holly petraeus and i went together to chart based in san antonio. we've been to other places. she's been on their own. she's opened up a website. >> are faster, this is just the kind of thing we hope you would be doing. like to ask you about the kinds of complaints that you expect to receive first when you come online on july 21st. have you anticipated what kind of complaints are like you to come to the forefront and you expect a servicemember complaints to be among them? >> we have reason to believe this because we've are deep in out to servicemembers and servicemember families and actually are an active communication with many families and many of those he servicemember families. we anticipate this'll be a significant part of our time of our workload at the consumer financial protection bureau. >> yes, ma'am. >> point of order. is there any reason not to numb the disposition of the subpoena motion that was going to be addressed at 10:40? >> feature announced it would not happen before 1040. >> away the closer approximation? and fairness of the members on both sides, it would

look, i knew some of it, but boy, i didn't know it firsthand the way holly petraeus knew it, about how new service members are targeted by those who figured out they can peel their money away, what's happening to service members when they are overseas and they are not getting the full protection of the law they are entitled to, about the number one reason in america for losing your security clearance is a problem with a creditor. holly said there's a lot you can do with this agency and i want to see you do it. i had a couple of conversations with her and i said shoot, i think we just saw the person who should head up that office and that's what she's been doing. she's gone on her own to several, really starting the conversation with military families about what's happening to them and what we can do to be helpful. if you go to our blog, let me do a commercial, www.consumerfinance.com. there are a lot of pieces on it right now, but one is there for military families and they have an ongoing conversation with holly and the staff she's building. we just met last week with the judge advoca

we have been under the strong leadership of holly petraeus. we have hired several employees from diverse backgrounds. we have people coming to us from financial-services, consumer advocacy, consumer banking. and we have kept stakeholders' informed every step along the way. i have spoken with community bankers and i have spoken with the dozens of credit unions and credit union officials. i have spoken too big banking sectors, the trade association, a government watchdog groups and consumer advocates across the country. i am pleased to report that out or initiatives on improving market reforms, supervising credit businesses and setting up a strong military service offices have received widespread support from those individuals across this country. in my written testimony, i describe in detail the steps to provide meaningful oversight and to make sure it remains accountable to congress and the american people. i appreciate the opportunity to discuss that oversight today. members of the committee, elijah cummings, thank you for alumnae to testify.

when we established the consumer financial protection bureau, i first met with holly petraeus, i believe it was october. although my calendar's full so it would be impossible to find it. she came to see me of what she thought were terrible abuses going on with military families, and she said to me, you now have this new consumer agency and you can do something about this. i must say, for a small woman she is very forceful. i listened to her and took lots of notes and she had lots of very specific instances of what she was concerned about and very specific recommendations for what we could do. so about a week went by and i invited her to come back, and we talked a second time and she had even more ideas. and that's when i realized we found our leader for the office of service member affairs. i made her an offer and she came to work for us, and that's how i really want to describe this. this office started with someone who is fully on the ground, understands what's happening to military families. she herself comes from a military family from generations of military service people and she's

we are taking our first consumer complaints about credit cards, and holly petraeus has set up a strong office reaches out to -- reaching out to military families. to fulfill the mandate established by congress, we have hired an expert staff from the private, public and nonprofit sectors. they are strying to build an agency that is smart, effective and balanced. at the cfpb we have been building into the agency's dna extensive outreach to small financial institutions such as community banks and credit unions. we believe in the importance of a financial services marketplace where small providers can thrive. we will work to reduce regulatory burdens on small financial service providers wherever possible, and we can take as an example disclosure reform. we understand lenders' deep frustration with the current mortgage forms required by federal law. they're complicated, sometimes duplicative, and more costly to fill out than they need to be. so we've solicited feedback from thousands of brokers, lenders and consumers to make the forms simpler to use and easier to complete. minimizing regula