To how you will address these persons and their homeownership that has been acquired . Bootup and the unsophisticated borrowers . Im talking about those that happen to have high networks. Okay. High net worth lows. Yes, sir. It generally is an area of great concern. The jumbo loans are being offered now in the market, surprisingly, and i think borrowers generally take care of themselves and we have no problem with any that im aware of. Is there a requirement for counseling High Net Worth . I am not familiar with that. Thank you. The time of the german has expired and we recognize the gentleman from wisconsin. Thank you, director chairman and i want to focus on the data that we have touched on a little bit today. I want to give you an opportunity on how Many Americans we are collecting Financial Data from. How Many Americans they are collecting Financial Data on. I want to answer several different times. Okay. It is not the way to the question seems to ask. You have a number . Okay, we have some complaint data. Okay, so im going to bring it here, how Many Americans . We do not collect directly for Many Americans directly. Okay. We work with the institutions to understand how Many Americans are collecting the through third parties. Okay. We oversee approximately 110 large banks and a few Credit Unions. They have significant that is my question for you. It is not the way the work is done. It is like asking me if what is a the response, which is not quite the same thing. Lets go to credit cards. How many actual credit cards are you collecting . Credit card debt . Three different ways, one would be they make consumer complaints. Mr. Cordray i think america wants to know a number of how many you are collecting. You are giving me an explanation, but how many records does the cfpb collect for data . We do not collect any data from individuals about their credit card accounts, other than those who come to our consumer response functions. We are required to go to convert issuers to comply with the law, and we need to look at their institutions and practices to see if they are complying. Some of them have not. You monitor your credit card accounts . The monitor for your agency the credit card accounts . That is the third. There is Market Monitoring. On the Market Monitoring as we have indicated before and we have indicated to you, we are gathering sample data i still have time on the clock. Serve, in Senate Banking you are asking these questions. And you come today illprepared to give us numbers on the number of americans that have a Financial Transactions on national tv. I would like to give you expositions on how this works the. This is the transparency that you have promised. Okay, again, what we are doing in support here the time belongs to the german of wisconsin. If youre not going to give me a direct number, im fine with that and so on. Well talk about Financial Institutions. Will you give me the name of the Financial Institution for which you collect Financial Data, will you give me those names . What we are collecting and need to correct the premise of the question okay. Will you talk about how to comply with the law . Because they havent always complied with the law. There are 110 large institutions. The claim, mr. Director, is not being met. The American People do not know what the cfpb is doing. If you look at another agency, it is called the nsa. They collect american phone records and america has said that im all right having information about my phone records go to government. But i am outraged when the federal government takes information from them. And use it to protect consumers and uses it for the Financial Data that they have said that its okay for the Financial Institution to have. You are taking it and not giving them any transparency about the information and how much you are taking and from who you are taken from. That is incredibly frustrating. Why dont you just level with us . We have asked you these questions over and over again. You come in and you stonewall, but never does america get answered. If you want to make a speech, i appreciate that. There is no comparison between nsa and the nsa and the cfpb. Oh, no, there is. 60 Million Consumers have benefited from what we are doing. The numbers of consumers that have the data collections. They are 110 banks. I can name the number of them. Okay . We are looking at credit card matters with Jpmorgan Chase and bank of america and capital one and quicker matters with discover and american express. We are making sure that every single one of them are complying with the law. The time of the gentleman has expired. Chernow recognizes the gentleman from minnesota, mr. Ellison. Thank you, director cordray. Congratulations on your confirmation. And thank you also on behalf of so Many Americans who have benefited from the good work of your agency. Many of the funds have been directly refunded to consumers due to your work. And i think the questions that people want answered have been addressed. And they are pretty happy about the work you are doing in the proclamations in the name of americans. For example, the members of the United States military that fun at 6. 5 million for excepted problems. They are americans and they are glad that they got their money back. I have a close relative who is an 18yearold listed member of the army and every time he walks up by the agency, i dont want him to get financially caught up in because of your work, he is less likely to be. Also capital one paid about 210 million because they engaged in deceptive credit card practices and they have a little bit left that before. Also they have more than for private Mortgage Insurance Companies for legislative kickbacks. I do not begrudge my colleagues at all for asking questions and concerns to themselves to find out what congress is all about. But i just dont want it to be lost that literally millions of americans have been refunded because of their good work and i dont claim that they could work better. But i do believe that we got to an awkward start. As we have contemplated. There is no such thing as a republican or democrat consumer fraud. It happens all over this country, all the time, and no matter how you vote in the last election or how you plan to vote, if you are given full measured for your dollars, then the cfpb is well justified and i thank you for the work that you are doing. I would just also like to note that there are issues that we would like to inquire about. I would like to get to one of them. One of the things im concerned about is the credit invisible, these are folks that have come to our attention where cell phone records and utility bills were counted and maybe some of these people might be credit invisible and i could improve their lives and reduce the cost of purchases and even employment, which might change your good credit score, people might require that. Could you talk a little bit about how you see this issue and if anything, what the cfpb is doing about it or might do about it. Thank you, congressman. There are a lot of people who make a lot of payments in their lives and they dont seem to get much credit for when it comes to positives shown up in their Credit Report or boosting your credit score. We are very interested and we have been studying the impact of remittances. Some people are very persistent on how that could affect scores, rent payments and utility payments and the like, there is such an interesting pilots as to how we can do this better. Up until now, the credit tended to reflect only certain types of credit not to be as common among low and moderate income americans. Something of the market. So it is a good line of inquiry and something that we have to work with. The bipartisan bill that we have is the Technical Assistance on it. We would like to help people improve their financial outlook. I want to encourage you to go after the student loan, and this is a big deal. You mentioned the overhang on individual students and families. This is expecting them to do so when they. The chernow recognizes mr. Stivers. Thank you, mr. Chairman. I want to congratulate you, cordray, on your appointment. My question is about being a transparency, you are congratulated for your transparency, i want to talk about three things. One is the ig and some information on advisory panels and activities. With regard to your Inspector General, giving a brief answer, theyre kind of yes or no questions. Is the Inspector Generals wholly dedicated to cfpb . Yes or no . We share an Inspector General at the Federal Reserve. Is your Inspector GeneralSenate Confirmed . Actually do not know the answer offhand. The answer is no. I didnt mean to answer a question for you. Fair enough. Given what the representative has talked about earlier with regard to ideas, i dont want to comment on either of those particular possible conflicts, but i believe an independent Senate Confirms that the ig is important because of the challenges with regard to having a budget that is not part of the normal process and then not having a void that only preserves the right, you know, the minority view in and giving a voice to that. Giving those things, its really important that we have separate igs so that we can keep it separate. If you could give me brief you could give me brief comments, i dont you could give me grief, tomato and issue sideways with the current. Two things, we have an id, that we share with the feds. Its very strong in the staff and they have been working to improve operations. Whatever congress devises is the numerous audits to the mandatory testimony in the senate making. You set up one for Community Banks. Thats great. Because you are essentially the sole federal regulator and the primary federal regulator for nonbank Financial Institutions, and because you can potentially regulate amount the business is referred to earlier. It would be great if you would try to set up ab advisory panel. It even if you set up with one with diverse interest. We talked about credit bureau. You have Student Loans and other financing agency. If you set up one for nonbank Financial Institutions. Even though there would be desperate interests. It would be great to have the input and feedback. I guess its more of an urging than anything. I would ask you to asker that. Consider. That i have one more thing to talk about. Thats fine. I responded to the letter. We have the see the daytoday. We are constantly dealing with the nonbank folks. We have examination authorization. We are seeing them daytoday. That felt different to me. Maybe if we talk about it. In multiple sources. They talked about. Sometime the activity you do the activity you might not like whether its specific car loan or online lending. If they are producting that consumers demand. Your activity can result in credit application that hurts borrowers. Im concerned about that. I want to focus on one piece. Do you think its froapt have nonwritten guidance that basically try to force businesses not have a banking relationship without any due process . Thing is happening. Im not understanding. Its not you. Its the fdic. Twisting some banks arm saying dont the particular type of company. They are following state law, should that happen . Shouldnt we make sure that you stated earlier. If people following up a lot t not a problem. People are looking in to and may be obviously a distinction between the Financial Institution whether the online lender is following the law. And what they know about each other. Those are the complexities we are trying to work through. The time has expired. The we recognize the gentlelady from ohio. Thank you. Thank you mr. Cordray for being here. Let me join others in congratulating you on the conformation. And also receiving the bipartisan accolades prior to your conformation when your credential credentials. I have three questions also. If you are aware the ag in ohio has taken an extremely aggressive approach to scrutinizing the reporting company for failing to investigate and correct and essential we all know how important Credit Reports are. He went so m uch o on rrd and drew attention from National Media saying that were breaking the law. Mr. Chairman, if i need to enter to the record. Without objection. A that happened in august around the last week of august. Let my say i appreciated your Immediate Response to that coming out with your release in strong words holding them accountable. I want to thank for that. Also, before i ask my two questions to allow you enough time to answer. One is to say i appreciate your deliberate detail and somewhat historical answers. Because there are at least a dozens of us woo are not here july 21st of 2011 when your agency went in to effect doddfrank. And if bemove forward. A lot of my colleagues on the other side of the aisle have wanted us to t very much appreciated that you help educate us on where we were. Secondly, had you had the opportunity to be here before when we were going through some of those questions and issues i think we would have been better served. Unfortunately you were not invited. I appreciate your bipartisan responses to some of the questions. Let me move forward for the financial literacy. As you know, the many changes we made in ohio to your leadership. I would like to go on in the record a bipartisan support to say i would like to join mr. Stivers working with you on financial literacy. I think as we look at our young folk they are the democratic engine to the future for financial growth. My question i can answer is on as you heard repeatedly on this side of the aisle our Ranking Member define we the opportunity work true that break even most recently had the opportunity to have a minitown hall meeting. Having a big interest in what happened with Small Businesses and Small Business owner can you help us. When we talk about women and minority and federal contracts of how you proposed to help us increase those numbers and make a difference. Yes, thank you for that question. Thank you for your comments. On the office of minority and women inclusion, which is what he represent. Im pleased to develop a deep respect. Whom you met the other day. The former commissioner of the eoc and thoughtful about the work were doing for the area. Theres three areas of work, first is, hiring practice of the different federal agency. Second, is contracting with the federal agencies. We have been mindful of that and made changes of our Human Capital and procurement processes to reflect the input. Third is the issue of diversity in the Financial Services industry i. T. Which is a broader issue. There are no tools given to the agency to affect that. It feels to to me thats going to a cooperative effort back and forth between the agency and the industry on the front. Were just working to, i think, finalizing a memo of understanding with standard within the next month or two. Maybe one month. And well move forward from there. Were mindful of our publications here. We take them seriously. I think its going to be interesting and important work. Thank you, mr. Chairman, i actually yield back my time. [laughter] the gentlelady from ohio setting a fine standards. The chair recognize the gentleman from pennsylvania. Thank you, mr. Chairman. Congratulations, director cordray on your conformation. Recent survey from the independent reveals that more than 10 of the Community Banks are indicating theyre not going to out of the mortgage lending business due to the how cousin the fact that the communityback the banks will be exiting the american access to credits . First of all, im not familiar with the survey. Ly now look for it. Icba . Yes. It would be unfortunate, in my mind, if Community Bankers who have been making loans typical according a responsible underwriting model that is safe and sound and often performed extremely well even during the worst economic crisis of our lifetime. Stop making mortgages because they have anxiety around the rules that i think is not justified. The smaller bank, as i said we have a special provision to cover them so they make loans and keep them in portfolio. They are kved mortgages with a safe harbor for litigation. It would be a bad business decision if they torp leave that money on the table and not make it. I think its important you reach tout them. They need to know. Some of them need know it yet. If i could talk about transparency issues. We are coming up on the anniversary with the death of president kennedy. One of the things ive heard about the administration was the Public Service. You look at some of his words, let the Public Service be a rode and lively career. Let every man and woman who works in any area of our National Government in any branch and level be to be say with pride and honor if in future year. I serve the u. S. Government. We remember ask not what your country can do for you. Ask what you can do for your country. Preside