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-- a month from today the consumer financial protection bureau to -- open.
But the massive government agency created to preparing yet another financial crisis is still about a director in -- some serious concerns about how effective it will be anyway.
Joining us now with more is the president of the consumers bankers association.
-- -- -- Say I think -- I mean everyone's talking about this thing and how important it is and how they had to be ran down the taxpayers of the voters throats there's no leader.
There is not today Charles we have one month to go before the transfer date is actually official.
And today the president has not submitted a nominee to -- this new powerful government agency we're like -- were awaiting any day for the president to nominate somebody.
-- there are a sign up for a while there you don't think there's talk about -- a different -- -- popped up why why wait so long for such a huge job.
That's -- and one -- question I -- when I traveled around the country talking to our bankers quite frankly -- administration.
Was going to nominate Elizabeth Warren way back last June not this June.
Quite frankly in the Democrats that 59 votes as you know you need sixty.
Thought sort of been slammed down to appointments -- warned last year we are on record from day one -- CBA.
That the president should nominate somebody and have that person go before the senate banking committee.
To have their day in court if you will -- it's important that we have a nominee who goes to the senate process not a recess appointed person.
Richard not my only concern about this organization not having a liter I am also concerned about the broad range of -- just reading off some of the things that it's -- responsible for.
Consumer protection function of seven different government regulators.
-- can write and enforce new rules examine.
Firms beyond the banks it's got a lot of power it's going to -- I think it becomes the most powerful independent agency this government has seen since quite frankly.
It has enormous powers one of the beauties of the CF TB however one thing we did agree with.
Is the fact -- regulate banks and non banks however.
Without a director in place they do not have the power to regulate -- -- banks.
Keep in mind or send -- 1000.
Non bank institutions.
Compared to 7100.
Banks so without a director would have a lot of people gone without protection.
Richard before we like to go we've got a minute what's the bill would banks in general.
I've read -- -- nine point two trillion dollars in deposits and yet in two trillion less in loans why are banks lending people money.
Well I think you have to look at the demand situation we make a profit when we issued loans that that is trashed a lot of people but banks are in the business to make a profit.
We -- seeing a recession we're seen unemployment at very high numbers.
Our banks are doing everything they can't make loans bank in Ohio Huntington bank has a new loan portfolio of one point nine billion up from a billion.
And JPMorgan Chase just -- 500 new small business bankers.
For the purpose of making loans we want to make the loans there has to be demand from the consumer first.
All right well I tell you what I get -- -- a lot of people from here to where you are right now that was say they love alone but can't.
We ran out of time Richard your great guest who you gonna have you back Richard hunt the consumer up mortgage association thank you --
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