Well, it's set up to have oversight in terms of its money.

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 actually want to start with COO because in the way I understand this, this becomes even more important.

Big corporate interests, led by the consumer finance industry, are devouring families and spitting out the bones.

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.

I am not able to negotiate or discuss the settlement negotiations with you in any way, shape, or form. I am sorry.

Congressman, we are not there yet. We will go for the first time--next Thursday is the first day that we will be statutorily authorized to show up at the banks.

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.

The purpose of the consumer protection agency, as I see it, is to give consumers a fighting chance in the credit marketplace.

One part of the agency that I am enormously excited about is that we will have bank supervision officers who will be in the banks.