cordray. as you know, i've expressed some of my frustration with regard to the lack of compliance with the document requests that this committee has made to the cfpb. that's with a back drop of barack obama telling us this would be the most transparent and open administration ever. that's with elizabeth warren indicating that sunshine would flow into the cfpb. that's in regard to the backdrop that you've given with regard to openness and transparency. it gives us great concern that for a number of our subpoenas, they go back several years, and there's been a lack of compliance, as you know, there's been a recent subpoena three months ago that have compiled all of our document requests. and we get limited compliance from you. i want to -- mr. cordray: do you me to speak -- want me to speak to that? mr. duffy: in a you're aware second. that a report came out from this committee in regard to indirect auto lending. and you would note that there was some documents that we included, quotes in that r

cordray. my question concerns the credit card bill of rights the second bill president obama signed into law. and rahm emanuel, his former chief of staff told me that it's one of the most popular thing he is ever did because it touches so many consumers. in that card act we require you, the bureau, conduct a review every two years of whether the act was having the effects that we intended. so first of all, i want to know what is the response to the card act when you get complaints are you getting complaints about credit cards to the extend you were before the card act went into effect? and what about the clear and transparent disclosures? has that worked? and no more hidden fees or unexpected interest rate hikes that are hidden? the bill wanted to crack down on unfair and abusive tactics by card companies on consumers. and your report found that the card act has dramatically improved the credit card market, making it fair, more transparent, and even as the cost and availability have improved.

cordray: i was. mrs. wagner: reclaiming my time and especially you don't on own it and the makes me question how federal, questioned the reserve approved the budget and whether the fed is even able to veto. the answer to both of those questions was no. so -- i'm not finished. how does this work. you simply send an invoice and as long it doesn't hit the caps it is approved automatically. how does this happen mr. cordray: we are carrying out the law that congress enacted. you and your colleagues enacted that law. we are carrying that out. mr. hensarling: members are advised there are votes on the floor. we anticipate clearing one more question. the gentleman from kentucky, mr. barr is recognized. >> i follow up on that question regarding the source of the cfpb's funding. in your annual report. transfer request. i believe they do. we send transfer requests and they fulfill them. mr. barr: the fed has never asked any questions about that transfer. i don't deal with that details. mr. barr: they never asked any

cordray. my question concerns the credit card bill of rights the second bill president obama signed into law. and rahm emanuel, his former chief of staff told me that it's one of the most popular thing he is ever did because it touches so many consumers. in that card act we require you, the bureau, conduct a review every two years of whether the act was having the effects that we intended. so first of all, i want to know what is the response to the card act when you get complaints are you getting complaints about credit cards to the extend you were before the card act went into effect? and what about the clear and transparent disclosures? has that worked? and no more hidden fees or unexpected interest rate hikes that are hidden? the bill wanted to crack down on unfair and abusive tactics by card companies on consumers. and your report found that the card act has dramatically improved the credit card market, making it fair, more transparent, and even as the cost and availability have improved.

cordray: -- mr. pearce: student loans charge 5% where wall street bankers pay less than .5%, state of the union loans pay 5%. do you deal with student loans? mr. cordray: i think there are issues that could be looked at there, that might be for the congress. mr. pearce: there are issues you haven't looked at, you're looking at other shshes. you established a q.m. rule and the q.m. rule was supposed to protect consumers but what it actually did was drive 95% of the loans into the g.s.e.'s, which are exempt according to the legislation that you tried to impact. 95% are driven into the g.s.e.'s and you have no action that you're taking on g.s.e.'s, yourself come do you think here picking on people making loans to people trying to pay their rent on the end of the month. but when you drive them inside of government your answer is, here ewith -- we cannot do anything to back the government off, we don't deal with the i.r.s., don't deal with government loans and what you do is driving people into a market w

cordray. director cordray, your written statement will be made a part of the record. you are now recognized to give an oral presentation of your testimony. thank you. >> thank you, mr. chairman, ranking member waters, members of the committee for the opportunity to testify today about the consumer financial protection bureau's semiannual report to congress. i appreciate our continued dialogue as we work together to strength our financial system and ensure it serve s con assumers, businesses and the foundation of the american economy. as we continue to build this new agency, we make progress on our core responsibilities to exist supervisory oversight over the largest banks and non-bank financial companies. to enforce the consumer financial laws enacted by the congress. our analytical approach to risk-based supervision is leading to more consumer friendly changes at the financial institutions. we're making progress on leveling the playing field. during this reporting period, our supervisory acti

cordray: again, our i.t. group could come and give your office a briefing if you want to know the details. mr. westmoreland: i just want to know who ted it you mentioned the information that's available to other people and that you don't have that information. i want to give you -- mr. cordray: i said we have a different kind of information. we don't have information that's identified by you or by me it's anonmiesed. mr. westmoreland: i know you have the information, name, akess, zip code, date of birth, race, ethnicity, gender, language, religion, social security, education, military, employment records, financial account nurbles, financial events in the last few years, life events in the last few years, mortgage information, current balance, current monthly payment, delinquency grid, monthly payment, refinanced amount, bankruptcy information, credit card account numbers, credit amounts, loan balances, past due amounts, minimum payment requirements, high balance amounts, chargeoff amounts, second mortgage, h

cordray. director cordray has previously testified before our meeting. i believe he leaves no other introduction. your written statement will be made a part of the record. you're now recognized to give an oral presentation of your testimony. thank you. >> thank you, mr. chairman, ranking member waters, members of the committee, for the opportunity to testify today about the consumer financial protection bureau's semiannual report to congress. i appreciate our continued dialogue as we work together to strengthen our financial system and ensure that it serves consumers, responsible businesses and the long-term foundations of the american economy. as we continue to build this new agency, we made considerable progress in our core responsibilities to exert superadvisory oversight over the nation's largest banks and nonbank financial companies and to enforce the consumer financial laws enacted by the congress. our analytical approach to risk-based intervention is leading to changes in these financia

cordray. director cordray has previously testified before our meeting. i believe he leaves no other introduction. your written statement will be made a part of the record. you're now recognized to give an oral presentation of your testimony. thank you. >> thank you, mr. chairman, ranking member waters, members of the committee, for the opportunity to testify today about the consumer financial protection bureau's semiannual report to congress. i appreciate our continued dialogue as we work together to strengthen our financial system and ensure that it serves consumers, responsible businesses and the long-term foundations of the american economy. as we continue to build this new agency, we made considerable progress in our core responsibilities to exert superadvisory oversight over the nation's largest banks and nonbank financial companies and to enforce the consumer financial laws enacted by the congress. our analytical approach to risk-based intervention is leading to changes in these financia

cordray: i would not know what to say to that. mr. barr: has the fed ever denied a particular transfer request? mr. cordray: all of our requests have been within the bounds of the law. mr. barr: they have never vetoed a particular allocation of an expenditure. systemdray: that is the established by congress and we are carrying it out. mr. barr: the fed is not involved in the implementation of the bureau's budget. that is the point. that is our concern frankly. the fact that the bureau has been able to move forward with a $200 million luxury renovation to its headquarters, pays the average bureau employee more than members of congress which support the conclusion the fed is a rubberstamp to your expenditures and we would hope since you are not accountable to the congress or subject to the appropriations process, a fundamental flaw in the dodd frank law, we would hope it would be accountable to the source of your funding. mr. cordray: several things are inaccurate you just described. [indiscernible] mr. barr: let's talk about the arbitr

cordray a dictator. when it comes to the well being and liberty of american consumers, he is not a particularly benevolent one. congress must address this critical problem because congress helped create the problem. it is -- it has outsourced much of its legislative authority to the executive branch in general and cfpb in particular. in doing so, it's compromised our foundational principles of co-equal branches of government, checks and balances, due process and justice for all. congress must reclaim its article 1 authority and reclaim it now. there's no better place to start than the cfpb, an agency that's abused its power that it never should have had in the first place. it is time to uphold our oath to the constitution, it is time to strip the cfpb of its rule making authority and return it to the elected representatives of we the people. i now recognize the ranking member for five minutes. ms. waters: thank you, mr. chairman, and thank you mr. cordray for joining us to discuss the cfpb's semiannual r

cordray was here in march testifying in front of this committee, it was the treasury who was in chargeof all bureau operations. and so my question to you is, you have been follow-up letters the date back 288 days asking you specifically, who in fact at the cfp be a treasury, they said it was you folks who are in charge. >> congressman, i responded earlier that we did follow up on this and provide the inspector general findings. i am happy to five 25 when you get back, who is responsible for making the decisions. >> he will get back. >> 288 days. that seems to be an awful lot of time. >> in august 25 treasury informed the committee they found the work authorizations related to the renovation were finalized after cfp. >> here is what i am concerned about. these are simple simple questions i'm asking you, they are not complicated. if you are unwilling or unable to answer a simple question and puts in doubt the american taxpayers. make decisions that affect our capitol markets. >> we provided 200 pages of information. >> okay. >> am happy to look and see what you are looking for. >> thank

chairman, and thank you, director cordray for attending today. just to expand on my friend's inquiry from california, what -- can you give us a sampling of what cfpb rules are expected to be finalized this year? >> this year? >> yeah. >> it's hard for me to hazard a guess on what exactly will be finalized when because the process, it's kind of like a judicial opinion, it's under advisement and it just gets done when it gets done. i think we clearly expect to finalize our prepaid rules this year. i think we clearly expect to finalize further amendments to the mortgage servicing rules this year. i think we are under way on a number of other rule makings and i just couldn't really hazard a productive guess as to when those would be completed. >> thank you for that. and switching subjects, it has recently come to my attention that some of my constituents are offered loans by lenders that are not licensed to operate in missouri. my understanding is that a customer will click on the online ad of a lead generator with the customer doing so under the ass

. >>> richard cordray, the director of the consumer financial protuection bureau, testified on wednesday. he repeatedly d lly defended th agency's mission and actions during the hearing. this is three ho 1