mr. pincus on a couple of quick items. first, mr. zywicki, look, i understand the notion of appropriate consumer protection. i think most of us do. i think all of us probably agree that there is either redundancies' or even in some circumstances additional burdens and some regulatory requirements. i think some of us would even agree with this philosophy or notion of the cfpb. i of great concerns about the structure, great concerns about the ultimate power that can be provided to this one individual and to the individuals within this organization. i have a serious concern about the funding of the agency and the lack of the ability for this agency to be called in front of congress and i think those are concerns of anybody in congress should have because ultimately people in this country are going to rely on congress to make sure that the right things are being done. so my question to you would be in two parts. can you talk about how this agency is structured it some of the problems we should consider or see in the future, and second, w

mr. pincus on my left on behalf of the chamber of commerce. mr. pincus expresses concerns the cfpb structure leaves it vulnerable to regulatory capture. riga but recaptures the phenomenon of a regulatory agency advancing the interest of the industry it regulates rather than the public interest. the typical story for gil troy captain is the oil industry capturing the the management service. wall street capturing regulators like the occ. as representative bachus put it washington and regulators are there to serve the banks. so this leaves me wondering who does the chamber fear will capture the cfpb? is the multitude of well-financed consumer groups that have shown themselves to be the terror of capitol hill? is it middle class dozens? military families? seniors? i'm quite perplexed and find a stream for the chamber to express concerns of catcher because regulatory capture is the gebers signature mode of operation. perhaps the chamber simply worries it won't be able to capture the cfpb and that the cfpb won't be the last of wall street will be a real

mr. pincus on my left on behalf the chamber commerce. it expresses concern is that the cfpb's structure leads its honorable to regulatory capture. that is a phenomenon of a regulatory agency acting in the interest of the interest -- the industry regulator. a typical store is the oil industry capturing the minerals management service for it or wall street capturing the fed. as it was put, washington and regulators are there to serve the banks. who is the chamber fear will captured the cfpb? is a middle-class citizens, military families, seniors? i am quite perplexed by it. and i find it very strange for the chamber of all entities to express concerns about captured regulatory capture is the chamber's singular mode of operation. perhaps it is worried that it will not be able to capture the cfpb and it will not be the lapdog of wall street but will be a real financial watchdog. the chamber it sounding the alarm about regulatory capture. it reveals for what it really is. they're trying to render this ineffective because they are not enough v

. >> mr pankin stacr pincus. >> i think it brings an external writer but also brings other policy voices to the table. the oira process involves the whole government to have been put. that is what you want in an area where you have such a multitude of policy interests. >> thank you. it is currently required c for thefpb for cost-benefit analysis for small businesses. >> my understanding is the c for the cfpb it is included. >> i believe it is an internal cost benefit analysis. oira reduce only for the small- business division. >> one problem a call all the things we're talking about only apply to the rules. the ftc has basically set standards for with for some actions. another area of other important discussion is where enforcement position gets taken either through settlement or whatever becomes something that prevails on what is the check on that? legitimate businesses will say they need to start complying with this. >> that was one of my questions. this is about the relationship to the mortgage settlement. they're not intent on communicating very much of what they're doing. the agency