mr. richard cordray, as director of the consumer financial protection bureau, mr. cordray, you may begin your testimony. >> members of the commitity, thank you for inviting me to testify about the fourth semiannual report of the consumer financial protection bureau. since we opened our doors just over two years ago, the bureau has been focused on make consumer financial markets work better for consumers and honest businesses. the report we're discussing today describes the bureau's efforts to achieve this vital mission through fair rules, consistent oversight, appropriate enforcement of the law and broad based consumer especially gam especially gaemg, the bureau is helping to put more than $750 million back in the pockets of millions of consumers. these include a refund of more than $6 million to tens of thousands of u.s. service members in a case involving the military allotment system. because of our supervisory work, financial institutions are making changes to the compliance management systems to prevent violations and reduce risk to consumers. in addition, beca

mr. richard cordray, as director of the consumer financial protection bureau, mr. cordray, you may begin your testimony. >> members of the commitity, thank you for inviting me to testify about the fourth semiannual report of the consumer financial protection bureau. since we opened our doors just over two years ago, the bureau has been focused on make consumer financial markets work better for consumers and honest businesses. the report we're discussing today describes the bureau's efforts to achieve this vital mission through fair rules, consistent oversight, appropriate enforcement of the law and broad based consumer especially gam especially gaemg, the bureau is helping to put more than $750 million back in the pockets of millions of consumers. these include a refund of more than $6 million to tens of thousands of u.s. service members in a case involving the military allotment system. because of our supervisory work, financial institutions are making changes to the compliance management systems to prevent violations and reduce risk to consumers. in addition, beca

mr. chairman, thank you very much. director cordray, thank you for being here and the opportunity to ask you a couple of questions. you're aware in regard to automobile financing a number of us sent a letter to you to consumer protection financial bureau, that letter was dated october 30th. it was signed by 21 or 22 of us requesting information you've responded. thank you for your response. but i want to follow up and see if you can provide a broader answer and perhaps a more specific answer. what we ask in that letter was for details concerning the statistical methodology the bureau employs to determine whether dispariate impact portfolio methodology for each group of consumers the bureau has examined. what i know is that the borrowers don't self-identify. they don't say their gender or their race. you are using, the bureau is using a proxy to determine those criteria. but apparently a conclusion has been reached there is discrimination or disparate finance charges based upon those characteristics. you describe in the letter back to u

cordray, the first director of the consumer financial protection bureau. thanks to ben white and politico for hosting this, and we look forward to a good discussion today. [applause] >> thank you, mr. peterson and the foundation, for your continued support. we very much appreciate your efforts. i also wanted to welcome everybody on the live stream and folks watching on c-span, happy to have you here. without further ado, i'd like to introduce cfpb's richard cordray. [applause] good to see you, sir. i always think we should have entrance music like at a basketball or football game for the starting guard, richard cordray, from ohio. [laughter] >> thank you. >> you a basketball player? >> forward. >> okay. [laughter] power forward. >> that wouldn't be justified. >> wouldn't be justified. i want to start, we'll get into a little bit of the weeds on some specific cfpb-related rules and policies, but i wanted to start a little more broadly this morning with some comments from elizabeth warren giving a speech today in which she says the system right now is still rigged against families in favor of powerful interest withs. it seems like we're now four years on from the worst of the financ