If you want to lend money to people and take a lower-than-market rate of interest, that is your business.

You have to change the statute.

It is fair to say that I was hostile to the existence of the Bureau.

the only way we are going to close this trust gap is through legislation that creates and empowers a sufficiently resourced expert oversight agency with rulemaking authority to protect the digital privacy and ensure that companies protect…

I think--I am just concerned that, despite this consent decree, Facebook allowed developers access to an unknown number of user profiles on Facebook for years.

But, Mr. Zuckerberg, it seems like you were more concerned with attracting and retaining developers on your platform than you were with ensuring the security of Facebook's user data.

Facebook uses some of the most advanced data processing techniques and technologies on the planet, correct?

Am I correct on that?

Yes, sir.

It turns out being a joke, and that is what the CFPB really has been, in a sick and sad kind of way.

I did. Yes, sir.

I cannot change that. So if it is going to exist, this is what could be done to improve it.

I absolutely think there are better ways to protect consumers than we are doing today.

The Bureau is not designed structurally to be accountable. By its very DNA, by its very nature, it is not accountable to you, it is not accountable to the public, it is not accountable to anybody, other than itself.

I believe that to be the case. Yes, sir.

We do take that seriously, and seriously enough to put in our semi-annual report.

I don't think anybody in this chamber would suggest that the community banks or the credit unions were the cause of the financial crisis.

We're going to spend a little bit more time on things like accountability and transparency.