| 00:00:59 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
HEARING. >> THIS COMMITTEE IS CALLED TO ORDER. BEFORE WE BEGIN, I'D LIKE TO EXTEND A WARM WELCOME TO SENATOR CREPEO AS RANKING MEMBER AND TO SENATOR...
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| 00:07:08 |
Crapo, Michael "Mike" - U.S. Senator, [R] Idaho
TO BUILDING ON THAT AND WORKING WITH YOU AS THE RANKING MEMBER OF THE COMMITTEE THIS YEAR IN THIS CONGRESS. ONE OF MY OBJECTIVES AND HOPES WOULD BE...
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| 00:12:07 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
AGAIN, FOR HOLDING THIS HEARING. >> THANK YOU. THIS MORNING OPENING STATEMENTS WILL BE LIMITED TO THE CHAIRMAN AND RANKING MEMBER TO ALLOW MORE TIME...
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| 00:13:40 |
Miller, Mary John - Undersecretary
CHAIRMAN JOHNSON, RANKING MEMBER CREPO AND MEMBERS OF THE COMMITTEE THANK YOU SO MUCH FOR THE OPPORTUNITY TO BE HERE TODAY. THE DODD/FRANK WALL STREET...
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| 00:18:39 |
Tarullo, Daniel K. - Member
YOU, MR. CHAIRMAN. IT'S A PLEASURE TO BE WITH ALL OF YOU HERE ON THIS VALENTINE'S DAY. I JUST WANT TO MAKE TWO POINTS IN THESE ORAL REMARKS. FIRST,...
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| 00:22:47 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
FUNDS, AND TRI PARTY REPO MARKETS. THANK YOU FOR YOUR ATTENTION. >> THANK YOU.
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| 00:22:55 |
Gruenberg, Martin J. - Chair
CHAIRMAN, PLEASE PROCEED. >> THANK YOU, MR. CHAIRMAN. CHAIRMAN JOHNSON, RANKING MEMBER CREPO AND MEMBERS OF THE COMMITTEE THANK YOU FOR THE OPPORTUNITY...
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| 00:28:32 |
Curry, Thomas J. - Comptroller of the Currency
TO RESPOND TO YOUR QUESTIONS. >> THANK YOU. COMPTROLLER CURRY, PLEASE PROCEED. >> CHAIRMAN JOHNSON, RANKING MEMBER, AND MEMBERS OF THE COMMITTEE, IT...
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| 00:33:29 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
ANY QUESTIONS YOU MAY HAVE. >> THANK YOU. DIRECTOR
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| 00:33:35 |
Cordray, Richard - Director
CADRE, PLEASE PROCEED. >> THANK YOU, CHAIRMAN JOHNSON. RANKING MEMBER CREPO AND MEMBERS OF THE COMMITTEE FOR INVITING ME BACK TODAY. MY COLLEAGUES AND...
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| 00:37:51 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
THE CONSUMER PROTECTION BUREAU. WE ALWAYS WELCOME YOUR THOUGHTS ABOUT OUR WORK AND I LOOK FORWARD TO YOUR QUESTIONS. THANK YOU. >> THANK YOU. CHAIRMAN...
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| 00:38:00 |
Walter, Elisse B. - Chairman
CHAIRMAN JOHNSON, RANKING MEMBER CREPO, AND MEMBERS OF THE COMMITTEE. THANK YOU FOR INVITING ME TO TESTIFY ON BEHALF OF THE SECURITIES AND EXCHANGE ...
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| 00:43:31 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
OUR PLANS GOING FORWARD. I LOOK FORWARD TO ANSWERING YOUR QUESTIONS. >> THANK
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| 00:43:38 |
Gensler, Gary G. - Chair
YOU. >> THANK YOU, CHAIRMAN JOHNSON AND MEMBERS OF THE COMMITTEE. I WANT TO FIRST JUST ASSOCIATE MYSELF WITH GOVERNOR TURILLO'S COMMENTS ABOUT WISHING...
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| 00:48:57 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
CAN EFFECTIVELY OVERSEE THESE MARKETS. I THANK YOU AND LOOK FORWARD TO YOUR QUESTIONS. >> THANK YOU. AND THANK YOU ALL FOR YOUR TESTIMONY. AS WE BEGIN...
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| 00:49:28 |
Miller, Mary John - Undersecretary
ECONOMIC GROWTH. AND WHAT ARE THE CHALLENGES TO ACCOMPLISH THIS? >> I THINK THE MOST IMPORTANT THING THAT WE CAN DO IS TO RESTORE CONFIDENCE IN OUR FINANCIAL...
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| 00:51:36 |
Cordray, Richard - Director
APPROACH TO TAKE TO DEFINE A RULE TO STRIKE THE RIGHT BALANCE? [ INAUDIBLE ] >> AND I APPRECIATE THOSE OBSERVATIONS. I THINK WE TRIED TO DO THREE ...
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| 00:53:42 |
Gruenberg, Martin J. - Chair
DESCRIBED? LET'S BERG, LET'S BEGIN WITH YOU. >> THANK YOU, MR. CHAIRMAN. I DON'T BELIEVE THERE'S ANYTHING REGARDING QRM WITH QM. WE ACTUALLY DELAYED...
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| 00:54:12 |
Tarullo, Daniel K. - Member
YOU AGREE? >> CERTAINLY, MR. CHAIRMAN. I AGREE WITH MR. GRUENBERG. I'D JUST SAY FURTHER THAT AS YOU KNOW, TWO PROVISIONS HAD SOMEWHAT DIFFERENT MOTIVATIONS....
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| 00:55:37 |
Curry, Thomas J. - Comptroller of the Currency
OF BOTH GOVERNOR TARULLO AND CHAIRMAN GRUENBERG WITH RESPECT TO THE DEFINITION. I ALSO WOULD CONCUR WITH GOVERNOR TARULLO IT'S IMPORTANT TO LOOK AT...
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| 00:56:14 |
Corker, Bob - U.S. Senator, [R] Tennessee
MEETING AND I'M GOING TO YIELD TO HIM. >> THANK YOU VERY MUCH. I WON'T -- I'LL DO THIS RARELY AND I'LL BE VERY BRIEF. JUST THREE QUESTIONS. MR. GRUENBERG,...
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| 00:56:53 |
Gruenberg, Martin J. - Chair
INTENDED. >> I AGREE WITH YOU, SENATOR. AND AS YOU KNOW, THE APPROACH WE'VE BEEN LOOKING AT WOULD IMPOSE LOSSES ACTUALLY WIPING OUT SHAREHOLDERS IMPOSING...
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| 00:58:13 |
Miller, Mary John - Undersecretary
INSTITUTION? >> I THINK WE LEARNED FROM THE FINANCIAL CRISIS THAT THE FAILURE OF A LARGE INSTITUTION CAN CREATE SOME SYSTEMIC RISK. >> BUT Y'ALL ARE...
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| 00:58:55 |
Tarullo, Daniel K. - Member
TO TRANSMIT THAT TYPE OF FINANCIAL DISTRESS. >> MR. TARULLO? >> I THINK, SENATOR, THAT IT'S A JOURNEY AND NOT A SINGLE POINT WHERE YOU CAN SAY WE'VE...
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| 01:02:38 |
Reed, John "Jack" F. - U.S. Senator, [D] Rhode Island
MUCH. >> SENATOR REED. >> THANK YOU VERY MUCH, MR. CHAIRMAN. CHAIRMAN GENSLER, I UNDERSTAND THAT YOU RECENTLY HAD A ROUND TABLE ON THE FUTURE OF SWAPS....
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| 01:03:34 |
Gensler, Gary G. - Chair
80% AND 90% OF THE MARKET SHARE IN A SENSE OF THE OUTSTANDING DERIVATIVES. SO AS CONGRESS DICTATED, WE BRING TRANSPARENCY AND CENTRAL CLEARING TO THE...
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| 01:05:20 |
Walter, Elisse B. - Chairman
YOU AND BOTH CHAIRMAN GENSLER ARE DOING WITH RESPECT TO THE COORDINATION EFFORTS WITH RESPECT TO THE CROSS BORDER SWAPS? >> ABSOLUTELY. THANK YOU,...
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| 01:06:53 |
Gensler, Gary G. - Chair
CHAIRMAN GENSLER, ANY COMMENTS? >> I THINK WE'RE IN FAR BETTER SHAPE THAN TWO YEARS AGO OR ONE YEAR AGO. SO FOUR VERY SIGNIFICANT JURISDICTIONS BETWEEN...
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| 01:08:25 |
Crapo, Michael "Mike" - U.S. Senator, [R] Idaho
SENATOR CRAPO. >> THANK YOU MR. CHAIRMAN. I FIRST WANT TO GET INTO THE ISSUE OF ECONOMIC ANALYSIS. AS I KNOW YOU'RE ALL AWARE, THE PRESIDENT HAS ISSUED...
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| 01:10:21 |
Tarullo, Daniel K. - Member
COULD YOU SPEAK UP? >> I'M SORRY -- I WILL CONFESS NOT BEING FAMILIAR WITH THE DECEMBER 2012 RECOMMENDATIONS. CERTAINLY WE DO ECONOMIC ANALYSIS BOTH...
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| 01:11:42 |
Gensler, Gary G. - Chair
GOVERNOR TARULLO THAT WE DIDN'T LEAVE YOU WITH ANYTHING BUT THE BEST IMPRESSIONS. WE'VE ISSUED OUR GENERAL COUNCIL AND OUR CHIEF ECONOMIST ISSUED GUIDANCE...
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| 01:14:14 |
Menendez, Robert "Bob" - U.S. Senator, [D] New Jersey
YOU TO ALL FOR YOUR TESTIMONY. MR. CURRY, I WANT TO DISCUSS THE BOTCHED FORECLOSURE PROCEDURE. THEY HELD ON THE HOUSING SUBCOMMITTEE. IN FAIRNESS LET...
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| 01:15:58 |
Curry, Thomas J. - Comptroller of the Currency
INSIGHT. >> THANK YOU, SENATOR MENENDEZ. I SHARE YOUR CONCERNS ABOUT THE ENTIRE PROCESS AND ITS ABILITY TO MEET ITS ORIGINAL STATED OBJECTIVES. WHAT...
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| 01:19:11 |
Miller, Mary John - Undersecretary
THANK YOU FOR THAT QUESTION. THE POPULATION OF HOMEOWNERS WHO TODAY ARE UNDER WATER ON THEIR MORTGAGES, WE KNOW THAT'S ABOUT 20% OF ALL HOMEOWNERS...
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| 01:20:20 |
Coburn, Thomas "Tom" A. M.D. - U.S. Senator, [R] Oklahoma
I'M GLAD TO BE ON THIS COMMITTEE. I JUST HAVE ONE QUESTION I WILL SUBMIT THE REST OF MY QUESTIONS FOR THE RECORD. BUT THIS IS TO MR. CORDRAY. YOU MENTIONED...
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| 01:21:09 |
Cordray, Richard - Director
FELLOW AGENCIES AS WE'RE DOING THROUGH THE FLECK. AND WHEN I WAS A COUNTY TREASURER AND STATE TREASURER IN OHIO, WE WERE ABLE TO GET THE LEGISLATURE...
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| 01:23:26 |
Brown, Sherrod - U.S. Senator, [D] Ohio
YOU, CHAIRMAN JOHNSON. GOVERNOR TARULLO, I'D LIKE TO TALK TO YOU. IN 2009 YOU SAID I QUOTE, LIMITING THE SIZE OR INTERCONNECTEDNESS OF FINANCIAL INSTITUTIONS...
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| 01:24:12 |
Tarullo, Daniel K. - Member
IS. >> YOU'RE ABSOLUTELY RIGHT, SENATOR BROWN. MY OBSERVATION BACK IN 2009, I THINK, WAS THAT PEOPLE WOULD SAY SOMETHING LIKE BREAK UP THE BANKS....
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| 01:29:50 |
Heller, Dean - U.S. Senator, [R] Nevada
WHO HAVE TESTIFIED TODAY. A LOT TO LEARN. I GUESS THERE'S TWO MESSAGES. THIS TAKES A TEAM TO SOLVE THESE PROBLEMS WE HAVE TODAY. AND TWO, I DO HAVE...
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| 01:32:07 |
Gruenberg, Martin J. - Chair
SENATOR. JUST ON THE FINAL POINT YOU MADE IN TERMS OF NEEDING A CERTAIN LEVEL OF DEPOSITS OR ASSETS TO BE VIABLE IN THE BANKING SYSTEM. THIS IS ACTUALLY...
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| 01:34:29 |
Curry, Thomas J. - Comptroller of the Currency
YES. I'VE BEEN A COMMUNITY BANK SUPERVISOR AT THE STATE AND FEDERAL LEVEL FOR 25 YEARS -- OVER 25 YEARS. AND I SAW FIRST HAND IN NEW ENGLAND THE IMPORTANCE...
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| 01:35:41 |
Warren, Elizabeth - U.S. Senator, [D] Massachusetts
I WANT TO ASK A QUESTION ABOUT SUPERVISING BIG BANKS WHEN THEY BREAK THE LAW. INCLUDING THE MORTGAGE FORECLOSURES BUT OTHERS AS WELL. YOU KNOW, WE ALL...
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| 01:37:19 |
Curry, Thomas J. - Comptroller of the Currency
OFFER MY PERSPECTIVE AS BANK SUPERVISOR. WE PRIMARILY VIEW THE TOOLS THAT WE HAVE AS MECHANISMS FOR CORRECTING DEFICIENCIES. SO THE PRIMARY MOTIVE FOR...
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| 01:38:33 |
Walter, Elisse B. - Chairman
ARE LIMITED AND WE HAVE ASKED FOR ADDITIONAL AUTHORITY TO RAISE PENALTIES. WHEN WE LOOK AT THESE ISSUES AND WE TRULY BELIEVE THAT WE HAVE A VERY VIGOROUS...
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| 01:41:00 |
Tarullo, Daniel K. - Member
SO THERE'S CERTAINLY ANOTHER REASON WE MIGHT ADD TO YOUR LIST, SENATOR WARREN, WHICH IS INVESTOR SKEPTICISM AS TO WHETHER A FIRM IS GOING TO MAKE...
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| 01:43:23 |
Hagan, Kay R - U.S. Senator, [D] North Carolina
RECOVERY, CONSUMERS, LENDERS, AND INVESTORS NEED CLARITY REGARDING THE BOUNDARIES OF MORTGAGE LENDING. AND THE RECENT ACTION BY THE CF. RKS B WITH...
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| 01:44:44 |
Curry, Thomas J. - Comptroller of the Currency
SENATOR HAGAN, WE VIEW THE QRM RULE MAKING PROCESS AS AN IMPORTANT ONE. WITH QM IN PLACE WE'RE LOOKING FORWARD TO ADOPT AN APPROPRIATE REGULATION...
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| 01:45:18 |
Tarullo, Daniel K. - Member
DOES ALLOW US TO GO AND JUST FINISH IT. MOST OF THE OTHER ISSUES -- YOU KNOW, THE WAY THESE PROCESSES WORK IS AT A STAFF LEVEL PEOPLE GO THROUGH ALL...
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| 01:46:38 |
Miller, Mary John - Undersecretary
YOU ARE AWARE, THE SOK HAS SOME RESPONSIBILITIES TO DESIGNATE NON-BANK FINANCIAL INSTITUTIONS. IN THE COURSE OUT OF DOING THAT IN APRIL 2011 WE PUBLISHED...
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| 01:48:42 |
Manchin, Joe III - U.S. Senator, [D] West Virginia
WORKING WITH YOU ALL. I'D LIKE TO START BY SAYING IN WEST VIRGINIA WE HAVE A LOT OF COMMUNITY BANKS THAT ARE REALLY STABLE AND DONE A GOOD JOB. THEY'RE...
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| 01:50:06 |
Gensler, Gary G. - Chair
START. >> CONGRESS GAVE US THE AUTHORITY TO EXEMPT WHAT CONGRESS SAID WAS SMALL FINANCIAL INSTITUTIONS. ANYTHING LESS THAN $20 BILLION IN SIZE. WE WENT...
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| 01:50:57 |
Cordray, Richard - Director
WE JUST COMPLETED, THE QUALIFIED MORTGAGE RULE AND OUR SERVICING RULES ARE THE MOST SIGNIFICANT. WE WERE CONVINCED. THEY DID NOT DO THE THINGS THAT ...
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| 01:52:28 |
Tarullo, Daniel K. - Member
LET ME TAKE A SHOT AT THAT. YOU'VE PUT YOUR FINGER ON THE TIME FRAME AT WHICH WHAT HAD BEEN A QUITE SAFE, PRETTY STABLE, FINANCIAL SYSTEM BEGAN TO...
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| 01:54:54 |
Tester, Jon - U.S. Senator, [D] Montana
SOME QUESTIONS TO CHAIRMAN WALTER. THE COMMISSION SHOULD EXERCISE RULE MAKING AUTHORITY TO IMPLEMENT UNIFORM STANDARDS. IT'S BEEN TWO YEARS SINCE...
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| 01:55:56 |
Walter, Elisse B. - Chairman
FOR COMMENT ON THAT WILL GO OUT IN THE NEXT MONTH OR TWO. WITH RESPECT TO THE SUBSTANCE OF THE ISSUE, SPEAKING ONLY FOR MYSELF, I WOULD LOVE TO MOVE...
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| 02:00:30 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
QUESTION DOESN'T MEAN I DON'T LOVE YOU. THANK YOU. >> THANK YOU FOR YOUR TESTIMONY FOR BEING HERE TODAY. I APPRECIATE YOUR HARD WORK. THIS HEARING...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.