Regulation is 1. 9 trillion to 1. 9 trillion. These businesses pass on the cost of these regulations in the price of there products. Families are spending about 15,000 a year for businesses to comply with government regulation. I am sure that we can agree mr. Chair, the businesses need to be fairly regulated. But when those regulations are killing jobs that is just not right. Several years ago in aa highly partisan vote with very little republican support for 2300 page. Dot frank bill was passed and since then theyre have been mountains and mountains of regulations and rules designed to smother our Financial Services industry. One part of dodd frank is a great concern of mine the too big to fail regulation. Now, when f soc is trying to determine what bank and other nonfinancial institution should be designated too big to fail it means that the taxpayers we will have to step in and bail them out. We all no theyre is a huge difference. They handle their retirement the Retirement Savings
The Mortgage Market issues where you wall discuss time to time whether allies have gone too far, whether theyve gone far enough. How can we answer questions at that data on the marketplace. That is different from a wind data on what senator vitter does. Personally identifiable data. We have personally identifiable data and consumer response where consumers can this data so we can work on their complaint and family constituents to your office collect personal viable data appeared to we. You dont collect any of that . For example we do not have address, Social Security number, account number. We are interested in the pattern of what goes on in the market. Too collected before you scrub it . We ask the data to be scarred for comes to us. Depends on which data. We will have a full briefing on this. Somebody involved in the process . Typically described before it gets to the agency. Private companies have all the data. They care very much like you and i do and theyre always marketing on tha
Subpar and illegal practices and providing almost 200 million in redressed 1. 6 million consumers. We have now handled, as we have mentioned, 650,000 complaints, a matter that is particularly important to us. This includes all manners of Financial Products and services. This includes each of the states. One excerpt from a Service Member in alabama reads that we open an account we became unable to pay the full amount and we made it an agreement to pay a lesser amount and campaign by allotment. And i was not served with the judgment prior to court or after, i was informed of it when my wages began to be garnished and we have asked to have this issue fixed. We have paid this company for a computer hutch, table and chairs, and the furniture has not lasted, however the payments continue. We need assistance as we have tried every other step possible. And another excerpt in my home state of ohio and ranking members home state reads that i elected to a reduced rate payment plan with a Student
Collector. The agency then sends those complaints on to the company who then has some time to respond to both the consumer and the cfpb and to try to resolve the issue. Now the agency has received more than 650,000 complaints through the hotline. Could you give us a sense, director, a ballpark figure is fine, about how many of those complaints were resolved to the Consumers Satisfaction . And how much consumers have recovered financially through this process. Yeah. And ill say the arc of Consumer Complaints continues to increase in terms of volume. I believe thats a function of theres still a lot of lack of visibility. People dont necessarily know what the cfpb is and will know over time, i hope. I hope theyll see that were providing value to them. Thats what we aim to do. I think we had Something Like 700 and some credit card complaints in our first month, and were up to about 25,000 complaints per month across the entire range of Financial Services. What happens then is we give the c
The hotline. Could you give us a sense, director, a ballpark figure is fine, about how many of those complaints were resolved to the Consumers Satisfaction . And how much consumers have recovered financially through this process. Yeah. And ill say the arc of Consumer Complaints continues to increase in terms of volume. I believe thats a function of theres still a lot of lack of visibility. People dont necessarily know what the cfpb is and will know over time, i hope. I hope theyll see that were providing value to them. Thats what we aim to do. I think we had Something Like 700 and some credit card complaints in our first month, and were up to about 25,000 complaints per month across the entire range of Financial Services. What happens then is we give the consumer a chance to tell us whether they were satisfied with the resolution of their complaint or, if not, what they continue to be concerned about. And we then prioritize issues for further investigation or perhaps enforcement action