the consumer financial protection bureau issued rules today to clean up the mortgage servicing business. the proposals include requiring mortgage servicers to give clear billing statements. they'd also have to warn homeowners in advance of interest rate changes on adjustable-rate mortgages, and make a good-faith effort to help borrowers prevent foreclosure. >> it just can't be underestimated how important that's going to be for putting in place even things that seem like they're pretty common sense reforms. >> reporter: bankers worry the provisions are too close to the one's in a $26 billion settlement with a handful of mortgage servicers reached earlier this year. >> we'll support some parts of the rule, we are behind the concept of the rule, we think some of the implementation is heavy-handed and restrictive because it focuses too much on what happened the few institutions who were large players during the crisis as opposed to the servicing regime we want across the board for the whole industry in the future. >> reporter: the public has two months to comment on the proposed rules. the

things spend quite a bit of money lobbying against the creation of what is now the consumer financial protection bureau so perhaps it would be no surprise then that when planet money host adam davidson had the head of the consumer financial protection bureau elizabeth warren on for an interview things got heated take a listen this crisis will not be over until the american family begins to recover this crisis does not exist and if you're on the right that's the no it is not my crisis that is america's crisis if people cannot pay their credit card bills if you're not paying their mortgages use on this issue and this of course is a snippet from the fifteen plus minute interview and to delve deeper into the questionable practices of adam davidson and the planet money team i was joined earlier by marc ams and yasha levine founders of the web site shame which stands for shame the hacks that abused media folks and i started out by asking mark why this could just be another example of adam davidson being a journalist and asking tough questions. people were shocked nobody understood because you assume adam dav

they gave more power to the federal reserve and created a board of consumer financial protection bureauprotect all the consumers. they were given the task here a couple months ago and it was designed to make things more efficient. that is why -- the story will tell you why efficiency is not the answer to our problems. we do not want more efficient government. we want to get the government out of the business that they're not supposed to be doing. this new consumer financial protection board was given the task of simplifying the applications for a mortgage loan. it is complex and now they are more complex because they had a bubble and they do not know where it came from. it was because they did not fill out in the forms. what we need to do is simplify these forms. they went to work and they came up with a solution. they provided the solution. it was 1000 pages long on how to reduce two forms to one form. all these new regulations placed on everyone who applies for a bill and they think that is -- that will be the solution. that is not the solution. the solution is, get the government out

that bill, they gave more power to the federal reserve and they created a board of consumer financial protection bureauprotect all the consumers. they were given a task here a couple months ago. it was designed to make things more efficient. that's why this story will tell you why efficiency is not the answer to our problems. we don't want more efficient government, we want to get the government out of the business that they not suppose to be doing. this new consumer financial protection board was given a task to simplifying the applications for a mortgage loan because it's complex and now they're more complex because they have a bubble and they don't know where the bubble came from. it was probably because they didn't fill out enough forms. they said what we need to do is simplify these forms. they went to work and they came with the solution. they proud the solution. it was 1000 pages long on how to reduce two forms to one form. all of these new regulations placed on everybody who applied for a loan. i think that will be the solution. but that isn't the solution. the solution is to get the government

the consumer financial protection bureau recently announced it will be overseeing the bureau's be,,,,,,,,,,,,,,,,, ,, >> here is what we're working on for the 6:00 news. a bay area college campus celebrate the start of classes and caters to working professionals. tonight we weighed the benefits of private education with the amount of debt that students can get with their degree. feeling like your hair is getting along? where you can get it cut for free. that and more at 6:00. >> the cbs evening news is next. >> denied ever won. good night everyone. >> pelley: tonight is there an economic upturn on our doorstep? home prices are up, incomes are rising. but americans are still reluctant to spend. >> we get people that come into the store, they think we can negotiate and barter. >> pelley: reports from dean reynolds, sharyl attkisson and rebecca jarvis. the most critical battle of the syrian civil war, charlie theata is with the rebels on the road to aleppo. eppocould be getting a rebate on health insurance, ben tracey on e little known provision of the health care reform law. nnd among t

the consumer protection, um, bureau, financial protection bureau rich cordray, one of the former attorneys general, is also getting into the space as well on the federal side. so there's going to be a lot of different people looking at these issues as it becomes more and more important. it was funny, when i actually picked -- i knew i was going to be president of naag a couple years back, they have a little queue, i was vice president and so forth. i said this will be a great issue, it effects everybody, it's bipartisan, and somebody said to me, oh, don't worry, in two years it's going to be all fixed. well, it's really not, and we're really on the cusp of this issue, and it's getting more and more important to consumers as they, you know, they go on a map site, mapquest, google maps and map out their trip for their vacation next week, and the next time over the computer they're starting to get ads for the bed and breakfast a at that place, gassations, whoa, that's spooky. and people want to know, what are they doing with that information, and how are they protecting it, and who are they g

the consumer financial protection bureau offered up new rules for mortgage lenders today. nine out of every ten new mortgages now come from federal agencies or the federally- controlled mortgage firms fannie mae and freddie mac. to make sure fannie and freddie can keep those loans flowing, the government is changing the terms of the deal it struck when it took control of the two mortgage giants. as darren gersh explains, the move is designed to reassure nervous markets. >> reporter: the federal government has pumped $190 billion to keep fannie mae and freddie mac afloat. but that money came with a price, a 10% dividend payment. the only problem is, fannie and freddie have been borrowing from the treasury to pay the treasury back. >> each year, they have to come up with $19 billion in dividends. which, when you're not making much money, is hd to do. so they have been borrowing money to pay the dividends to borrow the money to pay the dividends. >> reporter: to end that spiral, instead of a dividend, fannie mae and freddie mac will now simply give the treasury everything the

the consumer financial protection bureau is proposing several changes to mortgages including easier to understand statements and faster payment processing. changes could be approved early next year. >>> there will be no charges against goldman sachs for the wall street meltdown. the global ininvestment bank has already paid huge fines for other mortgage investigations from the fallout over risky mother gangs that were bundled in securities and then sold to invest overs right before the financial crisis. but the sec is announcing it has decided not to file any charges. >>> five days after the mars rover landed on mars and we are getting a view of panoramic color images. since the landing on mars, the curiosity rover has been sending back interesting video. check out this 360 color view of the gale crater. high resolution cameras are giving scientists as you clearer view of the martian landing jie. that is so wild so see. you are thinking that could be somewhere here on earth. it is like the desert. >> it could be las vegas. >> we need to work on our cell phone signal because they can ge

i mention the consumer financial protection bureau because they will take a bigger role. richard cordray is not only smart, but he was an attorney general and he gets it. he is a consumer advocate. i think it will play a bigger role and be more effective than some of the others. but we've had nothing but positive dealings with the justice department. the federal bureaucracy and the inertia inherent in the institutionalized way is much more difficult to break through. they have been supportive, but we have been driving a lot of this. >> i want to shift focus and talk about internet gambling. i know in your state there has been talk of including online gambling as an effort to expand gambling in the state of maryland. where do you stand on that issue? >> i have not taken a big stand on it one way or another, but i think it is certainly dangerous. most of the people that get addicted to gambling -- is an addictive practice and you can lose a lot of money. is generally done by younger people. it is not taxed, so the government is not really getting anything out of it. that sa

the consumer financial protection bureau will take a bigger and bigger role.ot only smart, but an attorney general, and he gets it, and he is a consumer advocate, so they will take a bigger role and hopefully be more effective and some of the others. we have had nothing deposit dealings with justice. it is -- the government bureaucracy and the inertia that is inherent is much more difficult to break through. they have been supportive, but i think we have been driving a lot of this. >> i want to shift focus and talk about angina's gambling. in your state there has been talk of possibly including on-line gambling as part of an effort to expand gambling in the state of maryland. where do you stand on that issue? >> i have not taken a big stand and that one way or the other, but it is certainly dangerous. you know, most of the people are addicted. addictive gambling, addicted practice, you can lose a lot of money and it tends to be done by and people. it is not taxed, so it is -- there is a lot of money being transacted without the government getting anything out

the government consumer financial protection bureau wants new rules requiring lenders to provide clearilling states warn borrowers of rate hikes and correct errors quickly. the government will not prosecute goldman sachs in according with subprime mortgage securities that triggered the 200 # financial melt down. the justice department says a fraud investigation didn't turn up enough evidence to make a criminal case. and domestic airlines are showing the best on time numbers since the government started to keep track. 84% of flights arrived within 15 minutes of skeedual in the -- schedule of first half of the year and fewer lost bags. and couples face sticker shock. brides magazine says the average cost of a wedding is just under $27,000 and that doesn't include the honeymoon. that's america's money.

things spent quite a bit of money lobbying against the creation of what is now the consumer financial protection bureau so it's no surprise that when planet money host adam davidson have the head of the c f p b elizabeth warren on for an interview that things got a little heated take a listen this crisis will not be over until the american family begins to recover this crisis does not exist and if you're in the right that's the no it is not my crisis that is america's crisis if people cannot pay their credit card bills if that you cannot pay their mortgages remote views on this issue. this of course just a snippet from the fifteen plus minute interview but we want to talk today with two journalists who allege this is just the tip of the iceberg when it comes to questionable practices by adam davidson and the planet money team and mark ames and yasha levine are the founders of the web site shame or shame on the hacks that abuse that media ethics mark is here with me in washington yasha is in our studios in los angeles mark let me start with you and we'll get to some of the other things in a moment but l

the rules come from the consumer financial protection bureau. there will be a follow on january after a public comment period. >> remember this? he didn't have a harness for safety net, but he did make it safely to the other side. now he is at it again, walking over the atlantic city boardwalk, which is 125 feet off the ground. also, he became the first man to walk over niagara falls. 150 pages of depositions, we have been going over the latest accusations against john leopold. we will have the latest at 6:00 p.m. >> i am happy that i have the silver medal, but i am not happy with how i did. that is pretty much how i am appealing right now. >> she raised some eyebrows with her reaction. but most olympians are not that lucky. >> just two days left in the 2012 summer olympic games. taking to the streets, trying to get every last minute of partying and celebrating you can get in. it has been two weeks of action- packed competition. tens of people are ready to celebrate as it all comes to a close. >> they have to watch where they put their hands. >>

company has spent quite a bit of money lobbying against the creation of what is now the consumer financial protection bureau so maybe it will come in no surprise then that when planet money host adam davidson had the head of the c.f.p. be elizabeth warren on for an interview things got a little heated take a listen this crisis will not be over until the american family begins to recover this crisis does not exist and if you're in the right that's the no it's not my crisis that is america's crisis if people cannot pay their credit card bills if you're not paying their mortgages remote views on this issue of this of course just a snippet from the fifteen plus minute interview but we do want to talk today with a journalist who has covered it what's going on here foster kaymer writes for the new york observer. foster you are in our new york studio and i know you recently wrote a piece for the observer breaking down the different aspects of this controversy i was let me ask you this when you started looking into this what surprised you the most what surprised me the most was that it was davidson from planet mone

[applause] so, i have been at the consumer financial protection bureau, a new bureau, as hillary pointed out, that was started less than a year ago. as a creation of the dodd frank financial reform act. i have been there for two months. i was at todd's agency, the eeoc for years. as been a transition of new things, and learning about what the agency does. we recruited to put consumer financial protection in 1 -- instead of having to spread out through various agencies around the government, we wanted it and at one place. we know how important consumer financial services are to our lives in america. people of savings accounts for the consumer to save for the american dream. people have a checking account to do everyday transactions. people use mortgages to help buy houses and pay for them over time. credit cards give us convenient access to money when we need it. in student loans allow people to go to school and pay for it over time. what we saw that the two dozen eight with the financial crisis, how financial products and services can get consumers to enter the general economy into troub

the director of the consumer financial protection bureau revealing details on proposed new regulationsortgage industry this would include requiring mortgage companies provide better info about changes to interest rates and options for avoiding foreclosure. another set of rules requires companies to correct errors promptly. manchester united going public today. artificial turf on the trading floor, traders wearing red jerseys today. stock opening about $14 a share it was priced a little lower. also corn futures hitting another record high early this morning, ag department cut forecast on domestic production they cut it last month and the situation has gotten worse since with more crops damaged. lower start for stocks probably on concern about slowing economies in china and france. bloomberg index down half pair sent. live from the new york stock exchange, i'm jane king. >>> there's our chance we've always wanted to on a sports team manchester united. >> roller derby it wasn't soccer. >> a lot of stuff going on we'll start with san francisco, beautiful picture, clear sky as we look back

government owes the consumer financial protection bureau wants new rules requiring lenders to provide clear billing statements and corn borers of rate hikes and correct errors quickly. the government will not prosecute goldman sachs in connection with subprime mortgage securities that helped trigger the 2008 financial meltdown. a fraud investigation did not turn up enough evidence to make a criminal case. domestic airlines are showing their best on-time numbers since the government started keeping track. 84% of flights arrived within 15 minutes of schedule in the first half of the year and there were fewer lost backs. couples are facing sticker shock for the big day with the average cost of a wedding just under $27,000 and does not include the honeymoon. captioned by the national captioning institute --www.ncicap.org-- >> finally, a year after the world cup, redemption for the u.s. women's soccer team in london. president obama gave a shout out to the gold medal winners tweeting his congratulations. five huge saves. from saves. the u.s. final score was 2-1 sweet revenge for team usa i

the rules come from the consumer financial protection bureau. they will be finalized in january after a public comment period. stay with us. much more ahead. first here's a look at some of the events going on around town this weekend. ♪ ♪ what does fall smell like? head north, to someplace pristine like acadia national park. there is nothing like the parks this time of year. the falling leaves, the crisp air, the perfect inspiration for air wick's fall collection. yeah, when i smell all those things, i know fall is in the air. the fall collection brought to you by air wick and the national park foundation. something in the air wick. >> from the water to the restaurants to the historical attractions, more people are taking in what maryland has to offer. we have the numbers and explain why state tourism officials predict they will only get better. >> enjoy the ride along one of maryland's scenic byways. >> the animated tv ads promoting the scening tours and civil war trails will hit the air waves on monday. >> they are different than normal beauti

from wall street -- >>> the government's new consumer lending watchdog is proposing new mortgage protection rules. the consumer financial protection bureau wants mortgage servicing companies to provide clear monthly billing statements to warn borrowers before interest rate hikes and to help them avoid foreclosure. it's also seeking to force the companies to credit peoples' payments promptly. correct errors and keep better records. after a two month comment period the agency will finalize the new rules in january 2013. >>> today's the day that the world's most popular sports team will sell stock to the public. british soccer club manchester united priced the initial public offering at $14 a share. that's actually below the $16 to $20 price per share range that was widely anticipated. it will begin trading this morning on the new york stock exchange and the 134-year-old club has a record 19 english championships. i think it's interesting that an english soccer team would choose to list on the new york stock exchange. >> money, follow the money. >> tells you something about the supremacy of wall street. >> wall street. exactly. >>> well, fa

the consumer financial protection bureau is proposing several changes on mortgaging, including easier to understand statements and faster payment processing. the changes could be approved early next year. tony? >>> by the end of the year, there will be an estimated 6,000 new rental units available in the washington area. industry analysts say that could giver renters from fairfax to the district more choices and perhaps more bargaining power. joining us to explain is paul valentino, president of coldwell banker. good morning. >> good morning. >> why all these apartments becoming available? >> convergence of several things in d.c. number one, we have one of the strongest, or lowest unemployment rates in the country. we have very strong economy, and if we go back a few years in terms of the instability in the financial markets that we had, a lot of ne coming out about everything in the economy nationwide, then what we end up with is a period of time when there was virtually no new housing stock getting added anywhere. so we had no new houses being built. we had no apartment construction

protections consumers didn't have during the housing market bust? >> and because, john, shoddy paperwork, banks improperly foreclosed on homes, creating a mess. the new consumer financial protection bureaull simply let those with mortgages know where they stand. the goal they say, is to prevent mortgage servicers from giving unwelcome surprises and run arounds. the agency can still change these rules. they got 60 days for a review. >> john: what about the banks and the mortgage companies, are they on board? >> somewhat. one top banking group says the financial industry has implemented many of these changes. though they say some of the new rules create nothing more than costly paperwork. >> regulation codifies some things we've learned over time to make sure we don't back slide into the way things were done to help lead to the crisis. it will help insure we're continuous quality service, but also runs the risk of jeopardizing the business models of smaller institutions. >> the american bankers association also says requiring duplicate disclosures and mounds of documentation, as they put it, may push some banks out of the mortgage servicing business. john? >> john: rich from the "fox busi

the consumer financial protect bureau, if they have their way, will you soon.ew rules will require mortgage companies to send you a very clear monthly statement. they would have to warn you before an interest rate goes up, have to credit your payment quickly and help you avoid foreclosure. you can weigh in on this proposal until october 9. >>> citigroup is out with a new plan to help keep families at risk of foreclosure in their homes. the bank just started a rental program. it's going to start out renting out about 500 homes to owners but there is a catch. citigroup won't actually own those homes. a separate investment group will, and that group could come up with its own rules. >>> sunday marks the start of tax free shopping week in maryland from august 12 through the 18th. you're going to be able to save 4% on clothes and shoes but school supplies are not included included. >>> more hot and muggy weather has our week wrapping up with yet more storms. some are tonight turning severe. that's why topper is tracking them right now in the weather center. top, who

they created a board of consumer financial protection bureau, protect all the consumers.ere given a task here a couple of months ago, and it was designed to make things more efficient. that's why this story will tell you why efficiency is not the answer to our problems. we want to get the government out of the business that they're not supposed to be doing. but this new consumer financial protection board was given the task of simplifying the applications for more, because it's complex, and now they're more complex because they had a bubble and they don't know where the bubble came from, because it was probably because they didn't fill out enough forms, so they said, what we need to do is simplify these forms. so they went to work, and indeed, they came up with the solution. they provided the solution, it was 1,000 pages long on how to reduce two forms to one form. all these new regulations placed on everybody who applies for a bill and they think that is -- that will be the solution. but that isn't the solution. the solution is get the government out of our lives and off

financial decisions. i look forward to hearing an update on the consumer protection bureau on the work they have done to include the consumer financial marketplace. thank you all of the panelist for your testimony today, and i hope that the insights from this committee work towards ensuring that students have safe options for obtaining financial support for their college education. thank you very much, mr. chairman. >> thank you, senator akaka. one point i wanted to make. the reason this hearing -- we don't have jurisdiction over federal loans the way we do student loans but the whole issue is one debt. ite like to introduce the first witness, rohit chopra, from the consumer financial protection bureau, the student loan ombudsman. he worked at the department of treasurery and holds a ba from harvard, an mba from horton. mr. chopra, welcome. >> thank you. chairman brown, ranking member and members of the subcommittee, thank you for holding this -- student loan debt has now crossed the $1 trillion mark. now college is still a great investment. graduates have lower unemployment rates and earn higher wages but ther

financial decision. i look farred to hearing an update from the consumer protection bureau on the work that we have done improve consumer financial marketplace thank you for your testimony today. i hope your insight will help the committee work to ensuring students have safe options for obtaining financial support for their college educations. thank you very much, mr. chairman. >> thank you senator akaka. one point i wanted to make that the reason the hearing perhaps senator narrows than you might want. we don't have the jurisdiction over federal loans the way we do private. i'm certainly willing to work with the whole issue of student loan debt. whenever it comes from. this is serious. i'd like to introduce the first witness. rohit chopra student loan ombudsman consumer financial protection bureau. immediately prior to the opening of the agency he worked at department of treasury on the implementation today. he hold a ba from harvard and university of pennsylvania. welcome. >> thank you. chairman, ranking members within thank you for holding the hearing today. to prosper in the ghoabl economy our work

kos >> don't you hate trying to get information about your mortgage, that's what the consumer financial protection bureaud. they're proposing new rules to make the mortgage process easier for homeowners to understand, beginning with the mortgage statement itself, which can get kind of confusing when you look at it. that's not it. servicers would have to give six to seven months advance warning before changes were made to your adjustable rate mortgage. early outreach if you're delinquent borrower. at risk borrowers wouldn't fall too behind. also have to be a faster fix for errors. meaning they would have to respond to complaints of mistakes within five days. and finally, servicers would also have to post your mortgage payment to your account the day they get it instead of dillydallying and not posting it the day they get it. these are just proposed rules. they still have to go through a public comment period. when the rules are finalized they could go into effect as early as the beginning of next year. deb? >> a little hope there for the homeowner. thank you so much. alison kosik at the new york stock exc

our enforcement efforts have been enhanced by the consumer financial protection bureau and a critical partner. we worked closely with state attorneys general as the countrywide case that was done in coordination with the attorney general's office. from that settlement, that $345 million for a settlement more than 50 times larger than the division's next largest fair lending settlement of the time a complaint alleged that a systemic discrimination over a four year period violated the equal credit opportunity act and the fair housing act and impacted more than 200,000 african-american families. it's a very simple story of your african-american or hispanic, you likely paid more for a country why the loan than a similarly qualified white marble were simply because of your skin color. and if you are african or american or hispanic you are far more likely to be steered into an expensive and risky subprimal loan than a similarly qualified white borrower. african-american and latino borrowers that walked into countrywide had no idea they could have gotten a better deal. nothing can undo the d

financial decisions. i look forward to hearing an update from the consumer protection bureau on the work they have done to improve the consumer financial marketplace. thank you for your testimony today and i hope your insights will help this committee work towards insuring that students have save options for obtaining financial support for their college educations. thank you very much, mr. chairman. >> one point i want to make . the reason this hearing is a little narrow were then you want is we don't have jurisdiction over federal loans like we do private student loans by willing to work with this whole issue of student loan debt. it is serious. i would like -- the office for students and consumer financial protection designated by secretary geithner. prior to the opening of the agency where he par third with the treasury on the c f p d implementation team and told an m.b.a. from harvard and the university of pennsylvania. rohit chopra, welcome. >> members of the subcommittee, thank you for holding this hearing today. to prosper in today's global economy our workforce needs skills to innovate in a highly

our enforcement efforts have been enhanced by the consumer financial protection bureau, a critical partnerwith state attorneys general as evidenced by the countrywide case. from that settlement,. the $35 million, more than 50 times -- 3 ended $35 million, more than 50 times larger than the next summit, our complaint contended that violations by living the fair housing act and impacted more than 200,000 african-american and hispanic families. at the core of the complaint, a simple story. if you were african-american or hispanic you likely paid more than a white, similarly qualified borrowers, and if you were -- and you were more like it to be steered into a risky sub-prime loan. african-american borrowers who walked into a countrywide store had no idea they could've gotten a better deal. nothing can undo the damage hard-working families suffered as a result of these discriminatory practices, but the relief will begin to address some of their financial office -- losses and makes sure that behavior will not be tolerated in the market. we also reached our second- largest settlement against wel

congress to adopt a consumer financial protection bureau. [applause] i was also pleased when he named richard cordray to head up that bureau. [applause] i think this is another example in the platform where the choice is clear between this administration and prior years. in prior years, we had a lap dog approach to these financial institutions that resulted in the wall street meltdown and the mortgage foreclosures crisis, that resulted in people losing their jobs all across this country. today, we have a watchdog and the question is whether we will keep him or revert to the policies of the past that led to economic destruction. i urge this committee to support this section of the platform and to continue working with president barack obama to keep consumer safe in this country. thank you. [applause] >> thank you. >> madam chair, i am from north carolina. we cannot wait to have you come to charlotte and participate in the 2012 democratic convention. [applause] president obama and biden will lead this country in the right direction, which they

our enforcement efforts have been enhanced by the consumer financial protection bureau, a new and critical partner. we work closely with state attorneys general as evidenced by the countrywide case that was done in coordination with the illinois attorney general's office. from that settlement, that $335 million settlement, more than 50 times larger than the division's next largest fair lending settlement at the time, our complaint alleged that systemic discrimination over a four-year period violated the equal credit opportunity act and the fair housing act and impacted more than 200,000 african-american and hispanic families. at the core of the complaint is a very simple story. if you were african-american or hispanic, you likely paid more for a countrywide loan than a similarly qualified white borrower simply because of your skin color and if you were african-american or hispanic, you were far more likely to be steered into an expensive and risky subprime loan than a similarly qualified white borrower. african-american and latino borrowers who walked into countrywide's door had no idea th

financial decision. i look farred to hearing an update from the consumer protection bureau on the work that we have done o improve consumer financial marketplace thank you for your testimony today. i hope your insight will help the committee work to ensuring students have safe options for obtaining financial support for their college educations. thank you very much, mr. chairman. >> thank you senator akaka. one point i wanted to make that the reason the hearing perhaps senator narrows than you might want. we don't have the jurisdiction over federal loans the way we do private. i'm certainly willing to work with the whole issue of student loan debt. whenever it comes from. this is serious. i'd like to introduce the first witness. rohit chopra student loan ombudsman consumer financial protection bureau. immediately prior to the opening of the agency he worked at department of treasury on the implementation today. he hold a ba from harvard and university of pennsylvania. welcome. >> thank you. chairman, ranking members within thank you for holding the hearing today. to prosper in the ghoabl economy our work

our enforcement efforts have been enhanced by the consumer financial protection bureau, a new and critical partner. we work closely with state attorneys general as evidenced by the countrywide case that was done in coordination with the illinois attorney general's office. from that settlement, that $335 million settlement, more than 50 times larger than the division's next largest fair lending settlement at the time, our complaint alleged that systemic discrimination over a four-year period violated the equal credit opportunity act and the fair housing act and impacted more than 200,000 african-american and hispanic families. at the core of the complaint is a very simple story. if you were african-american or hispanic, you likely paid more for a countrywide loan than a similarly qualified white borrower simply because of your skin color and if you were african-american or hispanic, you were far more likely to be steered into an expensive and risky subprime loan than a similarly qualified white borrower. african-american and latino borrowers who walked into countrywide's door had no idea th

financial decision. i look farred to hearing an update from the consumer protection bureau on the work that we have done to improve consumer financial marketplace thank you for your testimony today. i hope your insight will help the committee work to ensurin students have safe options for obtaining financial support for their college educations. thank you very much, mr. chairman. >> thank you senator akaka. one point i wanted to make that the reason the hearing perhaps senator narrows than you might want. we don't have the jurisdiction over federal loans the way we do private. i'm certainly willing to work with the whole issue of student loan debt. whenever it comes from. this is serious. i'd like to introduce the first witness. rohit chopra student loan ombudsman consumer financial protection bureau. immediately prior to the opening of the agency he worked at department of treasury on the implementation today. he hold a ba from harvard and university of pennsylvania. welcome. >> thank you. chairman, ranking members within thank you for holding the hearing today. to prosper in the ghoabl economy our work

protection. the watchdog that the government consumer financial production bureau want new rules to get rid of surprises and runarounds. changes would require lenders to provide clear billing statements, warn borrowers of rate hikes and correct errors quickly. >>> goldman sachs dodging a legal bullet. the justice department says its fraud investigation did not turn up enough evidence to make a criminal case. >>> well, despite all the grumbling airline passengers do, some things are actually getting better. more flights are on time and fewer bags are getting lost, with domestic carriers putting up their best numbers since the government started keeping track almost 85 years ago. 87% of flights arrived on schedule. good weather helped boost those numbers. >>> and yesterday, we told you about that computer glitch at israel's el al airlines, with 5,000 tickets selling for a fraction of the fair. $1,600 round-trip flights were snapped up for nearly $400. now, el al says, despite the error, it will honor those tickets. >> good for them. >> exactly. >>> a lot of couples facing sticker shock on their big day. t