my name is richard hunt and i'm serving as president of the consumer bankers association. cds national trade association for retail banking in fulfilling the financial needs of american consumers and small businesses. retail banking is where the cfpb will now focus its broad authorities. we've had a long history of supporting improved consumer protection. it is no secret we opposed the creation of a cfpb. we believe the benefits are outweighed by the problems that arise and severing the agency from prudential banking regulators. nevertheless cba is focused on helping our numbers prepare for this new agency which will be their primary regulator, and we met on numerous occasions with those standing up with a bureau. we also acknowledge the bureau will provide the benefits such as providing the first real opportunity to level the playing field and have comprehensive the federal oversight of tens of thousands of under regulated nondepository financial providers. we also support the disclosures. if there's a think your comments, it is uncertainty. uncertainty creates risk, let'

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 first real opportunity to level the playing field and have comprehensive, federal oversight of tens of thousands of under regulated, non-depository financial providers. we also support the simplification of the disclosures. if there's a theme, it is uncertainty. uncertainty creates risk,