garrick or cordray. we are collecting and related information that is aggregated before it comes to us about what credit card issuers are doing to their customers and now they're treating their customers. that is our focus. >> let me clear the record on that. i have been disallowed the contract were you collect some of this data. some of the information you're collecting, charlie you don't have my name or address. with regard to one of the contracts, you do provide the zip code and the four digit zip code after it. you also provide the date of birth. let me tell you, if you have my zip code and my last four digits in june know what my date of birth is to mothers only one guy in my house that has that. the government neighbor and his house, you know what his daughter's birthday is to begin collecting that type of data according to your contract. >> your not the only house in your zip code. there are tens of thousands of houses. >> you'll also collecting the four digit zip code afterwards which goes right

[applause] >> thank you, director cordray. i promise you that realtors will be your boots on the ground, and we will be your sounding board. at this time, i've got a couple of questions for you. if we have time, we may take a couple more questions. strongly supports measuring consumers' ability to pay before advancing mortgage credit. in fact, our policy, as i said earlier, goes back as early as 2004. access too believes credit has tightened significantly since the mortgage crisis and remains tight. how does the definition of a .m.lified mortgage or q balance the need to ensure borrowers can repay their mortgage and yet have reasonable access to credit? you for the question, chris. first of all, as we work on onse rules -- as we worked these rules over the 18 months that we were intensively focused on getting these rules done by january 2013, we spent a lot of time listening and learning from people with real experience in the real estate market as well as the experience people brought to our bureau from past work that they ha

and, director cordray, appreciate you being here. obviously, you've heard a lot of concern, some of it a little more heated than others, but concern on both sides of the aisle, frankly, about everything from auto loans, security of the data that is being collected, qm has really sort of dominated this qualified mortgage definition. and i'd like to head a little in that direction. point out that there had been an american banker article that was entitled blacks and hispanics likely to be hurt by qualified mortgage rule reported on federal reserve. does not meet the requirements of a debt -- [inaudible] i'm a former realtor myself. i've dealt with those. frankly, i come from an area that the median income and the median mortgage and household transaction is far below any of those major markets, like california, new york or other places that might be falling into a jumbo loan trap. but, frankly, whether it's jumbo or whether it's small loan borrowers, what we're anecdotally hearing, and it's only half funny, is that qm is quickly becomi

[applause] >> thank you, director cordray. and i promise you that realtors will be the boots on the ground and we will be your sounding board. at the sun i got a couple questions for you. and if we have time we may take a couple more questions. measuring consumer's ability to repay before advancing mortgage credit, in fact our policy and support as i said earlier goes back as far as 2004. nar also believes access to credit has tightened significantly since the mortgage crisis and remains tight. so how does the definition of a qualified mortgage, or qm, balance the need to ensure borrowers can repay the mortgage and yet have reasonable access to credit? >> thank you for the question, chris. first of all, as we worked on these rules over the 18 months that we were intensively focused on getting these rules done by genuine -- january 2014, we spent a lot of time listening and learning from people with real experience in the real estate market as those the expense people brought to our bureau from past work that they have done. an

please welcome to the program rich cordray.rs and applause] thank you very much for being here. you are the director of the consumer bureau of commerce and alcohol, tobacco and firearms. what is the name? >> it's the consumer financial protection bureau. our job is to see that people are treated fairly in the marketplace. it's an important job, i think. >> jon: good luck with that. [ laughter ] they nominated you. you were created through the dodd frank reform. when did they nominate you? >> jewel of 2011. >> jon: when did you become the head of board? >> in january but confirmed two years after i was nominated in july of 2013. >> jon: and did that send you the message that is going to be great? >> i didn't know whether to think it was fast or slow. >> jon: i can assure you it's never happened that quickly before. [ laughter ] now you are dealing with these idiots. [laughter] so what i have you -- you get to the office. the first thing you do you do is work on fair lending. it's the idea that mortgage companies, chartered and n

thank you very much for joining us today. >> thank you. >> richard cordray. up next we're "on the money" does gender play a role in investing? >>> the big three keep on trucking, brains and braun and beauty, a sneak peek of what will be on the road next year. we route your order to up to 75 market centers to look for the best possible price, maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. call or click to open your fidelity account today. i would not say i'm into it. but let's see where this goes. [ buzzer ] do you like to travel? i'm all about "free" travel, babe. that's what i do. [ buzzer ] balance transfers -- you up for that? well -- unh. too soon? [ female announcer ] fortunately, there's an easier way, with creditcards.com. compare hundreds of cards from every major bank and find the one that's right for you. creditcards.com. it's simple. search, compare, and

institute] [captions copyright national cable satellite corp. 2014] >> today, "newsmakers" with richard cordray. followed by president obama's speech about changing government surveillance and data collection programs. then senators mike lee and alkermes on the hearing about the program. later, chris christie delivering his state of the state address. ," this week on "newsmakers" richard cordray, welcome back. we appreciate your time. with the losho was angeles times and alan with the wall street journal. allen has the first question. >> you are the first regulator to really have a broad look at how consumers are being treated across the entire financial system. what is the area you have looked at that you are most concerned about? >> we are worried. most have been worried about the mortgage market. the mortgage market is clearly the reason the economy blew up in two thousand eight. consumers were massively harmed. it was the single biggest financial market that has been troubled in many respects than the lending side in the service i. just come out with some new mortgage rules. the housing mar

with richardmakers cordray. he is our guest this week. he talks about the new mortgage rules that recently take effective dealing with approving home loans. his interview is at 10:00 a.m.. and then changing government programs. igor stata 10:35 a.m. eastern. next, what materials can be protected under copyright law. this is from the house judiciary subcommittee on intellectual property and runs about 2.5 hours. continuemmittee will by hearing testimony and by what is here. it will present contrasting views on three important copyright issues, making it available, should broadcasters be protected with additional laws. i've also advocated that these be generously laced with common sense. it is an ingredient that is sorely missing sometimes on capitol hill. all of us are guilty. complicated.me this will highlight the most important issues confronting our copyright laws. it was disturbing to hear that judges were uncertain. and how to reduce bond to this crisis. they made these available in the infringement. still theant to thunder thunder fr

tonight on the program richard cordray he is the head of brand new u.s.onsumer finance protection bureau. he is on the program tonight. [cheers and applause] only a "the daily show" crowd cheers equally as vociferously and enthusiastically for legalized marijuana and -- and -- the head of u.s. consumer finance protection bureau. only here do you get that. [cheers and applause] as we do

cordrai should get his job. >> this case is very political at its fundamental base. this as justice kagan pointed out, she said the recess appointments clause has shifted from being about whether the senate is there and available to confirm the president's nominees to it being--it's being used to avoid the senate and go around the senate. president obama did that in this case. he knew he would get approval in this nominee and all sides this is a political case. >> has the confirmation process come to mean something, act in a way that we can't imagine the framers really intended? >> yes, i think that's a good point. the way that this confirmation process works today, and you've heard the benefits of advice and consent. the administration overwhelmingly use it is. most of the people, the obama operations and every other operation, they have gone through the confirmation process and they have good reasons to use it in many cases. the nlrb was a particular target for obstructionalism because the entire agency was overly sympathetic. they were not giving business as fair

. >> this week on "newsmakers," richard cordray, welcome back. we appreciate your time. we have jim puzzanghena who is with the "los angeles times" and alan zibel with "the wall street journal." alan has the first question. >> you are the first regulator to really have a broad look at how consumers are being treated across the entire financial system. what is the area you have looked at that you are most concerned about? >> we are worried. most have been worried about the mortgage market. the mortgage market is clearly the reason the economy blew up in 2008. consumers were massively harmed. it was the single biggest financial market that has been troubled in many respects than the lending side in the service eye. -- and the servicing side. >> you had just come out with some new mortgage rules. the housing market is finally starting to recover from the crash. why do you think these rules will help the market as opposed to hurt it? >> the rules are not really much more than a back to basics approach to mortgage lending and mortgage services. the same things are thanks have

we got the first glimpse today when the cfpb's director richard cordray testified before congress.re concerned perhaps all the aggregated information cfpb stores could be target of hackers. richard cordray said his agency is doing its best. >> there are broader issues here for the credit card industry and retailers in terms how they manage information. frankly a lot of concerns people raised appropriately i think with me about our agency today. everybody who has information is going to need to jealously safeguard it in order to protect consumers. >> there are concerns that these data breaches that we've seen at retailers would be even wider, more retailers we have yet to hear from, the better business bureau is warning folks about a new credit card scam. they posted on website, with this new con, scammers are banking on fact that many consumers don't check their credit card statements all that carefully. don't fall for it. review the statements of unexplained charges, 9.84 and contest and with credit card issuer. call the number on bask your card. better business bureau says the cr

the lawmakers turn to cordray's bureau. it collects information about consumers.fficials are working to safeguard it. >> everybody who has information is going to need to jealously safeguard it in order to protect consumers. there is real consumer harm that happens, whether somebody steals your identity or not. even switching out your card as you did involves inconvenience and time and effort. you may have to change accounts and account information and may cause you to miss a payment on something or here or there. those can cause real harm to people as well. >> republicans question whether the government is actually putting americans identity at risk by collecting some of that information. also the better business bureau is out with a new consumer alert, saying quote, with this new can, scammers are banking on the fact that many consumers don't check credit card statements all that carefully. don't fall for it. review statements of unexplained charges of $9.84, and contest them with your bank and credit card issuer. call the number on back of your card. watch for

richard cordray is our guest on "newsmakers."'s get back to your calls and comments based on family dynasties in the presidency. there is this from belinda on our facebook page. bob is joining us from chesapeake, virginia on the independent line. good morning. the perfect candidate to be the next president is benjamin carson. host: from marilyn's? --host: from maryland? caller: that's right. he became the head neurosurgeon at john hopkins hospital and he is an expert on world and united states history. he has a book that i would like to see everyone read. out: we should also point he has been the subject of a q and a interview. if you go to our video library can watch it in its entirety. lines are -- this headline from "the new jersey star-ledger close quote -- -- star-ledger" -- the story is also available online. two senior members of governor chris christie's administration warning the hoboken mayor -- that is according to city officials in e-mails. this took place yesterday on msnbc. staffs of the christie fighting back, sayi

. >> from the same hearing they asked richard cordray that you were just talking about, would you objectis ar people who work to you getting permission and he said that it would make it impossible to get the data. so if we knew they were out there doing it, we would for sure say no so am i misinterpreting that? >> no, congressman john duffy asked the estion would you allow consumers to optout of this and say no, i don't want to look at my credit card. they are going to be examining every credit card transaction with 96 different points as they refer to it. and so could they opt out and the director said absolutely not. melissa: this organization is ne and was the brainchild and born ofthe last credit disaster. so what is it supposed do? what are they supposed to be doing besides saving our information? elizabeth wanted one that bottomed out. she is one of the major individuals. it was supposed to protect all of us from predatory financial transactions from different companies that were flimflam companies and instead it has morphed into ot only an accountable organization but one that is

he used a recess appointment to muscle cordray into the job. finally the bureau was staffed.'s political radar. it's drawn a lot less political media coverage. i want to look at the policy record of his first year at the bureau. american express was overcharging and deceiving its customers. it is requiring the company to stop. it cracked down on capital one and discover for deceptive sales. they did agree to reimburse over 3 million customers. this was the kind of justice that was missing before because the feds had no consumer wing. so the bureau has been working on that. it's also tackling economic discrimination. last month, they took national city bank to court for a scheme nobody would defend. it alleged the bank was taking loan applications with the same credit and charging higher rates to minorities. employees were rewarded for that practice being paid for those higher rates. this, quote, discriminatory pricing hit 76,000 minority customers. after the investigation, the company that now owns that bank is discontinuing the practices reviewed by the bureau. the bureau is

. >> this week on "newsmakers," richard cordray, welcome back. we appreciate your time. we have jim puzzanghena who is with th"

noon eastern, we are back live tocapitol hill where it consumer financial protection bureau richard cordray is testifying with his agency's semiannual report issued to the president and congress in november. congressman shares the hearing. the conference began at 10:00 this morning. a negative impact on their ability to access capital financing. frankon 1071 of the dodd- to requires eggs and lenders collect and report credit application state owned small businesses, as well as minority and women owned businesses. can you collaborate on how collect and this information will help enforce fair lending laws and enable lenders to identify opportunities for improvement in underserved communities? >> we do understand that is the intent and perp as of the provision of the law. it is a difficult area frankly because we have nothing to do with business lending or commercial lending or small business lending other than the small provision. what we have determined is as we undertake the rulemaking to update the home mortgage disclosures act rule that we are underway with now, we will see small can try

cfpb director rich cordray and his hardworking and incredibly talented staff have worked for a long time to put these new rules together, and the rules will reshape the mortgage market for the better. they will give people a better chance to buy homes and a better chance to keep those homes, and they will force mortgage lenders and servicers to compete by offering better rates and better customer service, not by tricking and trapping people. these rules will help markets work better and they will reduce the risk that the economy will crash again. our work is not done. the march toward financial reform has been too slow and the chances of another crisis, while dialed back in some areas, remain unacceptably my others. even today the too-big-to-fail banks that nearly crashed the global economy in 2008 are nearly 40% bigger than they were back then. yes, we have more work to do on dangerous banking practices but this week marks an important milestone. six years ago i noted that it was impossible to buy a toaster with a 1-5 chance of bursting into flames and burning your house down, but it wa

seems to be quite silent and richard cordray did get a senate vote, did not reach 60. the day before the resources appointments, his paper work was returned to the white house of my second question is i consider the exchange of paperwork and messages to be business so my question would be our votes the only things we consider business in the senate? what is senate business if not the exchange and receipt of messages with the executive branch which happened within 24 hours of the appointments? >> very interesting question. i would have to think about that a bit. the problem with these pro-forma sessions since they started in 2007-2008, we see the senate business as monkey business, trials play. it is a good question. i will have to do some thought about that. it didn't start with harry reid. >> the monkey business. >> thousands of years ago. >> i am the immediate -- >> speak into the microphone please. >> i am the immediate past chairman of the national labor relations board, leaving the agency and created one of these vacancies that was filled by recess. professor will

. >> richard cordray is the director of consumer financial protection bureau. he will talk about the new mortgage rules that took effect. you go watch a quote newsmakers" on sunday here on c-span. >> watch our program offers lady nancy reagan on c-span. and on monday night, our series continue. >> i know truthfully that every single problem in america would ,e better if people could read write, and copper hand. i know that. we could compete with the rest of the world. would not have these children who are committing crimes because their families do not have jobs. they do not have jobs because they cannot read. they cannot write. they do not understand. thinking is coming to that conclusion. we have got to educate our children. we have to educate their parents. it is not just a whim, it is a necessity. we are going to compete in this world. >> first lady barbara bush on monday. live on c-span and c-span 3 and c-span radio and www.c-span.or./ state john kerry held a news conference with his canadian and mexican counterparts. they are discussing nafta which was si

and later consumer financial protection bureau director, richard cordray delivers his semiannual report to congress. >>> on the next "washington journal," we'll discuss president obama's state of the union speech with republican representative tom price of georgia. a member of the ways & means budget committee will outline the g.o.p.'s legislative priorities. we'll hear about the democrat's legislative agenda from representative john larson of connecticut. also a member of the ways & means committee. "washington journal" is live on c-span every day at 7:00 a.m. eastern. and you join the conversation on facebook and twitter. congressional members from both sides of the aisle will give their reaction to the president's state of the union wednesday at the event hosted by "politico." live coverage started at 8:05 a.m. eastern on c-span2. >>> bringing attention to what women do or how women have contributed always returns to the question of the body. so for one thing, many people object to bringing women's studies or women's history in to a middle school, high school classroom because there'

[applause] >>> on this week's news maker richard cordray is the guest. >>> behind the scenes as a photographer, you are there to see not hear or not listen and not really repeat anything you hear. it's kind 6 a mutual agreement. because you -- we are lead in to meetings when you're imhiend the scenes that are sensitive. i was obviously -- i was there when president obama was in a rally, and at the same time the hurricane had just come up the east coast and up north. he was on the phone on a secure phone talking to fema director and trying to organize it he was running the campaign. a unique time to be there and hear him and in a serious conversation about what was going on on the ground there and how he wanted things to, you know, take place organizing that. on the other side people are banging four more years. it's a unique time to be -- any time you are behind the scenes with the president. "new york times" staff photographer. sunday night at 8:00 on c opinion is' q & a. >>> now to indiana for the state. state address from governor. he talked about early precinder in his speech he talked abo

with us now is the director of the consumer financial protection bureau richard cordray. approach. strip it down for us. what's going to be different now with mortgages? >> that's exactly what we're doing. it is back to basics. it's nothing new. it's what community banks and credit unions that are good lenders have been doing for years. when they make a loan, they have to pay attend to the borrower's ability to repay. make sure it's an affordable loan. when they are surfacing a loan, no surprises. no runarounds. if the interest rate is going to change, they need to give people advance notice so you can think about how to handle that change. if you're -- >> stay away from, like, the debt trap that so many people got into. >> well, what happened was in the runup to the crisis often they weren't even bothering to check out the numbers for you. no documentation loans. they didn't care what your income was. they could sell it on the secondary market. we got away from responsibility. >> a lot of political pressure coming from capitol hill to do that as well. >> may have been. >

this weekend on "news makers" richard cordray talks about regulatory practices. most recently the agency put into effect new mortgage rules that ensure borrowers are more carefully evaluated. here's a portion of the interview. >> the bureau has been in existence for a couple of years now, i think 2 1/2 years or so. are consumers being treated better in the financial marketplace, do you think? >> i think i can sit here, jim, and say i know that they are, and i know that for the following reason. one of the things we've done that i'm really as excited about as anything we've done, enforcement action, mortgage rules, we've set up a consumer complaint function at the bureau, where consumers can come to us and do this very easily. again, consumerfinance.gov. you can file a implant in less than half onlure. you can call our call centers. there's people standing by in multiple languages. you file a complaint, because you think something is happening that isn't right on your mortgage or your credit card or your auto or student loan or your bank account and expanded now t

you can watch the entire interview with richard cordray 10:00ow on newsmakers at a.m. and 6:00 p.m. eastern. sound] >> when you go behind the scenes as a photographer, you are there to see, not here. and not repeat anything you hear. ,e are led into meetings behind-the-scenes, that are sensitive. i was there when president obama was at a rally. at the same time, the hurricane had just come up the east coast/ /. he was on a secure phone talking to the senior director try to organize it. at the same time, he was trying to run the campaign. a unique time to hear him. he was having a serious conversation about what was going on on the ground and how he wanted things to take lace -- place. on the other side of the wall, people are banging, four more years. -- anytimeque time you are behind-the-scenes with the president. >> photographer doug mills on c--the-scenes at -- span's q&a. >> i know truthfully that every single problem would be better if people could read, write, and talk better. we would be able to compete with the rest of the world. we wouldn't have children who were committing