I think we should start with much clearer disclosure. I don't think it's appropriate to take any tool off the table.

You could have the laws in place, but if the people on the other end of the phone are not aware of them or are not applying them properly, then it is not going to work.

I worry how long we will be able to keep those people when the siren song of money from elsewhere continues to play.

Congressman, no one is hiding anything. We publish all contracts in--it is not called a Federal Register.

Let me begin by assuring the committee that at the CFPB we are working nonstop to build an effective organization, with the goal of making consumer financial markets work better for consumers and work better for financial services…

Nearly every product sold in America has passed basic safety regulations well in advance of reaching store shelves. But credit products, by comparison, are regulated by a tattered patchwork of State and Federal laws that have failed to…

I just think there is a lot of evidence that they have not had a fighting chance in the credit markets over the last decade and, in some cases, longer.

I am always engaged in trying to persuade people that my point of view is right.

So let me say two things very quickly on that. We have a Web site that is up and running right now, www.consumerfinance.gov.

It is certainly a part of our consideration how much regulation already exists. And if there are no problems, then there are no----

Well, it is--big. I mean, it is important, it is heavy, it is very relevant, how much regulation, how effective the regulation is, how well-enforced the regulation is, how consistent the regulation is throughout the country.

I think that Congress was smart when they put a lot of tools in the toolbox.