mr. hinojosa. mr. hinojosa: thank you very much, chairman hensarling, and ranking member waters. for holding this important hearing. on the cfpb's semiannual report. director cordray, i want to thank you for your appearance here today and for your exemplary leadership at the consumer financial protection bureau. before i proceed with my questions, i wish to voice my strong support for cfpb and its mission of protecting american consumers. mr. chairman, hensarling, i ask unanimous consent to enter my opening statement into today's record. mr. hensarling: without objection. mr. hinojosa: with that i'll be able to move right into my questions. director cordray, many argue that the bureau issues a payday lending rule in line with the released outline, that if you do that, it will eliminate a crucial source of lending for many low-income people that have no other options. why does the bureau see the need to regulate payday lenders and why do you believe consumers will be better off with cfpb oversight? mr. cordray: again, we were given authority by congress to address this marketplace

mr. hinojosa. mr. hinojosa: thank you very much, chairman hensarling, and ranking member waters. for holding this important hearing. on the cfpb's semiannual report. director cordray, i want to thank you for your appearance here today and for your exemplary leadership at the consumer financial protection bureau. before i proceed with my questions, i wish to voice my strong support for cfpb and its mission of protecting american consumers. mr. chairman, hensarling, i ask unanimous consent to enter my opening statement into today's record. mr. hensarling: without objection. mr. hinojosa: with that i'll be able to move right into my questions. director cordray, many argue that the bureau issues a payday lending rule in line with the released outline, that if you do that, it will eliminate a crucial source of lending for many low-income people that have no other options. why does the bureau see the need to regulate payday lenders and why do you believe consumers will be better off with cfpb oversight? mr. cordray: again, we were given authority by congress to address this marketplace

mr. hinojosa for five minutes. >> thank you, chairman and ranking member waters for holding this hearingn the annual state of the international finance system. welcome secretary lew, i'm pleased that you are testifying today. because this hearing gives us on this committee the opportunity to discuss the net bank in san antonio, texas. the net bank was created in 1994, as part of nafta, to alleviate the environmental concerns and economic problems that would be created by the movement of commerce and people to the u.s./mexico border region. since its creation over 20 years ago, the bank has made a tremendous improvement to some of the most impoverished communities in both nations, including towns and colonials in my congressional district and along the u.s./mexico border from brownsville to el paso and all the way to california/mexico border. the bank's investments have brought life-saving potable drinking water to millions of people, many of whom faced health-threatening conditions due to unsafe sources of drinking waters. so that that leads me to the first question. january 2015 during

mr. hinojosa. >> thank you. thank you very much, chairman hensarling and ranking member waters for holding this important hearing on the cfpb's semi-annual report. director cordray, i want to thank you for your appearance here today and for your exemplary leadership at the consumer financial protection bureau. before i proceed with my questions, i wish to voice my strong support for cfpb and its mission of protecting american consumers. mr. chairman hensarling i ask umts consent to enter my opening statement into today's record. >> without objection. >> with that i'll be able to move right into my questions. director cordray, many argue that the bureau issues a payday lending rule in line with a released outline, that if you do that it will eliminate a crucial source of lending for many low-income people that have no other options. why does the bureau see the need to regulate payday lenders, and why do you believe consumers will be better off with cfpb oversight? >> so again, we were given authority by congress