Thank you, Chairman McHenry, Ranking Member Quigley, and members of the subcommittee for inviting me today to testify about the work of the Consumer Financial Protection Bureau.

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…

the role in ongoing mortgage settlement negotiations was limited to 'advice.'

I have tried to help the President in any way I can on the nomination process.

We are an open door on this subject.

Yes, Congressman, we did.

Yes, sir.

Our job is to be there on the front end, and we are taking enormous strides in that direction right now.

community banks work hard to be trusted long-term partners with the families they serve.

We have provided advice to Federal and State officials regarding a potential servicing settlement.

Well, it is obvious. If we had not done these things, we would have been back in the Stone Age.