mr. pearce: yes. mr. cordray: i wouldn't have a specific figure to put on that. mr. pearce: is there a figure at which you identify people having payday loans, that they're kind of in trouble? mr. cordray: i would say the overwhelming consensus of a lot of people who look at it, rolling loans in long sequences, where you pay more in fees than you are in the first place. mr. pearce: with all respect, would you tell me people have many different ideas, you're the top regulator in the dadgum country, i'm asking you what is your opinion, and you can't give me an answer. mr. cordray: my opinion of my authority, we are working through these issues, we've issued a very -- mr. pearce: you're going after an industry and trying to shut them down. there are people in my district who use them and say, if it weren't for that i wouldn't have been able to pay my rent this month. forget that. let's go to exploitation. you've talked about exploitation , so at what level are feing exploit tative? mr. cordray: we are not seeking to shut an industry down. mr. pearce: you're doing a prett

mr. pearce: i'm trying to get an idea -- mr. cordray: for whom the market is a short-term 14-day loan, more than half the loans are going to people who have rolled them 10 or more times. seems like that crossed the line somewhere along the way. mr. pearce: that's not the direct i'm going but i appreciate that input. do you have a figure, the problem payday loans, about how much the people owe when they get to be problems? in other words, if somebody owes $100, is that a problem? or does it need to get to $1,000 or $10,000? mr. cordray: talk about tribal payday loans in particular? mr. pearce: yes. mr. cordray: i wouldn't have a specific figure to put on that. mr. pearce: is there a figure at which you identify people having payday loans, that they're kind of in trouble? mr. cordray: i would say the overwhelming consensus of a lot of people who look at it, rolling loans in long sequences, where you pay more in fees than you are in the first place. mr. pearce: with all respect, would you tell me people have many different ideas, y

mr. pearce: i'm trying to get an idea -- mr. cordray: for whom the market is a short-term 14-day loan, and in fact, more than half the loans are going to people who have rolled them 10 or more times, it seems like that crossed the line somewhere along the way. mr. pearce: that's not the direct i'm going, but i appreciate that input. do you have a figure, the problem payday loans, about how much the people owe when they get to be problems? in other words, if somebody owes 100 bucks, is that a -- mr. cordray: i would say the overwhelming consensus of a lot of people who look at it, rolling loans in long sequences, where you pay more in fees than you are in the first place. mr. pearce: with all respect, -- where you -- haveell me many people different ideas. you're the top regulator in the dadgum country, i'm asking you what is your opinion, and you can't give me an answer. mr. cordray: my opinion of my authority, we are working through these issues, we've issued a very -- mr. pearce: you're going after an industry and trying to sh

mr. pearce. pearce pearce thank you, mr. chairman -- mr. pearce: thank you, mr. chairman. don't want to catch you off balance, mr. cordray. but i would like to thank -- over here. i would like to thank you for the past couple of years, your staff's been working with the coalition to save several financing, basically streamlining the rules under title 14 of dodd-frank. just pertains to the financing. that's something that we've discussed in one of our meetings. i appreciate whatever's going on there. there's some sense that we'll come to resolution there. at what level do you think that people who are using payday loans are trapped? in other words, how many loans in a row does that -- does constitute that? mr. cordray: i don't know if there's a hard and fast definition but i guess from what we have seen, if half of the loans being made in that marketplace, more than half of the loans being made in that arketplace are going to people -- mr. pearce: i'm trying to get an idea -- mr. cordray: for whom the market is a short-term 14-day loan, more than half the loans are going to