mr. staatz. the next witness, richard hunt recognized for the purpose of making a five-minute opening statement. >> hi. and a very good afternoon, ranking member maloney and member of the subcommittee. my name is richard hunt. i am serving as president of the consumer bankers association. c.b.a. is the national traders association for retail banking, for fulfilling the financial needs of american consumers and small businesses. retail banking is where the cfpb will focus its broad authorities. we have had a long history of supporting improved consumer protection. it is no secret we opposed the creation of the cfpb. we believe the benefits are outweighed by the problems that in separating the agency from prudential banking regulators. nevertheless, c.b. a.'s focus on helping our members prepare for this new agency, which will be their primary regulator. and we have met on numerous occasions with those standing up, the bureau. we also nod the bureau will provide benefits, such as providing the firs

mr. staatz, mr. hunt, mr. wilcox, you always, always had this provision, isn't that correct? would have you made alone on anything. >> correct, absolutely. >> absolutely. and so here we have the fed which has jurisdiction over most of the banks by the time they figure out what they do, that has the authority all along that could have stopped this stupid blunder in realty. they have the authority to do that all along and they didn't do it. why should we trust yet another organization with a thousand new employees, untested, untried in theory? >> here is why. the cfpb has a single mission, and it will be judged on whether it succeeds in protecting consumers. the fed has multiple missions and the conflict. >> but the cfpb would never be judged by the people elected in this country, and those are members of congress. and i find your statement to the absolutely astounding, especially in light of the fact that you are special counsel on the t.a.r.p. where you said you find it offensive that this agency would be subjected to the appropriation process. and, therefore, politicize, i m