cordray. director of the cfpb to deliver the latest semiannual report. he recognized that the bureau's latest semiannual report may be a little bit dated due to the legal controversy that previously surrounded your appointment and thus delayed your timely appearance. nonetheless, we welcome you today and congratulate you on the recent senate conformation. it is arguably the single most powerful and least accountable federal agency in the history of america. thus it is an agency that demands rigorous oversight and subsequently undoubtly demand numerous congressional hearings. we look forward to welcoming you to our hearing room for many further appearances before us. as all of us know, it was designed to operate outside the usual system of checks and balances. that applies to almost every other government agency. number one, the cfpb is effectively unaccountable to congress. it's exempted from congressional budgetary and appropriations process. like many other agencies, there's thus no check to

drop the act, cordray. okay?ithout being toned. but i wanna tell you something. she is one of the plain, hearty women of scranton that make this city great. and so what if she doesn't wear makeup? - [mouthing words] - we like her better that way! and you steal clients, don't you? don't you! - okay...that's different. - oh, that's different, is it? okay, thief. you better check your things, people. in fact, where are my keys? oh. they're in my pocket. false alarm. okay. [sniffs] so you're... gonna be workin' here. - uh...i mean... yeah. - welcome aboard. - thank you. - hey, crazy, um... so...that's it? you're just--you're fine? - it's after 5:00, jim. i'm not gonna take this home. - oh. - pleasure. - thanks. - this morning, danny cordray stole a sale from me. so what do i do? i go out and i steal danny cordray. the sale that mattered, i made. boom. funny thing about it, we don't even need him. we already have packer on the road. ccchhh! crap. i forgot about packer. captioning by captionmax www.captionmax.com serve

let's talk about this other guy, richard cordray is another actor, the chairman of probably the most america, the consumer financial protection board. an agency that does not answer to congress for its budget. this guy just came out with the speech where he basically accuses banks of deception. i thought it was the consumers light when they applied to the banks. >> the problem as one government policies create crises, supercharged crises they mated okay to do sub prime loans. they need someone to blame. that's been the story line ever since 2008. it was not our fault. there is a very big political angle when it comes to lawsuits like the one you just outlined. ashley: you guys were bad, sent out bad loans, but then you saw the obama administration yesterday or the day before unveil a new plan and having the fha which requires only a three and a half percent down payment try to make it easier for people who defaulted on their mortgage to get a new one on a new on sale. >> this is dangerous because it is a repeat of what we saw post financial crisis -- pre financial crisis, i should sa

cordray will support us in that effort. >>steve: don't hold your breath.us about the leave it initiative. >> we're about spwourg hispanics to help them achieve the american dream. we're in danger of an entitlement society of robbing people of the reason they came to this country which is to work and to prosper. that's what we do. >>steve: do you have a web site? >> www. www.thelibreinitiative.com. >> are we the first once on the curvy couch? >>elisabeth: that's an honor. >>steve: we showed you our brand-new set but wait till you see how we tore the old one down. we'll take you behind the scenes. >>elisabeth: remember when this government advise r was caught sleeping on the job. the story next. heart healthy, huh?! ugh! actually progresso's soup has pretty bold flavor. i love bold flavors! i'd love it if you'd open the chute! [ male announcer ] progresso. surprisingly bold flavor for a heart healthy soup. see who does good work and compare costs. it doesn't usually work that way with health care. but with unitedhealthcare, i get information on quality rated

cordray seats are done by mutual political criteria and we woke up with wonder and 50, 200 competitiveeats to many congress would be different. the number that congress will be looking for. and so this is something both party share in terms of wanting to keep what they had, but it has an extraordinary public policy consequences and regain the public policy consequence of rational acting which is always a program both sides. as majority minority seats elect very, very liberal democrats to -- and by the way, when people say gee, you know, your party as i represent this, you should look at the district they represent. they are very effective. most people for what their district believes, so the democratic members, but the democratic members, the majority minority seats. my former life, she helped write the constitution. and republicans and democrats, train all these people. there were very excited, the first election, the first years in the parliamentary system. so the delegation flew back. hey, how's it going? it's great. and we are excited. we only have one question. what's that? welcom

congratulations, director cordray on your conformation. recent survey from the independent reveals that more than 10% of the community banks are indicating they're not going to out of the mortgage lending business due to the how cousin the fact that the communityback the banks will be exiting the american access to credits? first of all, i'm not familiar with the survey. ly now look for it. icba? >> yes. >> it would be unfortunate, in my mind, if community bankers who have been making loans typical according a responsible underwriting model that is safe and sound and often performed extremely well even during the worst economic crisis of our lifetime. stop making mortgages because they have anxiety around the rules that i think is not justified. the smaller bank, as i said we have a special provision to cover them so they make loans and keep them in portfolio. they are kved mortgages with a safe harbor for litigation. it would be a bad business decision if they torp leave that money on the table and not make it. >> i think it's important y