from unfair, deceptive and abusive financial practices. and if people here don't understand that, then i don't know what we can do about that. but it's good that the agencies work to enforce the law after the fact, but consumers, especially, active duty service members shouldn't have to go through an illegal foreclosure in the first place. think about it. a service member stationed overseas fighting for their country, risking their life while back here the family is losing their home illegally. they're devastated and nobody should have to endure that. professor warren, i understand you organize an office of service member affairs with cfpb. can you please explain the role of the cfpb in protecting the rights of service members and their families? >> yes, sir. when we established the consumer financial protection bureau, i first met with holly petraeus, i believe it was october. although my calendar's full so it would be impossible to find it. she came to see me o

president obama made the decision on the no, ma'am fee for the new consumer financial protection bureau woman many of his supporters wanted. of at&t and t-mobile would deliver our next generation mobile broadband experience to 55 million more americans, many in small towns and rural communities, giving them a new choice. we'll deliver better service, with thousands of new cell sites... for greater access to all the things you want, whenever you want them. it's the at&t network... and what's possible in here is almost impossible to say. a complete four-course seafood feast for $15. start with soup, then have salad and biscuits followed by 1 of 7 delicious entrees and finish with something sweet. all for just $15. ending soon, at red lobster. >>> we want to make prices clear and we want to make risks clear and we want consumers to be able to compare two or three credit cards or two or three mortgages head to head. >> it is a developing story out of washington tonight where the white house says that woman you just saw, elizabeth warren, will not head up the new consumer financial protectio

look at details of the consumer financial protection bureau.t has staff working under the treasury department. i hiring rate of 80 workers per month. as our guest mentioned earlier, it was signed into law as part of the dog/franco a year ago. it has the grand opening this week on july 21. it may surpass 1000 employees in when it istion nwide operating. massachusetts. gave on the independent line. -- gabe. caller: this is basically big government taking over the business. we have media stations not even reported what is happening behind closed doors. we have people skewing the truth. a guy from fox news right now who even influenced another government to write the law. what do you think he is doing here with profit banks and hospitals that charge -- the government is only as efficient as the people you bowed in there. if you put people in there that say they are patriot of this country but willing to sell you out for a couple of million dollars to say in their seats through either insider trading in the government, building up their own business

president obama has picked the man he wants to head up the new consumer financial protection bureau, orney general richard cordrey. the consumer financial protection bureau was set up by president obama. some republicans threatened to block the nomination. >>> remember all the because about carmageddon? it turned out to be a nonissue. motorists listened to advanced warnings and, yes, they stayed away, there were no big traffic backups and the road actually reopened 17 hours ahead of schedule. >>> ccb is the new talk in washington. could it be the answer to the country's financial crisis? we'll find out next. mine was earned over the south pacific in 1943. vietnam, 1967. i got mine in iraq, 2003. u.s.a.a. auto insurance is often handed down from generation to generation, because it offers a superior level of protection and because u.s.a.a.'s commitment to serve the military, veterans, and their families is without equal. begin your legacy. get an auto insurance quote. u.s.a.a. we know what it means to serve. >>> break news now into cnn, one of the key whistle blowers in the news of the

these heartbreaking examples shows why it is so important for the consumer financial protection bureau to be able to protect our seniors. carolyn thompson lives in maine and are big advocates of green energy and like a good opportunity when they see one. when they heard from their friends about a man who owned a patent for a new form of windmill technology and looking for investors, they were excited about the possibility of investing in the windmill projects and did invest to the tune of $30,000 thinking they were putting their money in an investment that would provide a secure future for their children. on a trip to view the technology, they were not impressed by what they saw and became suspicious. their suspicions were justified and the opportunity proved to be a scam that took tens of thousands of dollars of their savings. thankfully the scammer was quct convicted of fraud earlier this month but the thompsons are unlikely to get their money back. the second story is about a retired teacher from caribou, maine, who passed away from breast cancer. three years before she died, she me

right do wouldn't you flatly yeah ok you got me it's rare but ok no elizabeth warren consumer financial protection bureau richard cordray is is the guy who is going to go in and republicans are saying that they're that's not enough they're going to vote on legislation package probably had the vote already today to weaken the consumer financial protection bureau how is this good politics to say you know we're going to destroy the agency is going to offend consumers because there's no proven track record at the agency can in fact because it has a start of course that because it hasn't started but republicans are reflected. against expanding government i don't think it's any surprise to you that there that they would be inclined to be against you without hearing further we thank god only relative to banks who brought us a jew here the details the details are alarming you have this you have this stand alone. bureau which is which is basically a subsidiary of the federal reserve except the federal reserve has no with the word of over it except nobody really has any of over authority over except to the preside

to vote on legislation fact they probably had to vote already today to weaken the consumer financial protection bureau how is this good politics to say you know we're going to destroy the agency is going to send consumers because there's no proven track record at the agency can in fact because it hasn't start of course that it's because it hasn't started but republicans are fun. expanding government i don't think it's any surprise to you that there would be would be inclined to be against it without hearing further we drank the relative the banks that brought us a disaster jew here the details the details are alarming you have this you have this stand alone bureau which is which is basically a subsidiary of the federal reserve except the federal reserve has no with the word of over it except nobody really has any overt authority over it except the president and it's part of executive branch it's part as are all the regulated says it's part of it's a gross expansion of government and into our regular where we need it we had to face or not it robs installers they robbed us of their credit cards they're

consumers and the american economy at risk. a year ago today, president obama signed the dodd-frank wall street reform and consumer protection act into law this law creates a strong consumer financial protection bureau, the cfpv, that will protect consumers, especially the poor and most vulnerable, from unscrupulous practices in the financial industry. the dodd-frank law levels the playing field. the cfpv has taken steps to protect americans against abuses from the financial industry like payday lenders and debt collectors that wrp unable to monitor before the passage of this oh law. i oppose the underlying bill because it removes these protections. this bill, h.r. 1315, is designed to cripple the cfpv before it's up and running. voters across party lines solidly support the wall street reform law. the american people want safeguards to help the economy, protect them from deceptive financial practices and predatory products. by trying to weaken the cfpv, the republicans in congress just confirm how out of touch they are with the concerns of the american people. madam speaker, i yield three mins to the gentlelady from new york, yvette clarke. the speaker pro tempore: the gentlelady is recognized for

[inaudible] >> on tuesday's "washington journal," we talk about the new consumer financial protection bureau what they economic reporter. this is 50 minutes. that the president has chosen a nominee to lead the consumer financial protection bureau. our guests, carr 4dougherty is here to talk about this organition. guest: this is created by the regulatory overhaul that president obama signed into law, almost exactly one year ago. it consolidated supervision and regulation of banks when it comes to consumer finance, mortgages, payday lenders, your credit card. this put into one agency. she was tapped by president obama in last fall and september to begin setting the bureau up here yet take you have a recent profile about elizabeth warren talking about how she came up with this idea. it really was her brain child. writer througho wate the thought process. guest: elizabeth warren has a long track record of working in consumer finance. she worked especially on bankruptcy. she is a professor of law from harvard. she came to the conclusion you needed a single regulator to impose a single set of rule

president obama announcing the man he's chosen to head the new consumer financial protection bureau. so there, the woman who didn't get the job. just ahead, i'll speak with elizabeth warren about the bureau she envisioned and the controversy around her running it. she made it clear she was going to get the job and we all thought she was going to get the job. >> liberals thought she was the best woman for the job but republicans did not like her. and after that, as elizabeth warren pointed out in an opinion piece today, the new agency has some enemies in washington. >> last september, when president obama unveiled the consumer financial protection bureau in the rose garden, he praised elizabeth warren as the architect. >> she will help oversee all aspects of t s of the bureau's creation. >> but she didn't get the nop nak as dire -- nomination. but that confirmation hearing that the president joked about is one reason he got the nod. yes, the white house said he's the right fit for the job, moving up from director of enforcement, but they didn't discount threats fra conservatives to blo

consumer finance and financial regulation. i'm also a small business owner. the consumer financial protection bureau has generally indirect connections to finance. the cfpb's jurisdiction is restricted to consumer financial products. while many be small businesses use consumer financial products like personal credit cards and home equity lines of credit for business transactions, small business owners need, deserve and want the same protections on their financial products whether they are using them for personal or business use. thus, the national small business associate has advocated for extending truth in lending act protections to small business credit card. now, there are only two ways the cfpb might directly affect small business lending. first, the dodd-frank act requires the cfpb to collect data on small business lending. this is to insure against discriminatory lending in the small business space. the data collection requirement will impose some limited costs on lenders, but it will also provide an important protection for small businesses, particularly those owned by women and people of co

. >> for more than a year, elizabeth warren fought to get the new consumer financial protection bureaut of the dodd-frank regulatory law up and running, but today president obama nominated former ohio attorney general richard cordray to lead the bureau as the first director. warren said she recruited cordray and stands with those calling for quick confirmation. >> we believe richard cordray is the right person. president believes he is. the record is exemp rarely. the record in ohio is impressive. he is the right person for job. >> the backlash from some g.o.p. senators was swift. not directed at cordray. instead they renew objection to the new agency itself. shelby said, "until president obama addresses our concerns by supporting reasonable structural changes we will not confirm anyone to lead it no accountability, no confirmation." republicans want a single director replaced by a full board. they want the agency to the aprop ration process and check and balance system to promote excessive regulation. warren says the vote on capitol hill last year ended the debate. >> so the same repu

one murdock own autos the corner zone of the consumer protection bill is set to be launched in just a week. >> you foe the consumer financial protection bureau is clouded in controversy. and. >> republicans don't like this thing them think there is too much power, they're trying to reign in that power. and there is president ob yaupa hasn't even nominated a director yet. the agency's director told congress consumers should be able to get products that are easy to understand. >> we're opposed to complicated forms and fine print. we believe they did not help consumers and do not work for responsible lenders happy to have their products compared head to head in a competitive market. >> and they're asked about what products agencies might ban. we've reported about a restaurant in pennsylvania banning children under six years of age. now it looks like this is a growing trend. this is mcdane's restaurant outside pittsburgh. the own jerz crying babies can ruin a night out. starting this weekend, kids under six no longer allowed in his restaurant. >> nothing against the babies but... their chief means of communicating is crying and it disturbs other

financial reforms. >> 7 on your side is here with those results. >> this is pretty interesting. consumer groups released the poll on the same day the obama administration launched the consumer financial protection bureau g news is that there is a new sheriff in town to take care of consumer interests. >> the poll results in the news consumer agency were commemorated today and the state attorney general and four other groups. the poll of 800 found 74% support a new consumer agency. 49% of the republicans polled said they agreed that we cannot give our economy back on track without strong financial reforms. the new agency will open an office right here in the bay area. >> california hit harder than any other state during mortgage fraud. and it's going to be important to have a local presence here in california. that is the federal cop on the beat. >> republican confroled house less than an hour ago passed a measure weakening the bureau that replaces executive director with a five-member panel. a watch dog group says banks have spent to get that measure passed. >> we foungd banks gave $11 million to members of congress compared with the people who want these consumer protections to stay strong. >> i'm no

the consumer financial protection bureau inspects the books of the biggest banks to ensure they are abidingints. the white house has yet to appoint a director due to opposition in congress. we'll get key reports on the housing market and also earnings from g.e., coca-cola, wells fargo and caterpillar. we track it on cnn money. >> i'm carlos diaz of "showbiz tonight ". this week, casey anthony aftermath. the frenzy following her release from jail. plus, the end is here for "entourage." we'll talk to the stars from the hit hbo show. catch us at 11 p.m. eastern and pacific on hln. >> a.j. looks different. i wonder what he did. from the week ahead to news of the weird. nails as long as 26 inches. you're looking at mama jazz. she'll show you how she functions with them next. naturals from purina cat chow. delicious, real ingredients with no artificial flavors or preservatives. naturals from purina cat chow. share a better life. a complete four-course seafood feast for $15. start with soup, then have salad and biscuits followed by 1 of 7 delicious entrees and finish with something sweet. all for

nominate richard quardray, a former ohio state government official, to head the new consumer financial protection bureau. it's a watchdog agency. it was formed in the wake of the financial meltdown of 2008. the president passed over elizabeth warren. she was a favorite of many consumer groups as well as democrats. it was generally accepted wisdom here in washington, lester, that elizabeth warren could not get confirmation in the senate. lester? >> mike, thank you. >>> they're off again in california. drivers return to the 405 freeway in los angeles this afternoon 16 hours ahead of schedule. road crews were able to quickly demolish parts of a bridge over one of the nation's busiest highways. and there was no sign of carmageddon, the epic traffic jam officials had warned about. >>> when we come back, saying good-bye to harry potter for a generation of fans who grew up as he did. >>> the movie magic of harry potter has produced more than a decade of hollywood blockbusters. the latest film breaking box office records on this debut weekend taking in more than $168 million in the u.s. and canada. the eight-pa

a new government agency opening its doors for business today t consumer financial protection bureau was created by the financial reform bill which was signed into law one year ago today. it's designed to be the financial version of the consumer product safety commission, policing unfair deceptive practices by banks for example, mortgage lenders, credit card companies, collection agencies. it's the flash point of controversy. it doesn't have a director yet for example and republicans already want to slash funding. right, paypal has been a driver as you know, scott, of revenue for ebay, now thinking of taking the payment site offline. ebay plans to test a point of sale system in several major retail chains next year that would let you use paypal to pay for items in stores just like you would use a credit or debit card. scott, back to you. >> nicole, thank you. we are already for football. are you ready for a shared stadium that could be the reality for raiders and 49ers fans in the years to come. today in the bay's christie smith is live in oakland this morning, seems weird, they say this

. >> susie: one new process is in place-- the consumer financial protection bureau officially launched today as an independent agency to regulate credit cards, mortgages, and other financial products. our next guest heads up the nation's ninth largest bank and will be dealing with those new rules. he's kelly king, c.e.o. of bb&t. >> nice to have you on the program this evening. >> nice to be with you. >> you're going to be facing the new rules, whether it's the dodd frank or consumer protection agency. what impact is this going to have on your banking business. >> i think there will be a number of ramictions of all of this. in terms of the dodd frank act as was just talked about, very few of the rules explain and all the details written. so at this point, the biggest issue around dodd frank is we have a freight amount of sun certainty. we don't know exactly what we have to do to comply with them, and also with the consumer bureau, we don't know what's going to happen there. body things in the banking system, and supervision. and that maybe would be a good outgrowth of that. >> emily: i

the consumer financial protection bureau opens for business tomorrow, and will be accepting complaints. elizabeth warren is the president's advisor and said today that the agency will start out tackling only problems dealing with credit cards. >> we're working and trying to get actual resolution for people who have problems with credit card companies. we're going to get that one right and we'll move on to other products going through. >> you can file a complaint online or by phone. information you need will be available tomorrow at the bureau's web site. i've posted a link to that at abc 7 news.com. >> if you take your dog for a ride in the car, do you start petting it? if so, you're not alone. a survey by triple a finds 52% of the dog owners admit they pet dogs while dlifg. some hold dogs in laps and feed them. 3% admit to taking pictures. triple a warns this is not a good idea. you might imagine, this could cause a crash. all of a sudden talking on a cell phone doesn't seem that bad. please! put the dog away. >> and some dogs are hanging out of the window on the driver's side. >> i p

called the consumers financial protection bureau. the new agency has just recently beagain it's work in regulating credit cards, loans, and other financial products. this house small business subcommittee hearing looked at the bureau's potential effect on small businesses and the economy. it's a little more than an hour. >> the committee is now in session. i would like to take a moment to mention the subcommittee has received a statement from the independent community bankers of america. without objection, i would like to insert this statement in the record. hearing none, the statement will be inserted into the record. if committee members have an opening statement prepared, i ask that they be submit for the record. i would like to take a moment to explain the timing rights for you. you will each have five minutes to deliver your testimony. the light will start out as green, when you have one minute remaining, the light will turn yellow. finally, it will turn red at the end of your five minutes. i ask that you try to keep it to that t

joins us to talk quarterly earnings, growth plans and what he expects from the new consumer financial protection bureau. american airlines calls it the biggest airplane order in history. its parent company, a.m.r., is buying 460 aircraft from both boeing and airbus. the deal is worth more than $38 billion and breaks a.m.r.'s longstanding monopoly with boeing. a.m.r. was also out with its second quarter results today. the company lost $286 million as fuel costs offset higher revenue from ticket prices and fees. >> tom: stocks held on to yesterday's sharp gains as investors digested more earnings. let's get to tonight's "market focus." after the close, focus was on semiconductor maker intel with better-than-expected results. beating the street despite slowing personal computer sales, intel's p.c. chip business grew by double digits, as did sales of chips for mobile devices and computer servers. chief financial officer stacy smith echoes what many companies credit for growth-- developing markets. >> they're already more than 50% of our revenue. when i look at the p.c. market, two out of every three units

passed by the last congress he doesn't like that dodd frank bill that created the consumer financial protection bureau and the office of financial research here believes that these government agencies are evil because they're looking out for the consumer and not wall street and big banks the way he is right now basically these these agencies the two girls that i just mean richard a little dictatorships i mean do you support this person and they dictate what they can do to you how much they can charge you for. it if you don't want to you true there's really not much you process to do you don't think that's the real the toughest thing to do to bark or see. yeah he called the new agencies little dictatorships but this is not unique from the g.o.p. crowd when it comes to trying to rein in banks business and wall street since the new congress was sworn in not about our and some of his fellow republicans have worked to defund the new financial regulations so they can be a forced effectively and mind you many analysts and economists that i've interviewed say that these new regulations are even tough enough t

to fight back against what he called an army of lobbyists trying to weaken the new consumer financial protection bureau. that agency was created to fight lending abuses that the president says were a leading cause of the financial crisis. >> we are not going to just shrug our shoulders and hope it doesn't happen again. we're not going to go back to the status quo, where consumers couldn't count on getting protection that they deserve. we're not going to go back to a time when our whole economy was vulnerable to a massive financial crisis. >> reporter: to make sure that doesn't happen, the president nominated richard cordray to be the c.f.p.b.'s first director. as ohio attorney general, cordray aggressively attacked fraudulent foreclosures. ernie patrikis, an expert in banking regulation, says cordray is a tough adversary. >> he is not going to be a very easy fellow for some companies to get along with. he has a strong track record of going after people and he's done it in mortgage servicing. he did it against the rating agencies, so if he can ultimately control the agency, he'll really move it. >> repo

. >> the consumer financial protection bureau, the cfpb. that's how president obama intends to prevent another great recession. the new cfpb mandate is to protect consumers by preventing unfair, did he creptive, or abusive business practices. the bureau will oversecret card companies, mortgage lenders, and lending banks. president obama says that instead of going to existing oversight entities, the federal trade commission, the federal deposit insurance corporation, or phepbt the department of housing and urban developmentment, the cfpb will be a one-stop shop for consumer protection. >> we cut the bureaucracy and put one consumer watch doing charge with just one job -- looking out for regular people in the financial system. >> but conservatives say the cfpb is bfb -- bad for business. the u.s. chamber of commerce, the largest business lobby in the world, says the bureau will crack down on businesses. that means fewer choices for consumers. so says the u.s. chamber of commerce. >> we think consumers benefit from having choice, and by yes yo

president obama tapped former ohio attorney general richard cordreg to run the consumer financial protection bureau. but it was elizabeth warren who was, in essence, the founding mother of the agency to help consumers get straight talk from banks and d edit agencies. she was passed over for the top job. what happened? what's next for her? abc's jake tapper now. >> reporter: he didn't nominate her to run the brand-new consumer protection bureau but the president today made sure to give credit to harvard law professor elizabeth warren who came up with the idea for the agency and, since september, has been setting it up. >> let's face it, she's done it while facing some very tough opposition and drawing a fair amount of heat. >> reporter: so much heat, republicans threatened to block her nomination. on her way out the proverbial door, warren told us today that the bureau is on its way to making credit card and mortgage companies simplify their contracts and setting up a national consumer complaint hotline. >> nobody's responsible to the american consumer. nobody's looking out for american families. we

the consumer financial protection bureau has unveiled the know before you owe. take a look at this.form that replaces the existing, with often confusing skplent and len mortgage document. >> unfortunately, years ago, the lending practices were way too loose. you could get a mortgage without anything down, without proving income. i think the pendulum has swung too far the other way, where lending practices now are way too tight. we have to get back to common sense, good lending standards. we have to increase confidence and the best way to do that is let's get private sector jobs. let's get people employed again. because people who have jobs, they buy homes, they stay in homes. >> and people who are confident in their job. >> absolutely. that they know they're going stay in it. and the third is, this whole distressed property glut that we have or shadow inventory, it is going to take a few years to work through the system, but once those are gone, we are back to a normal housing market. >> you know, david flores, you counsel people who are trying to get out of debt. and they're trying

street reform bill cutting off relief to victims of foreclosure and blowing up the new consumer financial protection bureau and why is he doing this well he explained his position in an internet radio interview. these agencies to to bureau so they just need a little dictatorships do you want this person who could carry through what they could do to you how much they could george euphoric. and if you don't want to be true there's really not much but you crossers to if you don't like courage you know . that's right the guy in charge of overseeing wall street just called wall street regulators little dictators still don't think republicans want the wall street to crash our economy again and the very very ugly sarah pailin yesterday the fox news and gubernatorial quitter and thoroughly defeated star of the movie undefeated lashed out at the president over his approach to. fortunately i think that the president is not capable of getting there right now said i think a lot. that lauri has to do with his background he having not been a part of the private sector are part of running a business or having to rely on

financial fraud. >> there is a new consumer sheriff. >> reporter: and that's a consumer financial protection bureau. the federal consumer protection agency launched today to be a one-stop shop for financial complaints regulating banks, creating simplified mortgage and credit card paperwork, and there is even a consumer complaint line. the cfpb was created by congress to crack down on financial companies. companies like the illegally loan modification business we featured in our 5:00 consumerwatch report. >> they told me they would lower the payment by $1,000 and wanted $2,900 to do it. >> reporter: as of today this company is shut down. is that something we can say this is what's going on, can you help us? >> absolutely. >> reporter: representatives from various consumer groups gathered today in support of the new federal agency. >> the cfpb is the eyes and ears for any kind of financial transaction that consumers are undertaking and loan modifications scams would be a prime candidate. >>> reporter: but would be is the operative phrase because until a director of the organization is confirmed it won'

office of financial research, to enhance the analysis of financial data to policymakers and the public. the consumer of financial protection bureau, the help consumers make informed decisions and protect them from abuses in the marketplace. we are far along in standing up these institutions, and they had each begun to play their roles. as we move forward, we must continue to move quickly but carefully, taking the time we need to get things right. we must make sure our efforts are coordinated. we must make sure to take care to regulate firms in matters of her free to the risk posed to the system. we must be sure to work to improve the defect in this of regulation as we write a new set of rules. we must work with partners creigh level playing field with the high set of standards. we must make sure regulators have the funding they need to do their job. a year ago, dodd-frank was enacted. these reforms were an obligation, not a choice. without them we could not build a system we need. a financial system with the stability and resilience necessary to support our economy and to protect it in times of stress. thank you, mr. chairman. >>