cordray: sure. it is flatly against the law for a debt collector to threaten anyone let alone the service member, with consequences that the debt collector has no ability to carry out. for example, it is common for debt collectors, those who push the envelope and those who do not care about compliance to threaten arrest or imprisonment which they have no ability to effectuate. in the service member context, the ominous activity that many debt collectors engage iis to threaten to go to the commanding of the service member and trend the security clearance which would threaten their ability to remain on active duty in the military and perhaps a dishonorable discharge. an second bowl couple practice. it is against the law. we have taken strong enforcement actions against them. when people talk about regulation by enforcement, when we take an enforcement action against a debt collector for doing that, threatening the security clearance of a service member, and hope people take that as regulation by enfor

cordray: yes.ere, as with arbitration we , have engaged in comprehensive research on this marketplace. we have done two significant white papers, analyzed millions of payday loans across all types of lenders. what we found is that the model here is to, particularly on payday balloon loans, is to get someone into a payday balloon loan, and if they had to borrow $300 today, the notion that they will be able to repay $345 in two weeks, is not likely. although some do, and great for them and maybe it works for them. rolling others and up it over and rolling it over, because they can pay the $45 at the end of the two weeks, but not the $345, and they can never pay the $345. you described these products as 20% interest rates. in missouri, we have seen loan products that go as high as 1950% rate of interest. you can actually lend where the fees amount to 75% of the face value of the loan. that is a $1000 loan that becomes $18,000 or $20,000 by the end of the first year. this is from a class action decisio

cordray: that is true. the nature of innovation is it is neutral, but encouraging and helpful, and some innovations have been had for consumers. the exotic mortgages developed in the lead up to the crisis were innovative. they were terrible for consumers. and i'mok at fintec, interested in these issues, and we have a team at the that is very engaged with the financial innovation community, not just in silicon valley, but across the country, and innovations within larger institutions that are constantly researching how to improve their products. we believe it would be not appropriate for new fintec sardis to get an advantage because they are arbitragi system.egulatory they are not taking seriously with the banks have to do. -- wasorcement against remarked upon, but it was a modest action. says if you are telling your consumers you will handle data security in a certain way that is them confidence and they want to deal with you, and in fact do not, you are this evening or customers and getting an unfair advan

cordray: i don't believe we do. senator vitter: with the same apply if we were talking about organized crime or some illegal sector using the same remittance opportunity? mr. cordray: i don't think we tracked undocumented in any of the markets. we are not trying to dig into bank of america and ask them what kind of documentation. if those are issues for someone in the federal government they would be elsewhere. withor vitter: i'm saying the same response of applied to illegal activities? mr. cordray: usually i come here and people are criticizing us for trying to expand our jurisdiction. we are looking at mobile cramming on cell phone companies. you're telling us you would like us to look into organized crime? --ator vitter: i'm asking would it be something you would care about look at? mr. cordray: that is not part of our limited consumer finance jurisdiction. senator vitter: we will follow up on this as well. thank you, mr. chairman. >> i would like to take a moment to respond to comments made earlier here at the

cordray. >> good morning. >> not too much longer, and it will be good afternoon. [laughter] >> i was wondering myself. didn't know. >> director cordray, in a recent speech before the consumer bankers' association, you discussed your philosophy on consent orders. you'd said that, and i'll briefly lay this out, our public enforcement actions have been marked by orders in which, which specify the facts and the resulting legal conclusions. these orders provide detailed guidance for compliance officers across the marketplace about how they should regard similar practices at their own institutions. what i'm what to talk about a little bit, my concern is that the consent orders without a finding or even an admission of guilt, the allied settlement is an example of that, could mean little more than a company's business decision to settle a lawsuit with minimal expense. my question is, is do you agree that for compliance officers to consider following a decree from another company, that decree should b

cordray for your great work.i must say under your leadership in the leadership -- a doing a remarkable job. just in 2015 uber turned over $5 million to servicemen and women and their families and one of the reasons was so critical to me was when i was a younger person i was with the paratrooper company most of my time was consumed fending off creditors coming after my troops based on very suspicious credit arrangements that they had worked out. so i really appreciate what you are doing and i don't think there's anyone in this congress that would object to attempting the financial well-being of the men and women -- and there shouldn't be a difference in the robbers and sisters that are not wearing uniform. one of the things you're in greece have uncovered is the practice that seems to be if not growing very disturbing and that is creditors contacting commanders and threatening for security clearance of an individual in the armed forces based on debt. .. >> to threaten arrest or imprisonment, which they have no abi

cordray. as you know, the payday lending loaning is doing $7 billion in loans. there are more store fronts than starbucks and the online payday lenders. often chargie ining 200%, 300%, interest. when emergencies arise, people need access to credit but payday lenders that build business models of trapping people in a never ending cycle of debt are throwing bricks to a drowning man. i know the cfpb is close to issuing the payday lending rules. i want to ask you three questions about the process. first, can you describe the research and data gathering that the cfpb has done to try to figure out where to draw the line between preserving access to credit and trapping people in never ending cycles of day ppay loans? >> yes. we have engaged in the research ever done by anyone on this marketplace. we have done two significant white papers analyzed millions, millions of payday loans across all types of lenders. and what we found is that the model here is to in particular on payday balloon loans is to g

cordray, for being here this morning. made a speech to the credit unions and talked about how the mortgage market was good for all, good news for all around that more opportunity for more consumers and a wider path to the american dream and a mortgage market made stronger by the changes we have made. but the evidence for first-time hom homeowners over the last three years is it's declining and since the fact of the matter is 47%, 75% of majority population owns homes. 45% of african-americans own homes. about 55% of hispanics own homes. when you look at the rules and dodd-frank put in place, how do we reconcile the mortgage market specifically is good news for all around when, in fact, first-time home buyers disproportionately point the news is not as good and what we have seen in south carolina is the rental market is far more expensive and the growth, really, an explosion in apartments is nearing an all-time high in the last decade or so. >> uh-huh. yeah. so this is -- and i knew you raised that question on tuesday. i h

then richard cordray testifies the banking on committee. donald trump spoke to supporters in bethpage, new york, less than wo weeks before that state's primary. he's introduced by his daughter ivan ca. this is about 50 minutes. ivan ca: good -- ivanka: good evening, new york. it is very, very, very nice to be at home. i'm excited tonight to introduce my father. [cheers and applause] there's a lot of things that make donald trump special to me as a parent and as a mentor. but the most important is the strength of his character. as young girl growing up, my father always told me that i could do anything that i would set my mind to. he meant it. he's employed tens of thousands of people over the years and he's inspired them to do extraordinary things. many of those people live and work right here in new york where my father himself was born. cheers and applause] where he raised me and my siblings and where he's lived his entire life. my father has the strength to make hard decisions and to motivate those around him to achieve the impossible. h

a consumer financial protection bureau richard cordray testifying at a senate oversight hearing. after that a discussion about training the workforce for jobs in the digital economy. >> a signature feature of both tv on c-span2 was taking you to book fairs and festivals across the country. this weekend we travel to the university of southern california for the 21st annual los angeles times festival of books, one of the most celebrated festivals in the west. our live coverage starts today at 1:30 p.m. eastern featuring national security with author sarah chase in her book "these of state --thieves of state." "lapd. and the battle for american policing" and women in politics with nancy cohen. eastern more0 p.m. from the l.a. times festival of books featuring discussions with areata huffington. also national syndicated talkshow host dennis frager, author of "the 10 commandments." and a discussion of religion and politics. "zealot" talks about jesus another -- of nazareth." join us next saturday for coverage of the annapolis book festival. this morning, david cooper for the economic

cordray, welcome to the committee. you have seen this before. we welcome you. i will proceed with an opening statement. on tuesday, the committee heard testimony from private sector experts on consumer finance regulations. we heard a number of concerns regarding the bureau's actions in areas such as indirect auto lending, arbitration, the consumer complaint database and broader critiques of the bureau's approach to regulating, including use of enforcement actions to set markets and its rather than the rulemaking process. there is concern expressed regarding the current structure and lack of accountability in it. i have said regulatory independence should not mean independence from accountability or oversight. the drafters of dodd frank immunized the bureau from any meaningful congressional influence, leaving it free to engage in questionable practices and unreasonable expansions of its jurisdiction. this week, a federal court of appeals has directed the cfpb to defend the constitutionality of its basic structure. this case follows what is now becoming a string

then richard cordray testifies the banking on committee. donald trump spoke to supporters in bethpage, new york, less than wo weeks before that state's primary. he's introduced by his daughter ivan ca. this is about 50 minutes. ivan ca: good --

on c-span3, richard cordray testifies on the senate banking committee and urban affairs committee.presidential candidate and ohio governor john kasich delivered his state of the state address before a joint session of the state legislature at the people's bank theater in marietta, ohio. this is an hour. [applause] [whistling] [cheering] [applause] gov. kasich: now that we have had the obligatory selfie and you have seen that the ohio general assembly is one big family, ladies and gentlemen, it is my great honor to introduce to you our great governor, john kasich. [cheers and applause] gov. kasich: thank you all very much. thank you. [applause] [cheering] [whistling] thank you. thank you all very much. thank you. well, i couldn't resist that baby. when she gets to be 18 and decides to vote, i will be out of politics, but that's so swe et. congratulations on the beautiful baby. she didn't even cry. thank you, mr. president, mr. speaker. i want to thank you, the members of the general assembly, for bringing this joint legislative session. i hope you are all beginning to realize that g

. >>> consumer financial pro-protection bureau richard cordray on his semiannual report before congress. it will star live 10:00 a.m. eastern on c-span. >> what we see is new factors making emancipation desirable. all kinds of obstacles falling by the wayside with the result that by august lincoln will announce a new war effort. >> wheaton college history professor tracy mckenzie on the evolving war goals of the civil war. and on "real america" -- >> how was it possible for america to achieve such pro-duction and at the same time build an army? 20% of american industrial manpower was woman power. legions of american women were amassing to stop advance across the world. >> this 194 4 war department film documents how women in world war ii helped the war effort, alluding that the hidden army of american women working in war manufacturing are a main reason germany lost the war. sunday evening at 6:00 on kp american artifacts" we visit the daughters of the american museum. >> one thing that stands out in this time period is this creation of this imagery of the apotheosis. that's an old conc

a hearing today on the consumer financial protection bureau's semiannual report, richard cordray willthere testifying. that begins in a few moments here on c-span. [captions copyright national cable satellite corp. 2014] on the span.