Are those legally enforceable, though? Is that guidance legally enforceable?

You are implementing progressive policies at the expense of both consumers seeking financial products and market participants trying to comply with the law.

I want to commend you for that outreach, because without that outreach, we could not have gotten a bipartisan product.

It is obvious that the CFPB's lack of transparency is of grave concern.

Why wouldn't the next Director, with a politically-different persuasion, not abuse his or her powers with the precedent you have set?

We have other regulators that have been doing this stuff for 100 years, and your approach at the CFPB is novel.

I think every Member had something important and very, very thoughtful to say about what is taking place...

So, you would tell folks who look at new guidance that was issued maybe this morning, that has no new force of law, no new obligation on them, that it is just guidance?

I want to congratulate you on your 4 years as Chair.

I raised this last April about regulation-by-press-release. In your first 6 months, you issued 49 press releases.

Next month, there will be a new Majority in the House of Representatives. We look forward to more oversight.

And we will certainly, with the incoming Republican Majority, prioritize housing and financial stability next Congress, and put a great emphasis on that.

A doubling down of failed housing policies is not the answer. We need innovative solutions.

Since Democrats took control of Washington, the cost of everything has gone up: food, energy, healthcare, and, yes, housing, the topic of this hearing, are all much more expensive today than they were just 2 years ago.

The hard truth is that the liberal ideology of the Biden Administration and Congressional Democrats... prevents them from solving this issue.

the Biden Administration has exacerbated price instability and the cost of consumer goods going up.

I don't think that working families have an extra 10,000 bucks laying around.

For more than a year, Republicans have been sounding the alarm about the Democrats' reckless fiscal agenda and its impact on households and job creators.

Until we change course away from failed progressivism, which is really regressive, working families will find it harder and harder to afford their daily lives.

I disagree with this hearing because it is theater, not oversight.

Instead of focusing on what your institutions do best, providing capital and serving customers, you are here.

Let's talk about the main thing. The main thing here is the economy, the state of the economy.

As a matter of American policy, why are we driving people away from our friendship as a nation and towards seeking a country that does not adhere to our rules of law, our concept of human rights, and our struggle to improve human rights?

We have our public policy work cut out for us still, Madam Chairwoman, and while we have made strides, we have more strides to make.

in de-risking, we want to make sure that the knock-on effects of this are not so severe that we actually go against our common interest here.