2011 0524 - GOV - WHO'S WATCHING THE WATCHMEN? OVERSIGHT OF THE CONSUMER FINANCIAL PROTECTION BUREAU
Consumer Financial Protection Bureau - Full Committee
2012 0124 - GOV - HOW WILL THE CFPB FUNCTION UNDER RICHARD CORDRAY
Consumer Financial Protection Bureau - Full Committee
Elizabeth Warren testified on the implementation and congressional oversight of the new Consumer Financial Protection Bureau (CFPB). CFPB was scheduled to open on July 21, 2011, and was created as part of the 2010 financial reform law to regulate mortgages and credit cards.
2:13 - Dennis Ross - And to that end, back in May, May 24, when we had the hearing here, Mr. Gowdy asked you a question as to how you would distinguish between abusive practice and nonabusive practices of these financial institutions.
And the reason for that, of course, is because now that it has been in effect for a year, we're looking to make sure that consumers as well as companies know what to look for when they're going to be deemed to either be an abusive or nonabusive product or service to the market.
And now that we've had a year, I want to ask you again, because I believe your response in May was that we will go through the process of interpreting the language that Congress has given us.
And I don't think that was quite where we want to be, what we need to know.
So I want to ask you again specifically, can you name any product, service, or transaction, not already illegal, that is unfair, deceptive, or abusive within the meaning of the DoddFrank Act?
2012 0124 - GOV (House) - HOW WILL THE CFPB FUNCTION UNDER RICHARD CORDRAY, aka Outlook for the Consumer Financial Protection Bureau
1:59 - Gowdy: Senator Warren never answered the question. Dodd-Frank - Unreasonable Advantage of Consumers - Duties of Consumers in regard to Educating themselves
2:00 - Richard Cordray: CFPB, Educate yourself, High School, People have to be Responsible for their decisions, what we can do it make clear / transparent, if they make a bad deal... they'll have to live with it... nobody is going to make a magic wand.
Gowdy: note that he has answered the question.
House - COMMITTEE ON OVERSIGHT AND GOVERNMENT REFORM SUBCOMMITTEE ON TARP, FINANCIAL SERVICES AND BAILOUTS OF PUBLIC AND PRIVATE PROGRAMS