cordray sorry. representative: i just want to be sure that there was no that there wasn't some malfeasance there, that somebody wasn't trying to make money off of a scheme. mr. cordray yeah. actually, i'll say two more things if i may. number one, we are concerned about that. that's why one of the pieces that the secretary announced is a redetermination program for people who might have applied before and been rejected, that they can reapply and that they should seek reconsideration. so, we want to correct those errors where possible. the other is, there are scams and frauds to develop around these programs. it's true of everything in government. there's something we're doing that's good for people. there are scammers and fraudsters who will try to get into it. use it as a way to get people's personal information and so forth. we try to fight that as much as we can. but in terms of the actual program we will give people a chance to have reconsideration here. representative: i have to yield back. the

cordray: thank you. madam chairwoman: we appreciate you for participating today and look forward to your testimony. let me remind you that we have read your written statements and it will appear in full in the hearing record. pursuant to the committee rules and committee practice, you were asked to limit your oral presentation to a five minute summary of your written statement. before you begin your testimony please remember to unmute your , microphone. despite your testimony, staff will be keeping track of time and a light will blink when time is up. please be attentive to the time . wrap up when your time is over and re mute your microphone. if you experience technical difficulty during your testimony or later in the hearing you should stay connected on the platform. make sure you are muted and use your phone to immediately call the committee i.t. director, whose number was provided to you in advance. after your presentation we will move to member questions when answering questions. please remember to

brown confirming richard cordray is in the mix as ce cirial nominate for the fed's viha back to you. >> thank you very much we will come back with final trades next. (soft music) hey dad, i'm about to leave. don't forget your hat . good morning. how can i help? i need help connecting with my students. behind every last minute save, ok, that works. and holiday surprise, thank you! a customer service rep is working unseen, making it happen. and at genesys, we're proud to help them help you everyday. and at genesys, today, your customers want it all. you have to deal with higher expectations and you have to lower wait times. with ibm, you can do both. your business can unify apps and data across your clouds. so you can address supply chain issues in real time, before they impact your bottom line. predicting and managing operational issues that's why so many businesses work with ibm. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit

but under director cordray he was addressing those conventional payday loans and this was a different product. so it was of less significant concern but that credit laws are incredibly important to stop this does creative cycle every borrowing and then to cause fees as a congressman said that could be more of the wage workers pay. >> i yield back spent the chair now recognizes the gentle man from missouri for five minutes. >> thank youou mr. chairman. thank you for your testimony you indicate that. >> and then the next evening as well. so i have to have a refrigerator. so i go to place for them to sellll me this and then the comments are that it empowers individuals for what they want to do and they can do without or they can borrow money from someplace else or use this method of payment to buy now pay later and then the need for you indicated 97 percent experience no late fee? >> that is correct space a 97 percent of the people use these products in this method of purchasing and paying in an appropriate manner. t misunderstands that all the abuse going on what percentage of that 3 pe

they were building on the principles laid out or set aside in the pay day rule in 2017 by director cordray. if you read the commentary and kind of the footnotes in those conversations when they lay out what fits in the framework, they also make it clear, again, they're taking a totality of the circumstance test. so in essence, they are allowing variation it's of the framework they're put -- variations of the framework they're putting in place. i can't put myself in their shoes. i assume they recognize we are in a marketplace with lots of innovation. i don't know what new products are going to come out next week or next year. mr. steil: i appreciate your time, cognizant of the clock. i appreciate you all being here. i wish i could dive into more questions. mr. chairman, i yield back. mr. lynch: the gentleman yields back. the chair recognizes himself for five minutes. i want to talk about the earned wage access piece. i was an ironworker for many years. it was customary in our industry that we worked monday through friday and then pay day was the following wednesday. so in my business, the i

you have richard cordray now going to the fed. but this is particularly absurd. put your hands around it, a bunch of these companies at christmas time think it's a good idea to build customer support by screwing them and gouging them that is insane. >> neil: you think that they're doing this or maybe we're throwing it out there that maybe these spikes in prices aren't anything to do with what we're doing but maybe what they're doing or what these energy guys are doing? you and i know that oil, for example, that's a commodity traded on the open markses and the markets set the prices. any movement or fear can set them climbing or dropping. that's it. >> by the way, for years, lefties have been try to pin oil prices on wall street collusion when it's nothing more than wall street traders pricing in the potential changes to prices that are coming in the future. that's why they're called futures. nothing to do with collusion. they compete with each other. they're traders. that's what they do. >> neil: is there a sense here that they must be worried politically that th

my old friend rich cordray you don't know how many times he came before this committee and came to the front of your colleagues in the house. this agency has returned billions of dollars to consumers. what you don't like is if they go after your contributors in the big banks but if you want to attack the consumer protection bureau say what this is about. don't make up this fake stuff about accountability. director, i don't expect you to be cowed. i expect to see ndvigorous enforcement of consumer protection laws, consistent of fintech and cracking down on businesses ordered during your agenda. director chopra i look forward to imhearing about the agenda youare setting in this new era of consumer protection at this important agency . ranking member to murray >> welcome director chopra, we will talk about accountability and rather than impugning the motives of my democratic colleagues we will stick with the facts in the case. during the obama administration the cfpb was routinely a lawless antibusiness unaccountable agency through restrictive policies and limited consumer choice, drove u

cordray, the responses are hardly worth the time it took to send him. many of them provided zero information more responses to the questions asked. that is hardly in line with the commitment you made that day in your hearing. you committed to providing the accountability office with information when they are requested. have you ensure that your office and those who oversee are providing all documents requested, is there any request that your office has not provided the documents, and if so, why? mr. kvaal: thank you for the question. i appreciate congress's role in overseeing the department of education. >> just answer the question, yeah. have you given everything to the gao? mr. kvaal: i regularly meet with the general counsel office and others who work with the gao on those inquiries. we are working with the gao. >> we agree on the critical aspect of making this republic work within the oversight that congress has. will you commit to us today to ensure a timely response to our requests from this point forward? >> i do. >> will you please provide a fol

visit ncicap.org] [captions copyright national cable satellite corp. 2021] >> coming up, richard cordray, testifies about student loans and holding institutions that defraud students accountable, and later, consumer advocates testify about scams targeting senior citizens during the pandemic, happening before the senate special committee on aging. >> c-span is your unfiltered of government. >> cox is permitted -- is committed to affordable internet. bringing us closer. >> cox supports c-span as a public service, giving you a front row seat to democracy. >> up next, a house hearing on student financial aid, the public service loan forgiveness program and the possibility of broader loan forgiveness. this is two hours 50 minutes. >> this meeting will come to order. welcome everyone. i note for the subcommittee that mr keller of pennsylvania and mr fitzgerald of wisconsin are permitted to participate in today's hearing with the understanding that their questions will come only after all, members of the subcommittee on both sides of the aisle who are present have had an opportunity to question