we have 10 million people who are unbanked and another 25 million who are underbanked meaning that they really don't have access to the full suite of financial services and products. and what that means here is a couple of things. just generally, not having access to financial services makes it very difficult to save money. obviously. and to be prepared for emergencies but also makes it very difficult to start investing and creating a foundation for wealth creation. when we don't have that, particularly in the united states where leverage is really important to building wealth and particularly important to transferring enter generational wealth, then not having the services and not being included in the formal financial system makes it very difficult to make strides. and you see that here in the u.s. because a lot of the people who are not formally banked tend to be people of color and communities of color. and in the u.s. we have a very large racial income gap as well as wealth gap. some of that is attributable to the fact that we simply do not include a lot of african-americans, latin

fdic 2015 study showed that 25% of the people in this country are either unbanked or underbanked. how do we solve that problem? how do those folks have access to credit? the cfpb is not trying to regulate, they're trying to destroy small dollar lending market. with that, mr. chairman, i reserve the balance of my time. the chair: the gentleman reserves. the gentleman from minnesota is recognized. mr. ellison: let's be clear. to get a payday loan you have to have a bank account and a job. we're not talking about the unbanked. we're talking about people who run into a short-term financial crisis, they go to a payday lender but the amount of the fees that are so high that they've got to borrow money to pay the money back and end up getting in a cycle of six to 10 loans that they have to continue to take out which drains money from their finances. they lose bank accounts because of payday loans. , 're saying, let the cfpb allow the regulatory process, the rule making process to go forward. let's not chop it off. let's not stop it. let's see what we can find out. like people in my distr