it's not something that you are associated with, but mr. grimm was the co-sponsor, and i want to make sure i mention him. with reference to your appearance today you also have an office for older americans that i think is important. i understand that mr. skip humphries is the person who will lead this agency or office, and i am eager to hear more about this. i have some of the accomplishments. you've been there a short time but your list of accomplishments has become very impressive over a very short period of time. this test pilot program, know before you owe, i think that's something that the consumers with credit cards will be excited about. you've initiated an examination into the student loan debt. i think it's something that college kids especially are going to be excited about. you have an ask the cfpb q&a opportunity for members of the public so that they can increase their financial literacy. you have initiated an overdraft exploration program and you're going to look at the harmful effects on consumers. you've created a first of its kin

i want to thank mr. grimm, mr. peters, mr. scot, mr. owens for sponsoring this important legislation. i am pleased to note that it is a bipartisan effort supported overwhelmingly by both committees. i want to thank my chairman, mr. lucas, and chairman bachus, for this. this legislation will protect jobs and businesses struggling to meet the multitude of mandates coming out of washington. thank you, mr. chairman, i yield back. the speaker pro tempore: the gentleman yields back. the gentleman from texas is recognized. mr. green: i close by indicating i concur with my colleagues, this legislation enjoys the bipartisan support that we believe will help us to get a message to our members that it is a good piece of legislation that should be totally supported by the membership. i ask my colleagues and members of the congress to please support this legislation and i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the gentleman from new jersey is recognized. mr. garrett: i think we have one more speaker, i

mr. grimm for five minutes. >> thank you, madam chairwoman, for holding this hearing first of all, and i appreciate edwards testimony today. -- i appreciate everyone's testimony today. how much does mastercard spend annually on fraud? i know there's quite a bit of fraud that even traditionally with cards. you have a ballpark of a bigger problem is for mastercard? >> i don't think we've broken a a specific fraud expenses, but what i would say is it something that we constantly battle. any change can anything we do we have to make sure that we're making the system safer for that. so one of the primary focus is of our organization is to make sure that we're eliminating fraud, or maybe getting it where ever possible. >> would you say it increased significantly with the advancements of the internet? >> i think any new technology creates challenges to make sure that it's secure. we've been able to, over the last decade, to allow to mitigate the fraud potential, what's online. but that's something we

mr. gramm -- grimm when i talked about this initiative, but he was the co- sponsor, and i want to make sure him. with regards to your appearance today, you also have an office for older americans that i think is important. i understand that mr. skip humphries is the person who will lead this agency or office. i am eager to hear more about this. some of the accomplishments -- you have been their a short time, but your list of accomplishments has become very impressive over a very short time. this test pilot program, "know before you owe," i think that is something consumers with credit cards will be excited about. you have initiated an examination into student loan debt. i think it is something that college kids especially are going to be excited about. you have and ask the -- an ask the cfpb opportunity for members of the public to increase financial literacy. you have initiated an over back exploration program to look at the harmful effects on consumers. you have created a first-of-its- kind program, a database for repeat offenders against the military realm, to combat the fraud that targe