don't want you to have the data and you're taking it anyway under the auspices of the consumer financial protection bureau you take their data they don't want you to have it and you don't care house financial services member representatives sean duffy is concerned that the newly created consumer financial protection bureau is violating the fourth amendment but c.f.p. director richard cordray disagrees we are not looking to monitor individual consumers credit card accounts we have no interest in what individuals like you and i are spending or what our habits are patterns are what we're trying to do is monitor the practices of large institutions how they treat things like late fees interest rate changes and so forth for their customers morgan drax and a legal support firm is suing the c f p b for requesting their client's sensitive personal financial data morgan jackson claims that giving this data to the c f t v what have violated state bars laws they want information about bankruptcy services that are bankruptcy lawyers who are providing to their bankruptcy clients and we said well that's protected by the

the student loan industry will soon be closely watched by the consumer financial protection bureau. the watchdog agency will now have supervisory authority over non-bank companies.the agency already oversees student loans issued by banks but most student loans are serviced by companies.. the agency will ensure that loan servicers are complying with the laws. student loan debt in the u-s tops $1.2 trillion and as many as 7 million borrowers are in default. bp may catch a break from a federal appeals court. a ruling this week requires business owners seeking payouts from the 20-10 oil disaster in the gulf coast to prove that damage was directly caused by the spill. tens of thousands of gulf coast businesses filed claims. the oil giant has been suspicious of some claims and this week's ruling could save b-p hundreds of millions of dollars. bp now estimates the settlement will cost about 9.2 billion dollars. royal dutch shell just launched a sea monster... this the shell's prelude flng-- the largest vessel ever to float in high waters.it's around the size of 4 football fields and contai

car buyers who were hispanic, african american or asian.the justice department and consumer financial protection bureau found in an investigation ally and car dealers pumped up loan rates than split the additional interest from the payments.on average the minority customers paid up to $300 dollars extra on the life of the car loan.ally says in a statment: its dealers' contracts don't include information on consumer's race or ethnicity. the crash test for vehicles sold in the u-s is getting tougher for 2014 models.as our cover story shows you, the insurance institute for highway safety wants to prod auto makers to include crash avoidance technology more widely available.and to do that, it's raised the bar. the insurance institute for highway safety is raising the standards for its top safety awards. it may push automakers to design cars to redirect the force of impact and add more sensors to warn drivers. but some consumers fear that will make cars cost even more. "i would say it probably adds to the cost of them. that's a lot of wiring and the sensors have to work properly." for 20-14, higher standards

customers may see refunds to their accounts if they haven't received them, already.the consumer financial protection bureau has ordered the company to refund 60-million dollars to customers for what it calls "illegal credit card practices."the federal agency says american express charged customers for identity protection but didn't provide the benefit unless customers also provided written consent.the agency says 85% of customers were unaware of the additional requirement but had been billed for the service. wall street is extending its hospitality to the hotel industry with an increasing number of ipos. among them, blackstone group is planning to spin off la-quinta hotels. details have not been announced. two other blackstone- backed hotel companies recently went public with positive results. earlier in the month 'hilton worldwide' went public in a 2.3 billion dollar ipo - the biggest hotel ipo ever. and 'extended stay hotels' raised $565 million in its ipo last month. 2014 could be the year for home building stocks. traders are watching momentum building in the housing sector. 20 of the industry group's

financial protection bureau. there was no doubt about his ability to do the job. but the consumer financial protection bureau, the brainchild of elizabeth warren went for more than two years without a leader because republicans refused to accept the law of the land. they wanted to bring back a lot of protects consumers from the greed of wall street. you don't have to like the laws of the land, but you do have to respect those laws and acknowledge them and abide by them. similar obstruction continued unabated for seven more months until democrats threatened to change senate rules to allow up or down votes on executive nominations. in july, after dozens of executive nominees, republicans promised they would end the unprecedented obstruction. one look at the executive calendar shows that nothing has changed since july. they have continued the record of obstruction like no agreement had ever been reached. they continued obstruction as if no agreement had been reached. currently 75 executive branch nominations waiting to be confirmed by the senate and waiting an average of 140 days. to

the consumer financial protection bureau says they practiced unfair billing tactics and deceptive marketing. they have to pay about $60 million to 3,000 customers. plus more than 15 million in penalties to the government. >>> most stores are about closing their doors right now. but there's still some options left for procrastinators. we have some really last minute gift ideas. julia? >> reporter: stores here have already closed up shop and it's too late to order online. what does a procrastinator do? last minute shoppers themselves. >> i am a veteran last minute shopper. >> do you have any advice? >> get creative. >> turns out last minute shoppers are not the best words of advice but they are the perfect people to get ideas from. >> for instance, the opinions were mixed on e gift cards. >> stores like best buy allows you to facebook a gift card. >> you click on a mouse. >> but they are not for everyone. >> it's really impersonal. and then you put so much down on something and you don't have any thought in it. >> well, if gift cards are too impersonal, consider a theater tickets from stub hu

financial protection bureau. there was no doubt about his ability to do the job. but the consumer financial protection bureau, the brainchild of elizabeth warren went for more than two years without a leader because republicans refused to accept the law of the land. they wanted to bring back a lot of protects consumers from the greed of wall street. you don't have to like the laws of the land, but you do have to respect those laws and acknowledge them and abide by them. similar obstruction continued unabated for seven more months until democrats threatened to you don't have to like the laws of the land, but you do have to respect those laws and acknowledge them and abide by them. similar obstruction continued unabated for seven more months until democrats threatened to change senate rules to allow up or down votes on executive nominations. in july, after you don't have to like the laws of the land, but you do have to respect those laws and acknowledge them and abide by them. obstructing dozens of executive nominees, republicans promised they would end the unprecedented obstruction

there is aking don't do this don't take these out, i'm sorry not safety commission but consumer financial protect bureauthis is a bad deal, do you agr agree? >> they can be a very bad deal, and the rob they can be bad deal because they be such antic presentive deal, think of these offers, similar to the no interest in starr financing offers you get with a big box retailer, you want to buy a piece of furniture, flat panel television they offer no payments for 12 months if you open a store credit card with us, these are aim but instead of financing, flat panel television you may be tuning a boob drop or work under your highs, either stuff that is elective not covered by your insurance company or you may not have insurance at all, this may be your only other option you problem, i as with all credit product, devil is in details, what some consumer do not understand because of deception or because they just done get it was it if you didn't have full plans of car paid off by a certain date, interest would be applied retro active to date you took card out, that is not fair from and lending to consumers, i was

the consumer financial protection bureau will start supervising company that is manage loans on behalf of lenders. the companies called student loan servicers manage the accounts and process the payments. cfpb has been regulating the banks. now the supervision has extended to non-bank student loan servicers. regardless of whether the loans are federal or private. 50 million borrower accounts will be covered under the new regulation. it will be better able to ensure bank and non-bank services are playing by the same rules. >>> if a big screen tv is on your holiday wish list, you might want to ask for something else. kiplinger announced the list of things not to buy during the hol dais. topping off the list, the brand name big screen tvs. hold off until the end of january, before super bowl. it's when you get the best deal on those. march is the best time to buy luggage since sales slowed. if you want to spruce up your living room, hold up on the new couch. a better deal on furniture after the christmas holidays. >>> black friday, cyber monday, they are behind us. did you know today is c

take the nomination of richard cordray to lead the consumer financial protection bureau. do the job. but the consumer financial protection bureau, the brainchild of elizabeth warren, went for more than two years without a leader because republicans refused to accept the law of the land, because they wanted to roll back a law that protects consumers from the greed of wall street. so i say to my republican colleagues, you don't have to like the laws of the land, but you do have to respect those laws and acknowledge them and abide by them. similar obstruction continued unabated for seven more months until democrats threatened to change senate rules to allow up-or-down votes on executive nominations. in july after obstructing dozens of executive nominees for months and some for years, republicans once again promised they would end the unprecedented obstruction. one look at the senate's executive calendar shows that nothing has changed since july. republicans have continued their record of obstruction if no agreement had ever been reached. republicans continued their record of

there are also ongoing efforts to strip the consumer financial protection bureau of its independence and undermine its ability to protect consumers. in only two years the cfpb has already proven itself an effective in force are pushing back on predatory practices and abusive tactics. already the cfpb has taken enforcement action that resulted in companies refunding hundreds of minutes of dollars to consumers and we must make sure that the new consumer agency is able to continue its vital work. you can understand why some out there would want to rein in this agency. it's now harder to process some unfair, deceptive and abusive practices. and it needs to stay that way. as we fund and support our regulatory agencies we also need to hold them accountable. dodd-frank act sets high expectations for regulators and gives them the tools they need to protect ordinary americans and the broader financial system. there has been and will be ongoing debate on what are the right levels for capital and liquidity and decisive banks and the structure of markets. in a few moments i'll discuss some of the

we had the director of the consumer financial protection bureau, richard cordray, was finally confirmed. shortly thereafter, we had samantha powers confirmed to the united nations and so forth. the norm was restored. but only for a couple weeks. and then came the nomination of mel watt to be the federal housing finance agency. and suddenly the commitment to up-and-down votes disappeared. and then we had a whole new strategy on the judiciary. now, this strategy had never been experienced in u.s. history, and it was no matter who president obama nominates for the d.c. circuit court, we are going to block that nominee because we only want to leave in place the nominees that were put in place by president bush. well, that's a direct contravention of the vision of the constitution, where each president as elected has the power to nominate. this chamber is a check. it gets to vote up or down and decide whether or not they should be in office. but this was a deliberate strategy to pack the court, to say that when a president of my party is in power, there will be up-and-down votes, as was insi

theink it was raj from consumer financial protection bureau. what do you think about that?e. what is happening right now is wall street, the traders, for folio managers, banking sector gives are now personally investing in the bitcoin trust. they are starting today comfortable and putting money to work. the next phase is putting their clients money into bitcoin. >> what they are really doing is not betting on whether or not bitcoin is legitimate. they are betting on a price. >> well, yes, but implicitly you are saying they've are betting on a price. value network, i think it is possible that the value of bitcoin is only $5 billion to $10 billion. for it to do all of these great things that people are excited about. >> which is great if the price goes up, because supplies so limited. >> bitcoin just hit a new all- time high. forgive me, herbalife. >> i got so excited. i was going to run to my wallet. herbalife shares, take a look. ow.100 -- wh the fulloing back year. up 12% right now on the audit completion for 2010 through 2012. don't forget, there was the kpmg auditor that

the consumer financial protection bureau ordered the refund.nment agency says american express charged for identity protection that it didn't provide. >> catherine: it also found that american express charged fees that put people over their credit limit. >> catherine: the credit card company will pay additonal fines to the government. >> catherine: and getting a license take a lot of background and checking. local approval is still needed. >> catherine: and very special christmas space walk. an unusual goal how 5çwç5ç5ç5ç5ç5ç5ççyçy5ç5çwç5ç5ç5ç >> reporter: craziest sport plays. the phoenix, will these check this out! it's a breeze player shoots the puck is deflected into the ear and when it comes doubt it gets lost and smith turns into his net in search of the plot. puck. it is in the back of his pants uc it comes down right there. smith turns again he's back into the gold and the puck crosses the goal line for a game winning score. >> catherine: if you are one of this year's popular video game systems is still on a shopping list you may be out

protection should the loans go bad and borrowers get a loan that at least according to the consumer financial protection bureau they can afford to re pay. here are the new rules. first, a qm loan cannot be interest only. it cannot be negative amortization or balloon payments. the maturity must be limited to 30 years. the lender must verify the borrowers income and assets, points and fees paid by the borrower cannot exceed 3% of the total loan amount and here's the big one, the borrower cannot spend more than 43% of their income on the mortgage debt. the important thing to know here is that lenders do not have to make qm loans. they can lend outside the rules, but that opens them up to legal liability. if they do strict underwriting, they can lend to some good, albeit wealthier borrowers. bank of west says they will do just that. >> those people who are self-employed or who do have substantial income, there will be ways to justify allowing over 43% debt to income. >> now wells fargo has also said they will do some nonqm loans, largely in the jumbo space, and these will be to super prime borrowers. but as these

. >> let me start with you, jared, the consumer financial protection bureau, some of the recent prosecutionsrgan and other civil investigations. are we seeing something of a shift in the way the obama administration is able to combine basically prosecution and regulation to rein in some bank practices? yes. we're seeing something of a shift. the volcker rule, as articulated today, came out of a set of negotiations by a bunch of regulators. actually looks pretty good. and i'm not the only one to say that. believe me, i look at these things with a jaundiced eye. others oh worried it wouldn't be teat enough are writing fairly flattering commentary about it. i do think there is a shift. the big question, though, is whether the oversight function, whether the regulators themselves will effectively implement these rules going forward. >> right. >> and you can build the best switch in the world, and still fall asleep at it. >> and let's take that to you, robert. your view? >> this is a step in the right direction. but enforcement is going to be a big issue. you've got five separate regulatory agenc

the consumer financial protection bureau already oversees banks that service student loans, but it says most student loans are serviced by nonbank companies. it says the scrutiny is needed to ensure servicers comply with consumer laws at a time when more people are falling behind on their student loan payments. borrowers have complained that the companies lose paperwork or fail to credit payments. >> iran's foreign ministry says a u.s. security deal with kabul is not "useful" for afghanistan, the ministry says this deal was also negatively influence "regional issues." the bilateral security agreement with the united states would keep thousands of troops in afghanistan past a 2014 deadline. iran is concerned about a u.s. military presence on its borders. afghanistan's president hamid karzai has endorsed but is delaying signing the agreement, even though a national assembly of afghan dignitaries approved it last week. >> a pending court ruling isn't stopping australia's first same-sex weddings. those can take place this weekend. the nation's highest court has decided to rule next week on

the consumer financial protection bureau says the credit card company practiced deceptive marketing.ng for identity protection products they didn't provide and unfair monthly fees that put their customers over their credit limits. they'll also pay additional fines to the government along with refunds. >>> the price of first class stamps going up three cents starting january 26. the price will then be 49 cents per stamp. you can still buy forever stamps at a lower price until the new rate takes effect. >>> in dallas they still don't have their ups packages delivered. people are outraged that packages they ordered weeks ago are still in shipping limbo. theresa explains. >>reporter: . >> it's terribly disappointing because we ordered them on december 1. >>reporter: they're in, but can't be brought out. >> people in memphis say they can be brought out, but they can't find them because there's thousands of packages and they can't find them. >>reporter: ft. worth is bumper-to-bumper with unhappy customers, too. >> they're still blaming it on the ice storm. >>reporter: ups said the ice stor

the dodd-frank lundquist treasury secretary jack lew, ben bernanke and heads of the consumer financial protections bureau and the fdic. [inaudible conversations] before we go to our regular order of business, i would like to take note that this is the last public meeting for two of our members. chairman bernanke and german chancellor. chairman bernanke will be with us at the january meeting as well, but this is actually chairman gensler last meeting as member of the council. i would like to thank them both for their dedication and service. i'd like to thank chairman bernanke for leadership at the fed during a period of time where his leadership made an enormous difference in the lives of millions of americans. in the aftermath of financial crisis, his boldness and creativity were critical to a pretty a great depression. with respect to the council's work, he's been a tremendous college and made immeasurable contributions in so many areas. i'd also like to thank chairman gensler for everything he's done to promote stability and smooth functioning of financial markets. jerry has been steadfast in his pursu

financial protection bureau. there was no doubt about his ability to do the job. but the consumer financial protection bureau, the brainchild of elizabeth warren went for more than two years without a leader because republicans refused to accept the law of the land. they wanted to bring back a lot of protects consumers from the greed of wall street. you don't have to like the laws of the land, but you do have to respect those laws and acknowledge them and abide by them. similar obstruction continued unabated for seven more months until democrats threatened to change senate rules to allow up or down votes on executive nominations. in july, after dozens of executive nominees, republicans promised they would end the unprecedented obstruction. one look at the executive calendar shows that nothing has changed since july. they have continued the record of obstruction like no agreement had ever been reached. they continued obstruction as if no agreement had been reached. there are currently 75 executive branch nominations waiting to be confirmed by the senate and waiting an average of 14

a rule issued today by the consumer financial protection bureau extends that agencies supervision to non-companies that have lenders. the cfp be overseas banks and service student loans, but most of the end from the white house, president obama will focus on the benefits of the health care law he will be flying by the white house says have benefited from the overhaul. he will remind american fork discrimination against those with preexisting conditions. we'll have coverage of that at the white house later today in our commitment network, c-span 3. house judiciary committee waiting to gavel in. we stay here live on cease and two. -- c-span2. [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] >> which is now congressman john conyers of michigan come into the hearing room. the rayburn house office building. he is the ranking member on the house judiciary c

recent speech he delivered at the pew charitable trust you heralded the work of the consumer financial protection bureau which will go into effect in a couple of weeks. you criticize the work of this committee of their reforms to make a barrel more accountable to the american people. just a few weeks ago before he delivered that speech chairman capito and i held a roundtable in pittsburgh where we heard first-hand from banks, credit unions housing advocates community development organizations about how the qm rule is currently written will cause significant harm to the housing market and economy make it more difficult for working families in western pennsylvania and around the nation to buy homes. as the chairman of fsoc you have oversight authority over rulemaking including qm so i would like to hear your response to these concerns. >> congressman as director cordray has indicated they are working through the final details and i believe that many of those concerns can be addressed and when the institutions understand better. >> with those concerns i would encourage you to listen to the advocates for th

dodd-frank law, includes jack lew, ben bernanke, and the heads of the fdic and the consumer financial protection bureau. his is 45 minutes. >> i apologize. i did not realize the microphone was on. i would like to call this open meeting of the financial tability oversight consul to order, and before we go to our regular order of is this, i would like to take note that this is the last meeting for two of our members, chairman bernanke and chairman gensler. chairman bernanke he will be at the january meeting, but this is actually chairman gensler's last meeting as chairman of the council. i would like to thank them for their dedication and service. i would like to thank chairman bernanke for the leadership of the fed during a period of time when his leadership made an enormous leadership ifference. in the aftermath of the financial crisis, his boldness was critical to of hurting a great depression. with respect to the council's were, he has made immeasurable cut emissions in so many areas. i would like to thank chairman ensler for everything he has done to promote our financial markets. gary has been stea

of other card companies have in dealing with the new dodd/frank legislation and the consumer financial protection bureaut, by the way, that i think one of the strengths of american express is that it's been able to produce strong earnings growth even in a revenue growth environment that has been somewhat more challenged. i think any company that is able to take that kind of 6% to 7% revenue growth and turn it into 15% earnings growth through disciplined cost programs and buying back a lot of stock should be commended. >> david by the way the card companies are going to be forced to be much more transparent. i see in some stores i pay a surcharge if i pay with a credit card, i understand the loyalty and amex is kind of a premium luxury name, but are customers just going to get fed up? >> well, there's no sign that customers are getting fed up. i think american express, as you said does have a great loyal customer base. and the regulatory environment is going to be the same for all of the card companies and other forms of payment. so, again, i don't think that's a reason not to own american express. >> le

the issue today by the consumer financial protection bureau extends the agency to the non- banking companies that manage large volumes of student loans on behalf of lenders. and also this from the white house. the obama administration is launching a healthcare strategy this month aimed at avoiding enrollment snafus come january and also trying to refocus public attention on the broad benefits of the law. president obama will focus on the benefits of a white house event to date by americans for the white house they have benefited from the overhaul the president will try to remind americans that the health care law is preventing insurance discrimination against those with pre-existing conditions and allowing young people to stay on their parents coverage until age 26. we will cover the events at the white house line starting 2:30 eastern on c-span three. >>> as you walk in there are tables out front with lots of pamphlets not prior to entering the gun show into the pamphlets or how the government is trying to take away the right of guns and governments doing this and obama doing that and obama

fdic chairman martin gruenberg, and consumer financial protection bureau chairman richard cordray. the council was formed by the dodd-frank act to identify risk of financial stability to u.s. markets and promoting market discipline. >> like to call this meeting order. [inaudible] >> again i would like to meeting -- [inaudible] i apologize. i didn't realize the microphone wasn't on. i would like to call this open meeting of financial stability oversight council to order. before we do to our regular order of business i would like to take note that this is the last public meeting for two of our members. chairman bernanke and chairman gensler. and chairman bernanke will be with us at the january meeting as well. but there is actually chairman gensler's last meeting as a member of the council. and i'd like to thank them both for their dedication and service. i would like to thank chairman bernanke for leadership at the fed during a period of time where his leadership made an enormous difference in the list of millions of americans. in the aftermath of the financial crisis his boldness an

the consumer financial protection bureau is calling for banks to disclose to universities with studentsound questionable practices a rising from relationships between schools and banks. examples include a university personnel receiving month and gifts from lendsers and loaning stock companies offering services to the students. a new ap survey says the income gap is holding back the economy. riches would be more even by dispersed. what will with hear after today's fed meeting? joining us now white house council of economic advisors chairman jason furmin. i think you've been on a lot. i think only maybe once since you got the big job. great to have you on today. thank you. >> great to be here. >> we've got this guy's resume. he's like mr. ivy league. any way, jason, i don't know if we talked to you directly. i have talking points. the one thing that always strikes me. number one what we want to do is growing jobs and economy. 3.5% growth, 5% unemployment. all things we're arguing act kind of go away. none go away if we grow it 2% it seems like. i don't know if i see the emphasis on growin

. >> the consumer financial protection bureau is expanding its oversight of companies that collect studentn payments. by thebeing issued today bureau extends the agency supervision to non-bank happenings that manage large flames of student loans on behalf of lenders. it says the scrutiny is needed to ensure servicers comply with consumer laws at a time when more people are falling behind on her student loan payments. non-bank loan services like sallie mae manage far worse accounts and answer the questions. sallie mae also is the biggest u.s. student lender. loans to student of on education from the 2012 program for international student assessment, an exam given to 15-year-old worldwide shows the 90 students lagging in math and just average in reading. american students fail to place in the top 20 in any category. education secretary arne duncan calls the result "picture of educational stagnation coastal but added we must invest in early education, raise academic standards, and do more to notchit and obtain top- educators. top scoring teams are in singapore, south korea, japan, and hong ko

. >> reporter: they're also paying the consumer financial protection bureau $34 million to settle federalical credit cards can be a helpful solution for some people that can pay off the bills on time but shopping around before signing on the dotted line, sometimes asking your bank for a small loan at a low interest rate could be a better deal. >> that is good advice. tom costello on the story. thank you very much. coming up, looking forward to this, alexa ray opens up about growing up in the spotlight but more importantly she is going to perform live one of her dad's signature hit songs. >> awesome. love her. also coming up next, instagram ceo is in the orange room to reveal your instagrams of the year. that's coming up right after this. christmas bells might be jingling. but you've got steady hands... icicles in your veins. you know walmart's still got it all. xbox one, video rocker, easy-bake oven. oh yeah, you just made out like a bandit in a one-horse open sleigh. mom, you own this season. get the season's hottest gifts like the easy bake oven. at walmart. some victories are uplifting

sunday, the new york senator chuck schumer called for a full investigation by the consumer financial protection bureau. >> by revealing the information, it will enable other stores to learn from this experience. >> reporter: target is offering discounts and apologies and promising customers zero liability for any charges that you didn't make. plus free credit monitoring to everyone impacted. but some customers are still angry. one writing on facebook, no more shopping at target for me. done. others say target should not be blamed. >> you can't just say you're going to be scared to shop at target because this could happen anywhere. >> reporter: many security experts agree that it's unfair to blame the retailer. >> target has spent a lot of money on payment card security and they were compliant with all the latest security standards. >> reporter: but experts say those standards are antiquated, the u.s. relies on easy to copy magnetic strips to hold account information rather than more secure digital chips used in most other countries. so far, no one has detailed exactly how this happened. >> chief suspe

protect markets must be constant. there are alsoen going -- also ongoing effort to strip the financial bureau and undermine its ability protect consumersady the cfpb has taken enforcement actions. we must make sure that the knew -- you can understand why some out there will want to reign in this agency. unfair, deceptive and abusive practices. it needs to stay that way. s we funds and support -- as we fund and support our regular la tore agency, we need to hold them accountable. there has been and will be ungoing debate on what are the right level for capital, liquidity and side of banks. one thing is clear, the regulators are charged with these duties continue to use the tools. if necessary regulators can and should do more. regulators must understand risk exposure, demand strong compliance and reporting. when regulator see failure in internal control leak the failure that occurred during the events involved with the london whale and ms global, it's clearly they hold those responsible for account. regulators like everyone else must be held to higher standards. the stakes are high and the standard for performance needs to be just as hi