Regulation by enforcement is done. We are not doing it any more.

It turns out being a joke, and that is what the CFPB really has been, in a sick and sad kind of way.

I don't like the fact that the CFPB exists. I will be perfectly honest with you.

The Bureau is not designed structurally to be accountable. By its very DNA, by its very nature, it is not accountable to you, it is not accountable to the public, it is not accountable to anybody, other than itself.

Am I correct on that?

American consumers deserve strong protections, while also being afforded the opportunity to control their own financial decisions and futures.

It is fair to say that I was hostile to the existence of the Bureau.

I'm going to try really hard to try and fix that, to tailor regulations to the size and the sophistication of the various entities that we oversee.

I think the answer is that the financial crisis was a system failure of major proportion.

We do take that seriously, and seriously enough to put in our semi-annual report.

We just want to be good bureaucrats and implement the law.

It wouldn't be appropriate for me to say we are or are not going to do that, because we are going to go through the proper procedures.

I know how hard it is to get unanimous support in this chamber and on the House floor.

I am going to enforce the law because that is what I get paid to do.

I absolutely think there are better ways to protect consumers than we are doing today.

Our job is to enforce Federal consumer laws.

We're going to spend a little bit more time on things like accountability and transparency.

We absolutely have a role to play in eliminating discrimination in the housing market. Yes, sir.