adam levitin. i'm a professor at georgetown university. my research focuses on consumer finance and financial regulation. i'm not here representing any financial ledgers or to plead the interest of banks were trading groups. instead line here is an expert on consumer finance and as a scholar whose work is deeply concerned in the financial security of american families. i'm happy to discuss the cfpb's regulatory structure and how it compares with other bank regulators the cfpb with print the availability of stable credit. it's frankly premature to speculate on this, but i would note that the cfpb is required by statute to do cost-benefit analysis on provisions of financial products. i'm also happy to make the case as i do in my written testimony that cfpb is more accountable than any other federal bank regulator, period. but i think it's important that we all be honest about what's going on here. this hearing really isn't about improving the cfpb or insuring that there's sufficient oversight. those

levitin's misperception about what the chamber's long help position has been. through the debate over dodd-frank, the chamber made clear it strongly supported sound consumers protection and enhanced consumers protection at the federal level. the chamber businesses just like consumers have a strong interest in a marketplace that's free of fraud and free of other deceptive and exploitive practices so that businesses can compete. businesses just like consumers don't like predator practices that hurt consumers. at the same time, what is essential is to ensure that regulation does not impose duplicative and unjustified burdens. they unjustifiably convert resources to complying with rules that are necessary. in this context that mr. zywicki has mentioned, they prevent small businesses from obtaining the credit they need, and the jobs that our economy needs. because the well documented fact is that small business credit is often consumers credit. and misguided regulation of consumers credit that shrinks it's availability will shrink the credit that is the life blood o

chairman, ranking member, members of this subcommittee, i'm adam levitin. i'm a professor of law at georgetown university. my research focuses on consumer finance and financial regulation. i'm not representing any financial interest or banks or traders. i am here is an expert on consumer finance as a scholar whose work is deeply concerned with financial security of american families. i am happy to discuss the cfpb's regulatory structure. i do so in detail in my written testimony. i am happy to address unfounded concerned that the cfpb will hurt the ability of sustainable credit. i would note that the cfpb is required by statute to do a cost-benefit analysis on prohibitions a financial products. am also happy to make the case is that to my written testimony that the cfpb is more accountable than any federal regulator, period. this hearing is not about improving the cfpb or ensuring sufficient oversight. those are laudable goals. the cfpb has not even got up and running yet. by all accounts, the transition team led by professor warren is doing an upstanding j