most egregious aspects of dodd frank and sanded them down. the threshold for being considered a significant financial institution and therefore higher regulations, that was raised, and there is a bipartisan agreement. a number of things that can form with the sanding off of the rough edges of dodd frank, that bill got two thirds vote in the senate, and was signed into law. it is a bipartisan concept and process, and now the regulators need to move quickly to provide relief for community financial institutions, which is the focus of this change. big banks are under the same regulatory challenges as under dodd frank. these were agreements we could reach for the smaller institutions. we have a partisan understanding because we see the stats. we have lost a third of community banks in this country over the last 10 years. a third of them. that is a significant thing. it is devastating for local communities. we see a community bank or institution merging or going out of business. we are trying to give that relief for the smaller institutions to get

most egregious aspects of dodd frank and sanded them down. the threshold for being considered a significant financial institution and therefore higher regulations, that was raised, and there is a bipartisan agreement. a number of things that can form with the sanding off of the rough edges of dodd frank, that bill got two thirds vote in the senate, a wide senate, a wide bipartisan support in the house. we have lost a third ofept and community banks in this country over the last 10 years. a third of them. that is a significant thing. it is devastating for local communities. urban and urban and rural are experiencing this in some way. we see a community bank or institution merging or going out i am saying these regulators move quickly before the politics of the residential election so dominate all of washington and we can't get anything done. get as much done as we can in the time we are given, and faithfully implement this bipartisan law. >> from a regulators perspective, politics should not be hugely important. it is kind of a matter of rulem

the bureau was created by the dodd-frank wall street reform and consumer protection act following the financial crisis to ensure that americans have a regulator working solely on their behalf in order to protect them from predatory and abusive actors. under director richard cordray's leadership, the consumer bureau helped over 30 million consumers who were harmed and addressed over 1.2 million complaints about financial institutions. as the chairman of the subcommittee on housing, community development, and insurance, i am pleased to see that the critical legislation restores the supervisory and enforcement powers of the bureau's office tasked with combating discriminatory lending practices. which have been responsible for causing the racial wealth gap to continue to grow. especially after a the financial crisis of -- after the financial crisis of 2008. this is a commonsense bill that, again, puts the american consumer first and ensures that in the regular course of business and commerce people will not forgotten. mr. speaker, thank you. i yield back. the chair: the gentlelady from ca

you've spoken about dodd frank. as you know, there were massive exemptions carved out for real estate in particular and as a result a lot of the money that was once flowing to swiss banks has been parked in new york miami and la and a lot of american cities. have you think of regulus regulations as they pertain to real estate? >> i'm not sure exactly what you are referring to the routines to real estate. >> what i'm referring to is the fact that a lot of the same background checks required for other sectors of the financial markets are not actually included. as a result for example, you can set up anonymous corporations and invest in housing in the united states to park many here as a form of what i would consider laundering. >> so you are asking me a question about details. i confess this is not in the fed's domain of authority and i confess i really haven't thought deeply about what the rules are. certainly banks face rules and real estate area in terms of the checks that they need to do, but you may be right that

dodd-frank conferred authority over private student lending to the cfpb. it did not grant the cfpb a role in the federal student lending that is overseen by the department of education. so this amendment is a counterpoint to what is existing law. the memorandum of understanding was terminated for good reason. this amendment is nothing more than an attempt to undo another federal agency's action without understanding the context in which it was terminated. i think the fundamental issue here is consumer choice, student choice. we lack that currently. when 90% of student lending is run by the federal government, we have a problem. that is a nationalized set of lending with more consumer choice, with better technology, with real innovation, we can give students better opportunities and better choices. those things are happening in the private sector but in a limited way because the federal government is so deeply involved in student lending. let's fix that issue of student lending with good reforms, with proper innovation, with more choices. this amendment doe

not totally but largely outlawed by dodd-frank.trump's in office, they are pulling back regulations, they still haven't gotten rid of a lot of stuff in dodd-frank. investment banking, again, goldman sachs, premier firm, morgan stanley, they have been on a lot of deals together. they were on the uber deal. the fees are being squeezed. okay? so this is the problem. now, what does david solomon do. why are former partners saying this. they are talking to people inside. they say he's not hired investment bankers to do this tomorrow but they believe he's clearly thinking in this direction. he's cutting costs. if you see, he's doing some smaller deals around the edges. he bought some money management firm recently. small deals. he's doing small things. they really believe that he's getting this in shape to sell it. again, u.s. bancorp is a name i hear. i hear american express a lot, too. i don't know if that is as easy of a deal. kind of a different form. u.s. bancorp, there's almost no overlap. they are a commercial bank, roughly the sa

the bureau of financicial protection, or cfpb was established by the 2010 dodd-frank wall street reform and consumer protection act in response to this crisis. the cfpb is tasked with implementing and enforcing federal consumer financial laws while ensuring consumer access to fair, transparentd competitiveinancialnd services. cordray, the cfpb returned over $12 million to consumers who fell victim to deceptive practices. handed over 1.2 million financial complaints. reigned in payday lenders. combating discrimination in lending, and held a number of bad actors accountable. under this administration the cfpb's leadership ordered a number of changes that weekened its ability to protect consumers. this included firing members of the consumer advisory board and reducing the size of the board. this hurt the cfpb's ability to help and protect consumers. the board's experts helped inform the cfpb about emerging practices and trends in the consumer finance industry and share analysis and recommendations. it helps ensure the government fully leverages expertise of those from outside of governmen

both dod and frank said that the attacks -- the claimed attacks on dodd/frank were false.r democrats -- they were attacking democrats on this but they were. and the reason i supported the bill was that small banks and small credit unions in my state which are very important to rural communities in colorado, had trouble keeping windup the regulatory requirements for dodd/frank. and for years they had pointed out to me that they hadn't caused the financial crisis, which is true. and i said to them when i have a chance to help fix that in a bipartisan way i will because we lost 40% of the bank headquarters in colorado as a result partly because of those regulations. that is why i voted for the bill. i kept my word, and i believe i did the right thing. thank you for the question. >> we're going to go to another audience question. deb dolbman who runs her own packaging business. >> for the past two years our country has been jerked around like a wagon being towed down a bumpy dirt road behind an angry toddler on a tricycle. >> i don't know what you mean. >> we seem to be in dan

post-financial crisis maybe had something to blame for that particularly with the regulation of dodd frank and the like. guest: i am very sympathetic to small banks who feel that they really have suffered in the last few years from the burden of regulation. it was much more costly for them than for the big banks. but right now, when i say to the small banks -- what i say to the small banks is, don't look backwards. saying no more regulation, less regulation, the answer is actually, it has to be smart regulation. the questions that are coming at the regulators are really complicated, like, how are you going to figure out what is an algorithm? who owns everybody's data? will we have open banking where you can submit your data to anybody want the way they have in europe and the u.k.? those questions require a different mindset. and by the way, they require our seven regulators will the small business ranking to work together -- small business banking to work together, to streamline and simplify. host: is that a problem in itself, that there are seven regulators just for that aspect of small b

curtailing of them because what we saw was when there was a similar issue with debit cards with the dodd frank years ago the durbin amendment basically capped interchange fees on debit cards, meaning how much money merchants pay the credit card cardnies when you use that . those fees are basically used to help pay for things like credit card rewards. once that cap was put on debit cards, debit card rewards essentially became extinct. they are still around a little bit but you kind of have to work to find them. the fear is that something similar to that would happen with credit card rewards if there was a severe rate cap. that would be a really big deal. sharon host: host: is in san marco's, texas. caller:caller: i have nothing to say except to call and correct something one of your callers said. he accused representative ocasio-cortez of having a 430 credit score et cetera et cetera, that was quickly fact checked. you go to snopes and commentary post that says ocasio-cortez -- it is very long and detailed investigation of this story and labeled it completely false. i want to make certain that

the dodd-frank act created the consumer financial civil penalty fundh the bureau deposits civil penalties that collects from wrongdoers. civil penalties should be used exclusively to make victims of financial consumer crimes whole. we should track down actual victims of fraud. however, current law allows the bureau to use this account as a slush fund. we should give the money back to the victims. this motion would put an end to the conversation pb slush fund. this motion requires them to do the right thing, give the money to the victims. . . mr. steil: the cfpb's ability to take away penalty funds and use them in unaccountable ways is unparalleled among financial regulators. where does this money go? both the government accountability office and the federal reserve's inspector general, which oversees the cfpb, found that the cfpb lacked internal procedures. the cfpb lacks accountability. the cfpb lacks transparency. where does this money go? let's put an end to the slush und at the bureau. let's redirect where this money belongs. let's give the money to the victims. i urge my colleagues t

he went after them on dodd frank. we'll have to see how this worked.l get money from wall street except for biden. >> neil: where did you get that notion that new yorkers are thin skinned? >> what? this guy is crazy. new yorkers are not thin skinned. are you kidding me? >> neil: we can still get stuff done? >> how much gets done in albany? does he understand how dysfunction albany is? the democrats running -- he's a democrat from new york. he's lives in staten island. have you seen what people are like? some of my best friends are from there. they're thin skinned. >> neil: we'll talk about it. thanks very much. well, we gave you everything. all the emotions to go with it that will do it here. we'll continue to look at wall street reaction to all that stopped the government. here's "the five" now. >> jessie: hello. i'm jesse waters with emily compagno, emily, juan and greg. it's 5:00 in new york city and this is "the five." a battle over impeachment playing out in washington d.c. the president blasting democrats for their latest conspiratorial attacks.

fought against rollbacks of dodd/frank and some things awful like carried interest and more.city of newark we immediated to do things to get things going to get jobs created. getting institutional and philanthropy in our city because we were in a recession. recession for the country, they're depression-like circumstances here. >> let me ask you a specific question about one battle fought here, which was school reform here in newark. and you were champion, and i think continue to be a champion, for vouchers, for, and particularly for charter schools. those which flourished here in newark, and that has become a bone of contention with the teachers unions and some forces within the democratic party. >> right. >> the reality i've been a champion in schools. i championed specifically to have a unified system that works for my kids. not where your zip code determines the quality of school. my vision for america every zip code in america has great, quality schools regardless of your parents' ability to navigate school systems or if they have to work two jobs and can't do that. >> i

last year, we rolled back the dodd-frank regulations that were crippling local banks, leaving -- thatillions of small business owners and homeowners rely on. i did not know this was a banking convention. i thought this was a real estate convention. what you know, you know what was happening to bankers, right? crusheders were being and they are being threatened. and these are people that are phenomenal. they were being destroyed. are oncel lenders again thriving. free to invest in our communities and help more families enjoy the experience and pride of homeownership. the press does not give me credit for anything, no matter what i do. who cares. the people know. that is why i have to go through go withent source and our social media stuff which is quite powerful. but they are very dishonest. right now, we are dealing with iran. out so many false messages that iran is totally confused. that might be a good thing. they put out fake news. they put out messages. that i am angry with my people. i am not angry. i make my own decisions. i am worse than they are. they are worse than me. they a

and i suppose we could say dodd frank. other than that, we've really done nothing.o, we have to find, i think, a way in this country to reconstruct that pleuralist politics and one of the arguments i make in my piece is that everywhere in america that goes on every single day except in congress. and the whole system is based on the idea not that we will agree with each other but we will disagree with each other. rachel maddow will have his bills mo views, michael bennet will have his views, kamala harris will have hers. we expect division and disagreements. how do we fashion those disagreements into imaginative and durable solutions is the work of a democracy. and we have completely lost it in our time. >> michael bennet is the senior senator from colorado. stay there, i promise i'll tell you about what bugged me in your piece. >> i want you to too. >> i'm going to break my rule about never talking to people about their families. we'll be right back. we'll be ri. - choosing to foster a child is choosing to nurture and emotionally support children in urgent need. it'

i suppose we can say dodd/frank. other than that, we've really done nothing.have to find, i think, a way in this country to reconstruct that pluralist politics, and the argument -- one of the arguments i make in my piece is that everywhere in america that goes on every single day, except in congress. >> mmm-hmm. >> and the whole system is based on the idea not that we will agree with each other but we will disagree with each other. rachel maddow will have her views. michael bennet will have his views. kamala harris, who is coming on tomorrow, will have hers. and mayor pete will have his. then you've got the republicans. and what we have to do is figure out how to go back to a place where we don't expect unanimity. we don't have a tyrant or a king to tell us what to think. we expect to have division and disagreements. how do we dpafashion those disagreements into imaginative and durable solutions is the work of a democracy and we have completely lost it in our time. >> michael bennet is the senior senator from colorado. will you stay there? i promise i'll tell

this have been a lot of laws that were initiated in 2008 crisis, dodd-frank and others, but all of them, actually, are delayed until 2020. i'd like to know your stance the on that. >> so i, i disagree with income inequality. i think it is an economic harm, and i think it exacerbates all of the other tensions that we iave in our society. i think the challenge, and this goes back to the question of trade wars, our economy is not simply -- i'm hesitating because i want to say a few things at once. part of our challenge with the way we pass our laws is we don't, politicians often don't want to be held accountable for fe consequences. so, yes, we will pass a law that says do x, but we delay the implementation so that it's long enough that people forget we did it. and it gives us time to undo it if we decide we don't want to. in the wake of the 2008 crisis, we attempted to respond, but we did so in a way we didn't want to alienate or offend anybody, including the perpetrate theres of the crisis. and that is deeply propmatic what we see -- the problematic. what we see happening with the cfpb,

during your time with the american bankers' association it was those quiet years following the dodd-frank law. >> very tranquil. >> when we were in the room with a lot of people professing their mortality based on every single thing the government was contemplating on that day, mike was always the hold on, wait a minute guy. he was trying to figure out what was the emotion and substance with those arguments. i think you're bringing that same kind of focus to your public service in oklahoma which i'm sure the people there and we all do appreciate. let me just kind of start in with just the basic question that you seem like you have been a reluctant legal vanguard of this issue. were there times as you were moving into this legal theory when you were grappling with what you explained was your own ambivalence about the use of the law where you thought maybe it's not worth it, maybe we shouldn't go through with it. >> am i under oath? >> this is a private twitter-free zone with the wonderful people at c-span co h covering your every word. >> it's been tough. as i mexicoe mentioned, cheryl jus

>> we created this out of dodd-frank to make sure that consumers were protected because consumers in general do not have a seat at the table. under mick mulvaney and now the cpfd, their role of protecting consumers and lenders. i do not believe there is a problem with predatory consumers. there is a problem with predatory lenders. we've got to make sure that that agency is staff fulling fulfilling the mission. we have a role as congress to step in offer oversight. >> an interesting point when you talk about mick mulvaney, acting chief of staff at the white house. appreciate it as always, enjoy springtime in chicago. there's no better city for about eight weeks of the year. >> happy mother's day. leland: glad you got that in. and we'll get that in for you. a lot more on the buzz, howard kurtz and the panel will break down the media coverage of the democrats and how they're looking into president trump and fox news sunday, chris wallace will be on with white house economic advisors larry kudlow. he was on our show last week and fox this week. and see that panel. >> there's a growing ai

through the dodd-frank wall street reform and consumer protection act, congress created the consumer bureau to be a strong and independent federal agency with a mandate to protect consumers from unfair, deceptive or abusive acts or practices in the financial marketplace. when the consumer bureau was first stood up, it was a powerful ally to consumers and middle class families across the country. under former director richard cordray, the consumer bureau returned nearly $12 billion to over 30 million consumers who were harmed, handled over 1.2 million consumer complaints about financial institutions, and implemented new safeguards to better protect consumers who utilize a wide range of consumer financial products and services. unfortunately the trump administration has politicized the agency, weakened supervision and enforcement, and reduced transparency and accountability. the bureau has dismantled protections for active duty service members, weakened fair lending enforcement, blocked payday loan cases, and terminated the consumer advisory board. and these are just a few examples of

tooccurred on a street -- alter dodd frank. it became clear that the opportunity to make some substitute changes in the regulatory environment for lenders would not occur. there weren't 60 votes on the senate to accomplish that. we spent two years trying to figure out among republicans and democrats on this committee what we could accomplish. the result was senate bill 2155. i was pleased for what i thought would be the outcome of senate bill 2155, it consequences to lenders, the recipients. unfortunately, when i talked to kansas lenders today and asked what were the consequences of 2155, it is a bit of a shrug of shoulders. hope that something is going to happen. haven't seen much relief. i was also pleased to see the republicans and democrats -- i want this committee to function, and i was pleased to see that we can find among ground and pass legislation on an important topic that affect the country. if the end result of what i have seen to date on 2155 is the final result, then in my view, we have failed. i don't know who we

>> i would answer that in two ways one, there hasn't been any major deregulation it's not like dodd frank has been reneged on or pulled back there have been some changes in regulation like the bill last year but what's more important than changing regulation is actually the attitude of regulatory bodies toward businesses, toward the private capital. and that has changed and that is much more reasonable i would say the expectations from regulators were from the banks they're regulating haven't changed much but the way they're engaging with banks has changed for the positive in a very material way and that's good news >> just a quick question on how these guys are trading, regional versus the big banks >> regionals usually outperform. raj talked about it with m&a it's usually because m&a premium, they're only outperforming by about 1% right now. so something's got to give, something's got to take. i believe the xls, the bigger money center banks probably have to come in a little further. and the kre, the regional index, probably rallies a bit more. >> okay. raj, thanks so much for joining u

i was involved when this committee passed legislation to reform, alter dodd-frank, it occurred on a straight party line, every republican voting yes, every democrat voting no. it became here that the opportunity to make some substantive changes in the regulatory environment for lenders would not occur, there weren't 60 votes on the floor of the united states senate to accomplish that. we then spent two years trying to figure out among republicans and democrats on this committee what we could accomplish. the end result was 21-55. i was pleased for what i thought would be the outcome of 2155 and consequences on those who lend money, more importantly the lenders, those who are the recipient of the credit. unfortunately, when i talked to kansas lenders today, and ask what was the consequence of 2155, it's a bit of a shrug of shoulders, hope that something's going to happen. we haven't seen much relief, i was also pleased to see that republicans and democrats, i want the united states senate. i want this committee to function. i was pleased to see we could find common ground and pass important le

curtailing of them because what we saw was when there was a similar issue with debit cards with the dodd frank durbin amendment basically capped interchange fees on debit cards, meaning how much money merchants pay the credit card cardnies when you use that . those fees are basically used to help pay for things like credit card rewards. once that cap was put on debit cards, debit card rewards essentially became extinct. they are still around a little bit but you kind of have to work to find them. the fear is that something similar to that would happen with credit card rewards if there was a severe rate cap. that would be a really big deal. sharon host: host: is in san marco's, texas. caller:caller: i have nothing to say except to call and correct something one of your callers said. he accused representative ocasio-cortez of having a 430 credit score et cetera et cetera, that was quickly fact checked. you go to snopes and commentary post that says ocasio-cortez -- it is very long and detailed investigation of this story and labeled it completely false. i want to make certain that comment that w

post-financial crisis maybe had something to blame for that particularly with the regulation of dodd frankike. guest: i am very sympathetic to small banks who feel that they really have suffered in the last few years from the burden of regulation. it was much more costly for them than for the big banks. but right now, when i say to the small banks -- what i say to the small banks is, don't look backwards. saying no more regulation, less regulation, the answer is actually, it has to be smart regulation. the questions that are coming at the regulators are really complicated, like, how are you going to figure out what is an algorithm? who owns everybody's data? will we have open banking where you can submit your data to anybody want the way they have in europe and the u.k.? those questions require a different mindset. and by the way, they require our seven regulators will the small business ranking to work together -- small business banking to work together, to streamline and simplify. host: is that a problem in itself, that there are seven regulators just for that aspect of small business? g