mr. cordray, for being with us or today. i appreciate it. mr. chairman, the semiannual briefing by the consumer financial protection bureau was very important to us to gain insight into what the agency is doing. as i consistently stated in past hearings we still have concerns of the constructional nature of the agency. we continue to seek a change from the sole directorship to a board like structure. it is also essential that the agency be a part of the appropriations process, and finally we believe that they prudential banking regulator should have a formal input into the bureau's action. where those actions affect safety and soundness. and with regard to the president -- my opinion has not changed. i continue to believe recess appointed was unconstitutional. recently, agency officials have pointed out that it has led more 30 times before congress in the past two years. while this does give congress an opportunity to directly from agency officials, and appreciate the comment is unnecessary facilitate the in depth discussion of the specific issu

mr. cordray, good morning. the financial stability oversight council, of which cfpb is a member, was given broad authority to eliminate market expectations that any american firms too big to fail. do you agree that as a member of fsoc, that you have a responsibility to contribute to these discussions and help identify threats to our financial system? >> that is a responsibility congress has given me by law. >> you believe you have that responsibility. >> i do. >> do you believe that all systemic risks have been contained and too big to fail expectations that large institutions will not be allowed to fail has ended or still assessing threats? >> my perspective on this is sort of limited and more recent. i was not here in washington and not directly involved in the events of the financial crisis. i was the treasurer of ohio at the time, overseeing billion office dollars in public financeses. but what is clear from my work thus far, tremendous work is in progress, tremendous strides have been made, and the framewo

mr. cordray came in, those appointments were unconstitutional.s a separate court case pending using the same arguments to unseat tocordray and turned over most of dodd- frank. until he is confirmed by the senate, they say he has no standing. representative hensarling is chairman of the house financial-services committee and he sent this letter on april 22 saying the committee cannot legally accept testimony from consumerordray on the financial protection bureau's semiannual report on -- until he ys valley appointed -- validl appointed. talk to us a little more about the specifics of what kind of oversight be cfpb has. guest: it probably has one of the bras are results of the financial market. it can oversee non-financial players like payday lenders, check cashing stores, debt collectors, credit reporting bureaus but it also has provision over some of bigger banks. many of their supervision was banks a $10 billion or more in assets and what they do in terms of mortgage lending and paid a landing. it is becoming a growing business for a lot of larg

mr. cordray for being with us today. the semiannual briefing at a potential bureau is important to gain insight into what the agency is doing. as i've consistently stated in past hearings, we have concerns with the structural nature of the agency. we continue to seek a change to report that structure that is essential the agency be a part of the perp patients process and the prudential banking regulator should i be fumbled and put into the bureau's action for those actions affect safety and soundness. with regard to the cfpb last elected and has not changed. recently officials have pointed out they've testified in the past few years. we here direct from agency officials and it does not facilitate the net discussion of a specific issue i'm concerned we need. last week blumberg ran a lengthy article citing the richard cordray has allocated $20 million for collecting and tracking customer credit card and spending habits for 10 million americans. the size of the data collection and the money being spent at the agency or a ca

mr. cordray, who's up for nomination, has been delayed.>> to stop enforcing the existing gun laws, which a lot of people will say, why don't we just enforce the existing gun laws. we have because, well, for a decade now, at least, there have been people on the hill that have been fighting to stop that enforcement. >> and can a terrorist currently buy a gun in this country? yes. can a felon? yes. and virtually no questions are asked. >> it's crazy. >> let's talk about the compromise right now that joe manchin is working with pat toomey about. what are your concerns? >> well, i haven't seen the bill, so i'm going to reserve my concerns. i only know what people have told me. everything is a step forward. you know, we can't let the perfect be the enemy of the good, as has been said. >> so let's, then, look at connecticut. governor malloy, as you said, the rest of the country is way behind the hill, senator feinstein. >> way ahead. >> way ahead. connecticut appears to be as well, with the legislation that you have underway there, really, really