there have been some house republicans who believe that there's already cause for firing richard cordray, the handling of the wells fargo case. why hasn't the president taken -- does he approve of the job that cordray has done? >> win we have personnel announcements we'll coop you posted. that's to two already. margaret. sorry. >> sarah, 0 two quick questions. one, there have been some rumors about the future of secretary of state rex tillerson. today and you continue to say the president remains confident in him as secretary of state. >> he does. as he said yesterday -- two days ago, as i said yesterday, nothing has changed despite what you may read in the media or watch on tv. i would certainly trust the president and my comments far above those of other reporters. >> i want to ask you, is the president -- if words matter, the president, cause miscalculation, when it comes to adversaries in the context of the questions ask the of you today when you have been asked of what he meant by calm before the storm. you mentioned north korea, iran. there's implications that there's some kind of

a senior white house official says overturning these rules is one way to keep pressure on richard cordray, the sole figurehead running the cfpb tapped by president obama. i'm kayla tausche for "nightly business repor" washington. >>> coming up, marriott gets hit. >> reporter: one legacy hotel operator is flipping the script in their strategy to appeal to millenials. this includes an urban amusement park on the roof and this rotating carousel. the full story coming up >>> president trump is launching a program to expand the testing of drones in order to speed up the integration of those vehicles into the national aerospace system. a white house adviser says the expanded testing will open up the skies for packages, infrastructure, and support for emergency management operations. but the white house stopped short of proposing new regulations allowing broader use of drones. >>> starting tomorrow, new security measures will take effect on all u.s.-bound flights including stricter passenger screening. the measures are in order to comply with u.s. requirements put in place to avoid an in-cabin b

the cfpb chief head richard cordray disagreed. he said, quote, wall street won and ordinary people lost. >> i'd like to point out in the middle of the night. i'm just not understanding the argument that said taking away the right of consumers to join class action suits against banks is good for anybody but banks. remember, people they say, can still enter into lawsuits and they can go into arbitration. i think arbitration is something we should do more in life, for divorces, family arguments i where so much of the money goes to lawyers. i agree with that. you're here and your bank is here when you're in a fight. >> stay here. even if it's small and mid-sielzed banks. republicans say this is for small banks. even a small bank is much bigger than the little guy. >> 800-pound gorilla and a mouse. we've been talking about equif x equifax, talking about wells fargo. we know this happens. this is not a good plan but it has been something that congressional republicans have been doing for a while. >> i want to bring up on the screen a cf

avoid big refunds and continue harmful practices following news of the vote c f p b president richard cordray encouraged president trump to veto the resolution and said tonight's vote is a giant step back for every consumer in this country wall street won and ordinary people lost this vote means that courtroom doors will remain closed for groups of people seeking justice and relief when they're wronged by a company the overturning of the arbitration rule foreshadows other changes at the bureau which was created after the two thousand and eight financial crisis it's been attacked on several occasions by some republican lawmakers in particular congressman jeb hensarling and throwing once called the c.f.p. be a quote rogue agency that must go so beyond arbitration we could see adjustments made tools regarding payday loans or mortgages down the road as well but an order for more changes the house and senate will likely have to remain under republican control. so i'm wondering if they're afraid of opening these floodgates and what's the reasoning here why make it harder so the members of congress

president richard cordray encouraged president trump to veto the resolution and said tonight's vote is a giant setback for every consumer in this country wall street one and ordinary people lost this vote means the courtroom doors will remain closed for groups of people seeking justice and relief when they're wrong by a company the overturning of the arbitration rule foreshadows other changes at the bureau which was created after the two thousand and eight financial crisis it's been attacked on several occasions by some republican lawmakers in particular congressman jeb hensarling answering one called the c.f.b. a quote rogue agency that must go so beyond arbitration we could see adjustments made to rules regarding payday loans or mortgages down the road as well but in order for more changes the house and senate will likely have to remain under republican control reporting in washington bianca sheeny r.t. despite divisions within the g.o.p. the president believes the push to pass tax reform will unite the party speaking of senator jeff flake today president says even he will join the p

. >> i recently read comments from richard cordray where he stated his intention to provide accountability concerning the data breach. credit reporting agencies are overlooking for consumers, but not for cyber products. i cannot recall -- we have been in communication since they have been our regulator. i personally have been involved -- >> prior to the breach? mr. smith: i cannot recall. i was not personally involved myself. >> what interactions have you breach? them since the mr. smith: i have not had any interactions since the breach. >> wow. i wanted to take it opportunity questions.some can you do what categories of consumer information was accessed? mr. smith: i will give that a shot. we tried to be very clear in the series of press releases we have had in the past. ore credit file, their credit history with us, was not compromised. we talked about a database we had were somebody asked about small businesses. we have a database on small business. that was not compromised. >> kind of personal id information? mr. smith: date of birth, name, social security number, i think there were 20

director richard cordray said the c.f. p.b.s. new rules puts a stop to the paper. traps that have plagued communities across the country too often borrowers who need quick cash and up trapped in loans they can't afford the rules commonsense ability to pay protections prevent lenders from succeeding by setting up forwards to fail however the rules aren't set just yet in order to take effect in two thousand and nineteen the have to get the approval of congress and that could pose a problem when it comes to certain members many republican leaders on capitol hill have accused the bureau of being too burdensome and even suggest ousting cordray and on top of the political obstacles the c.f.p. could have to deal with pushback from wonders according to the bureau's estimates the entire industries revenue would drop by two third's but would therefore statements consumers a lot of money the average borrower makes thirty thousand dollars a year and an average payday loan requires a repayment of four hundred thirty dollars on the next payday which is over a third of what most

when richard cordray leaves office there will be a big party on the mall. he increased the costs for lending and services and one in four family mortgages like 300%. and there are many, many firms that are on the verge of failure in the fha market today, and the hurricane, i got to tell you, has not helped. there has been a whole series of interest rate shocks and external shocks from weather that are going to decimate that market. and i think people will have to pay attention to this, you know. we have to actually sit down with the regulators and figure out a way to make money. for the last eight years it was all punishment. they weren't concerned with whether the industry could actually make money. that will be a big change. it will make revenues grow, but earnings will be better. >> other comments? okay. other questions. hearing none, we thank you all for coming very much, for the great questions you asked, and let's thank the panel. [ applause ] >> thank you, alex. appreciate it. >> thank you. >>> sunday night an afterwards. >> over 90% of the cases end

. >> for nearly six years, richard cordray has been the face of the consumer financial protection bureau, the first and only director of an agency created by congress and obama during the great reception. its stated mission is to advocate on behalf of consumers in the labyrinth financial services sector. >> we've returned almost $12 billion to 29 million consumers all over the country in every state, and every district, and imposed about $600 million in civil penalties. speak up but with him reportedly mulling the bed, their report the agency awarded to a democratic ad firm that said both the clintons and obama. they perceived payouts from the civil penalty fund. the account funded by judgments against banks and other financial institutions. >> it's the single most powerful agency and the federal government and the director is installed with more power than anyone in the federal government other than the president. >> that, critics say, is because the agency's budget comes from the federal reserve but not combustion, congressional appropriation and until recently the director could only

avoid big refunds and continue harmful practices following news of the vote c s p b president richard cordray encouraged president trump to beat the resolution and said tonight's vote is a giant step back for every consumer in this country wall street one and ordinary people lost this vote means the courtroom doors will remain closed for groups of people seeking justice and relief when their wronged by a company the overturning of the arbitration rule foreshadows other changes at the bureau which was created after the two thousand and eight financial crisis it's been attacked on several occasions by some republican lawmakers in particular congressman jeb hensarling and drilling one called the c.s.t. a quote rogue agency that must go so beyond arbitration we could see adjustments made to rules regarding payday loans or mortgages down the road as well but in or. for more changes the house and senate will likely have to remain under republican control reporting in washington bianca fifine r.t. american seniors are retiring later in life many of them with serious health problems according to new

. >> i recently read comments from cfpb director richard cordray where he stated his intention to provide accountability concerning the data breach. as you know, it began supervising credit reporting agencies on behalf of consumers i believe in 2012. but not its cybersecurity systems, which has been left to the sec. what interactions did you have with the cfpb prior to the breach of cybersecurity? >> obviously we've been in communication with them since they've been our regulator and i have personally been involved -- >> prior to the breach, sir? >> i can't recall -- i was not personally involved with cfpb regarding cybersecurity mivysel >> what interactions have you had with them since the breach, then? >> i have not had interactions with them since the breach. >> wow! mr. smith, i did want to take an opportunity to ask you some questions that i have been hearing from my constituents back home. can you detail what categories of consumer information were accessed during the months-long breach? >> yes. i will give it a shot. we try to be very clear in the series of press releases we have h

it's going to manifest itself for reduced cost especially in the mortgage world, when richard cordray leaves office there's going to be a big party on the mall. he increased the cost for lending and servicing by 300% and there are many, many firms on the verge of failure in the fha market today and the hurricane, i got to tell you, has not helped. there's been a whole series of interest rate shocks and external shocks from weather that are going to decimate that market and people are going to have to pay attention to this. we have to actually sit down with the regulators and figure out a way to make money because for the last eight years it was all punishment. they weren't concerned with whether the industry could make money. i think that's a big change and it will make revenues grow, but earnings will be better. >> other comments? okay. other questions? hearing none we thank you all for coming very much for the great questions you're asked and let's thank the panel. [ applause ] >> announcer: attorney general jeff sessions spent the morning answering questions about various issues. h

i agree with the cfbd director richard cordray, that the credit reporting agencies need embedded regulators to protect consumer'' sensitive information. then we need to go further. last night i reintroduced the secure and protect americans' data act, along with ranking member pallone and seven other members of the energy and commerce committee. and our bill would establish one strong data security standards, two, require prompt breach notification which we didn't get and, three, provide appropriate relief for breached victims. chairman latta, american consumers don't just need answers, they need action. i hope that our bill can be a starting point for discussion on strengthening protections for americans' data. consumers deserve a whole lot better than they got from equifax. and i yield back. >> thank you. the gentle lady yields back. chair recognizes the gentleman from oregon, the chairman of the full committee for five minutes. >> i thank the chairman. we're here to do today what it appears equifax failed to do over the last several months and that's put consumers first. our job is to get

there is a big focus on richard cordray in your ad, the consumer financial protection bureau.ing for governor of ohio and hold a giant cudgel over the heads of every financial service business and is funneling or is able out of those finds taking financing from prosecuted businesses and cuddling to third-party groups that are often left-wing third-party groups. we have a regulator who is untouchable by congress, congress doesn't control his budget because of the way the law was written and donald trump has cause to fire him because he -- his conflict is he has vested interest in getting groves to support him and those who don't won't get the money. stuart: can you give me other examples of high-level officials held over from the obama administration who are affecting policy now in a trump administration? >> the head of the f hfa, a former congressman has testified he doesn't have a plan for doing anything regarding unwinding of them or not. what we are looking at is $6.3 trillion worth of mortgages. we saw what happened over a period of time with them pushing low income mortga

. >> i recently read comments from richard cordray where he stated his intention to provide accountability concerning the data breach. credit reporting agencies are overlooking for consumers, but not for cyber products. i cannot recall -- we have been in communication since they have been our regulator. i personally have been involved -- >> prior to the breach? mr. smith: i cannot recall. i was not personally involved myself. >> what interactions have you breach? them since the mr. smith: i have not had any interactions since the breach. >> wow. i wanted to take it opportunity questions.some can you do what categories of consumer information was accessed? mr. smith: i will give that a shot. we tried to be very clear in the series of press releases we have had in the past. ore credit file, their credit history with us, was not compromised. we talked about a database we had were somebody asked about small businesses. we have a database on small business. that was not compromised. >> kind of personal id information? mr. smith: date of birth, name, social security number, i think there were 20