Elizabeth Warren

To describe yourselves as being part of a heavily regulated entity when it is the case that by her direct testimony we have someone here who received loans that were rolled over for five years.

So, I take it, more restriction on the lead generators, too----

By my calculation, just back of the envelope, I think it is about 200 percent annual interest that she paid.

Good. Thank you very much, and thank you very much for your indulgence.

Right. And then I think you mentioned earlier, and I just want to see if we can kind of go through a list here, the idea of making sure there is a level playing field, and that is that everyone must be compliant with local State laws on…

I am very pleased to have sponsored with Senator Merkley the Stopping Abuse and Fraud in Electronic Lending Act, with the acronym of SAFE Lending Act.

Thank you, Mr. Silberman. Very helpful.

So, superb point, Mr. Wright, and, in fact, can I just expand the point a little bit in asking about this with remotely created checks, the notion that payday lenders are getting access, direct access to people's checking accounts----

Yes, Mr. Hunt, I think you are right. It is the same principle.

Good. Thank you very much, Mr. Wright.

I certainly understand.

But you feel like you have adequate authority. You do not need any additional authority to do it. You just need the resources.

Thank you, Mr. Chairman.

Excellent. Thank you very much.

Have you considered participating along with FHFA and CFPB so that we, it helps us get apples to apples comparisons all the way through.

Because you would like to see more flexibility there?

The purpose of the Federal Home Loan Banks is to be a strong and reliable source of funds for local lenders to finance housing, jobs, and economic growth.

I do not think many people know that it is helping support the country's biggest private student loan outfit, Sallie Mae.

I just think that as we think about mortgage finance reform and the role of the Federal home loan banks, I am very impressed by what you say on your Web site.

Count me as a big supporter on this, and we will have a good conversation about data tagging.

We are only likely to get one bite at this apple, and doing it right here means making sure that our small financial institutions, our community banks, our credit unions, still can thrive.

As we consider the reform of mortgage finance, we have to think about the role that the Federal home loan banks will play.

Transparency is powerfully important in any housing finance reform.

Are the community banks and credit unions borrowing for one-quarter of 1 percent?

Is there anything you think we should do or think about going forward to make sure that the Federal home loan banks really are focused on lending to community institutions?