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
Its going to predict how it would react under a stress event. And so was the key one of the key issues is what how are investors anticipating this . Is this part of their Investment Strategy . And do prices reflect it, and do practice Risk Management practices reflect that . I think that there are two issues we have to separate as we address the questions you offered. Is there a liquidity crisis . The first is are we in the midst of a transition from one type of market to over. If over night, we say that ever bond dealer who works in a bank can no longer deal bonds, the next day it will be a little harder to buy bounds. No question about it, and sell them as well. But what will happen afterwards, the banks will sell their operations to hedge funds to other companies, to the employees themselves and theyll get reorganized to find the capital and make money, because there are opportunities to make money when people demand liquidity, by the way, theres no such thing anywhere of free liqui
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
Issues we have to separate as we address the questions you offered. Is there a liquidity crisis . The first is are we in the midst of a transition from one type of market to over. If over night, we say that ever bond dealer who works in a bank can no longer deal bonds, the next day it will be a little harder to buy bounds. No question about it, and sell them as well. But what will happen afterwards, the banks will sell their operations to hedge funds to other companies, to the employees themselves and theyll get reorganized to find the capital and make money, because there are opportunities to make money when people demand liquidity, by the way, theres no such thing anywhere of free liquidity. Liquidity always has some price, sometimes its low and wed like it to be low, its always, always priced. The first issue, is there a question of transition . And if theres a question of transition, how do we get through the transition quickly . Maybe we dont want to have banks dealing bonds. The
More, but we are about 30 minutes into the trading day. Abigail doolittle is here, with a mixed direction for the session so far. Certainly the dow in the s p 500, fractionally lower, the s p 500 fractionally higher, but the nasdaq being helped by technology and not seeing the drag from energy the other indexes are seeing more so. Lets take a look at that. Oil on the day along with a few energy movers. 1 ,is down about 1 , almost down for a third day in a row. This reflect Hurricane Harvey, and in the wake of the storm that many of the refineries in texas have inkind. There is less demand for crude. That is weighing on the price turn weighing on some of the other names. This is an interesting dynamic to take a look at. Lets look at it in the bloomberg. Refineryhe total amount of oil processed by refineries in the u. S. , and we see through august 18, we see that about 4 Million Barrels per day are coming off line from these refineries being shot, so this processing is coming right down