without further ado, i would like to introduce richard cordray. [applause] >> i always think we should have entrance music like at a basketball game. are you a basketball player? >> forward. >> how about power forward? >> that would not be justified. >> i wanted to start a little more broadly with some comments from elizabeth warren giving a speech today in which she says the system is still rigged against families in favor of powerful interests. it seems like we are now four years on from the worst of the financial crisis, some of the worst abuses of the mortgage industry. surprising that she would say it is still rigged despite all of the work that has been done, the passage of dodd-frank. do you think that is true, that the system is still rigged against working families in favor of powerful interests? >> i have not seen those remarks. i am always interested to hear what senator warren has to say. congress clearly made a judgment that a new agency needed to be created, that there is someone to stand on the side of the average consumer to make s

richard cordray yesterday morning. he discussed the federal agency's direction and his you trip. -- and his future. e -- politiccome o's chief economic correspondent, ben mark -- ben white. >> i am the chief economic reporter for politico. it -- if it is a must read, but we hope you read. there honored to have director of the consumer financial protection bureau. a few housekeeping notes. if you have cell phones, we would be happy to have you tweet the event. just turn them on vibrate. i have a tab to get twitter questions if you have those for me. i would like to thank the foundation for their partnership . we are appreciative of their efforts. here to say a few words is michael peterson, the president and chief operating officer. good morning. welcome today. the nonpartisan mission is to increase awareness and accelerate action on america america's long-term fiscal challenges. we just made it through a government shutdown. we just have a couple months before we have similar deadlines. is important to move beyond gove

without further ado, i'd like to introduce cfpb's richard cordray. [applause] good to see you, sir. i always think we should have entrance music like at a basketball or football game for the starting guard, richard cordray, from ohio. [laughter] >> thank you. >> you a basketball player? >> forward. >> okay. [laughter] power forward. >> that wouldn't be justified. >> wouldn't be justified. i want to start, we'll get into a little bit of the weeds on some specific cfpb-related rules and policies, but i wanted to start a little more broadly this morning with some comments from elizabeth warren giving a speech today in which she says the system right now is still rigged against families in favor of powerful interest withs. it seems like we're now four years on from the worst of the financial crisis, some of the worst abuses of the mortgage industry, other financial industries. it surprised me somewhat she would still say it's rigged in this way despite all the work that's been done, passage of dodd-frank, institution of your organization -- now you're fully in charge as the director. do

without further ado, i would like to introduce richard cordray. [applause] >> i always think we should have entrance music like at a basketball game. are you a basketball player? >> forward. >> how about power forward? >> that would not be justified. >> i wanted to start a little more broadly with some comments from elizabeth warren giving a speech today in which she says the system is still rigged against families in favor of powerful interests. it seems like we are now four years on from the worst of the financial crisis, some of the worst abuses of the mortgage industry. .industry. surprising that she would say it is still rigged despite all of the work that has been done, the passage of dodd-frank. do you think that is true, that the system is still rigged against working families in favor of powerful interests? >> i have not seen those remarks. i am always interested to hear what senator warren has to say. congress clearly made a judgment that a new agency needed to be created, that there is someone to stand on the side of the average consume

>> very short answer to this one, is there a political future for richard cordray? which would consider running for an elective office in ohio? >> it's not a political job. i understand it's a job done in a political con teblings but it's a federal -- context, but it's a federal job and that's how i see it. >> you can send more questions #morningmoney if you have something in mind get it ready in the next few minutes. one good question that came in how does this cfpb choose the market and which authority? how do you pick in the nonbank area what you focus on and which tools you use? >> i think your question there just illustrated there are a lot of choices to be made in terms of how to prioritize our resources and our work. how do you pick in the nonbank area what you focus on and which tools you use? >> i think your question there just illustrated there are a lot of choices to be made in terms of how to prioritize our resources and our work. and it's a -- already a somewhat complex thing to determine what we choose to take on when and why. i think we've had a thoug

we don't care at all what richard cordray spent last night or where he spent it. what we care about is what kind of rates and fees, what kind of pricing mechanisms. it's that sort of thing. and if we're going to monitor some of the largest and most powerful financial institutions in the world, we have to be able to keep up with understanding what they're doing to consumers. >> you said you didn't agree with the characterization that reviews were done in an adversarial basis and, therefore, had to be changed somewhat. if that's true, you don't agree with that characterization, why did you make the change to stop sending enforcement lawyers -- >> so i think there was a certain message people took from that practice that was not the message that was intended. we've been working hard to integrate our supervision and our or enforcement elements of the bureau. we're a little different animal from, certainly a different animal from my past experience as an ohio attorney general. i had enforcement authority, but i didn't have examination authority or supervisory authority

richard cordray, as director of the consumer financial protection bureau, mr. cordray, you may begin your testimony. >> members of the commitity, thank you for inviting me to testify about the fourth semiannual report of the consumer financial protection bureau. since we opened our doors just over two years ago, the bureau has been focused on make consumer financial markets work better for consumers and honest businesses. the report we're discussing today describes the bureau's efforts to achieve this vital mission through fair rules, consistent oversight, appropriate enforcement of the law and broad based consumer especially gam especially gaemg, the bureau is helping to put more than $750 million back in the pockets of millions of consumers. these include a refund of more than $6 million to tens of thousands of u.s. service members in a case involving the military allotment system. because of our supervisory work, financial institutions are making changes to the compliance management systems to prevent violations and reduce risk to consumers. in addition, beca

so, for example, richard cordray for the consumer board, he was held up because they don't like that board that was created under the financial reform law. other people have been held up because, you know, they're trying to get something on another issue. senator graham has been holding up all appointments because he wants information on benghazi. i get he wants that information, those documents, but you can't mix the two. and also, what we're doing, is why would anybody want to go into public service anymore? peter diamond is a nobel prize winner in economics. and he was filibustered to be on the fed board. why would anybody bother anymore. what kind of people are we going to get seeking office? >> that's my point and it hurts the american people who need that kind of talent. you know, senator mcconnell is outraged now, melissa. but he had a different feeling about the filibuster in 2005. then he said, quote, regardless of party, any president's judicial nominees after full debate deserve a simple up and down vote. >> yep. >> now, there's been progress here on both sides because dem

. >> richard cordray, the head of the consumer financial protection bureau, is interviewed this morning by politico on consumer protection priorities. you can see it live starting at :10 a.m. eastern on c-span2. >> unlike ike, who grew up in a poor family of all sons, mamie was from a well-to-do family of all daughters. she attend a finishing school, and we have her report card from denver, colorado. while she got a b in english, she actually got a c minus in european history. who knew in later years, as a military wife and future first lady, that she would be so well traveled and have so much to do with european history. mamie liked charm. and early on, ike bought her this west point football charm showing the army and navy game scores from 1913 to 1914 when ike was coach for the army football team. as a military wife, mamie took great pride in creating a home for ike in each of the 36 different places that they lived throughout their marriage. >> watch our program on first lady mamie eisenhower at our website, c-span.org/firstlady or see it saturday at 7:00 p.m. eastern. our series co

take the nomination of richard cordray to lead the consumer financial protection bureau. there was no doubt about his ability to do the job. but the consumer financial protection bureau, the brainchild of elizabeth warren, went for more than two years without a leader because republicans refused to accept the law of the land, because they wanted to roll back a law that protects consumers from the greed of wall street. so i say to my republican colleagues, you don't have to like the laws of the land, but you do have to respect those laws and acknowledge them and abide by them. similar obstruction continued unabated for seven more months until democrats threatened to change senate rules to allow up-or-down votes on executive nominations. in july after obstructing dozens of executive nominees for months and some for years, republicans once again promised they would end the unprecedented obstruction. one look at the senate's executive calendar shows that nothing has changed since july. republicans have continued their record of obstruction if no agreement had ever been reache

richard cordray, as director of the consumer financial protection bureau, mr. cordray, you may begin your testimony. >> members of the commitity, thank you for inviting me to testify about the fourth semiannual report of the consumer financial protection bureau. since we opened our doors just over two years ago, the bureau has been focused on make consumer financial markets work better for consumers and honest businesses. the report we're discussing today describes the bureau's efforts to achieve this vital mission through fair rules, consistent oversight, appropriate enforcement of the law and broad based consumer especially gam especially gaemg, the bureau is helping to put more than $750 million back in the pockets of millions of consumers. these include a refund of more than $6 million to tens of thousands of u.s. service members in a case involving the military allotment system. because of our supervisory work, financial institutions are making changes to the compliance management systems to prevent violations and reduce risk to consumers. in addition, beca

an up-and-down vote on richard cordray to be head of the consumer financial protection bureau, jenna mccarthy to be head of the e.p.a., nominees to fill the national labor relations board, nominee to head the alcohol, tobacco and firea firearms, nominee to head the ex-im bank, and shortly following thereafter, a nominee to be the u.s. ambassador to the united nations, samantha powers. and so that july deal held through a list of nominees until two weeks ago. and two weeks ago, this body blocked an up-or-down vote on mel watt. so we're right back where we were before. right back where we were. the promise made in january shattered. the promise made in july shattered. and the ability of this body to do its advice and consent responsibility shattered. this should be deeply troubling to all. and we must restore the ability of the senate to perform its responsibilities under the constitution to advise and consent. the senate with simple up-and-down votes will be a check on bad nominations by the president. i have voted against at least one of the president's nominees. i was prepared to vo

later, consumer financial protection bureau director richard cordray. is now called the mercedes-benz superdome in new orleans where the new orleans saints play. built entirely at public expense after hurricane katrina. when it hosted football games again, that was a national feel- good story and rightly so. but the public paid for all the repairs and the leak put in a token amount per the public it is invested at about $1 billion. owns the new orleans saints keep so most all of the revenue generated there. one reason people don't rebel against this is that they don't understand it is taking place. the second reason is that there -- they feel there is nothing they can do about it area it is largely based on inside heels and the most recent time there was a vote was in miami last year on whether to use public money to renovate the place where the miami dolphins play in the citizens of miami voted strongly against doing that because they got to vote on it. author gregg easterbrook tonight at 8:00. house and human services secretary kathleen sebelius testi

richard cordray, the rector of consumer financial protection bureau will testify before the senate banking committee live at 2:30 p.m. eastern on c-span3. public affairs evidence from washington directly to you, putting you in the room at congressional hearings, white house events, briefings and conferences and offering complete gavel-to-gavel coverage of the u.s. house, all as a public service of private industry. we are c-span. created by the cable tv industry 34 years ago and funded by your local cable or satellite provider. and now you can watch us in hd. .> a look now at iran the world affairs council of las vegas hosted middle east expert jerrold geen. the coverage begins by describing the current situation with iran and he then introduces the luncheon speaker. this is just over an hour. >> i'm delighted to see you all here. are you able to hear me in the back? excellent. >> can you make it louder? >> louder? really? ok. i will try. ok. how is it now? can you hear me now? ok. perfect. now i can hear myself, too. we are all delighted to see you here today. already, our president has r

take the nomination of richard cordray to lead the consumer financial protection bureau. there was no doubt about his ability to do the job. but the consumer financial protection bureau, the brainchild of elizabeth warren, went for more than two years without a leader because republicans refused to accept the law of the land, because they wanted to roll back a law that protects consumers from the greed of wall street. so i say to my republican colleagues, you don't have to like the laws of the land, but you do have to respect those laws and acknowledge them and abide by them. similar obstruction continued unabated for seven more months until democrats threatened to change senate rules to allow up-or-down votes on executive nominations. in july after obstructing dozens of executive nominees for months and some for years, republicans once again promised they would end the unprecedented obstruction. one look at the senate's executive calendar shows that nothing has changed since july. republicans have continued their record of obstruction if no agreement had ever been reache