HAVE QUORUM AND SO WITH THAT AND
I WILL A HAND THIS OVER TO OUR
VICE CHAIR
[inaudible]
ALRIGHT.
THANK YOU MEMBERS A THIS IT'S ON
THIS REGINALD THIS RESOLUTION
AND MAY.
AJ ARE FORTY EIGHT AT BILLS ON
CALIFORNIA ATTORNEY GENERAL'S
CALL FOR THE FEDERAL GOVERNMENT
TO RESPECT THE CFPB EASE LIKE A
CONSUMER FINANCIAL PROTECTION
BUREAU'S.
INDEPENDENCE WITH THE RESEARCH
REP WITH THE RESOLUTION
CALIFORNIA CONTINUES TO BE A
LEADER IN DEFENDING.
A FULLY FUNCTIONING AND
INDEPENDENT CFPB THE CFPB IS
MISSION MUST CONTINUE TO BE
CENTERED ON CONSUMERS ITS
LEADERSHIP MUST ALSO HAVE DEEP
EXPERIENCE IN CONSUMER
PROTECTIONS HOLDING CORPORATION
THE COUNT.
ACCOUNTABLE IN KEEPING THE
AGENCY ACCOUNTABLE TO ALL
STAKEHOLDERS.
BY HOLDING PREDATORY LENDERS AND
ABUSIVE FINANCIAL COMPANIES
ACCOUNTABLE THE CFPB HELPS TO
ENSURE A FAIR AND MORE THRIVING
ECONOMY FOR ALL PEOPLE.
THIS RESOLUTION AFFIRMS
CALIFORNIA'S COMMITMENT TO
PROTECT OFFEND CONSUMERS FROM
PREDATORY PRACTICES AND ABUSES
IN THE FINANCIAL SECTOR BY
SUPPORTING A FAIR AND
INDEPENDENT CFPB.
IN A TIME OF INCREASING ECONOMIC
INEQUALITY THE CFPB IS A
CRITICAL REGULATORY AGENCIES
SERVING AMERICANS WHO ARE
VULNERABLE TO FINANCIAL ABUSE
WHILE HOLDING FINANCIAL
COMPANIES ACCOUNTABLE.
WITH ME TODAY HAVE SUSAN MARTIN
DEL FROM CONSUMER UNION.
I THINK YOU CHAIR MEMBERS HIS
AND MARK DOUBLE CONSUMERS UNION
I APPRECIATE THE OPPORTUNITY
TESTIFIED TODAY IN SUPPORT OF AJ
ARE FORTY EIGHT AND VERY MUCH
APPRECIATE.
THE CHAIR OF THIS COMMITTEES OF
LEADERSHIP IN RAISING THE
VISIBILITY OF MANY OF THESE
FINANCIAL JUSTICE ISSUES HERE IN
THE CAPITAL --
ON THE TENTH ANNIVERSARY THE
FINANCIAL CRISIS IS KIND OF
STRANGE TO BE HERE AND TO BE
WATCHING THIS INCREDIBLY
IMPORTANT CONSUMER WATCHDOG
AGENCY CREATED OUT OF OUT OF
THAT FURNACE AND WHAT SHOULD BE
BY TORN APART --
DEATH BY A THOUSAND CUTS ONE
COULD SAY AGENCY WAS CREATED
AFTER THE FINANCIAL CRISIS WHEN
CONGRESS RECOGNIZE THERE WAS A
GAP ON THE CONSUMER PROTECTION
ENFORCEMENT THAT ALLOWED UNFAIR
DECEPTIVE AND ABUSIVE PRACTICES.
TO PROLIFERATE IN THE VERY VERY
POWERFUL FINANCIAL SECTOR OF THE
CPB IS MISSION IS TO IDENTIFY
THESE PRACTICES AND FORCED A LOT
OF STOP ILLEGAL ACTS AND SEEK
COMPENSATION FOR CONSUMERS WHO
HAVE BEEN HARMED.
ON HELP GET RESULTS REAL RESULTS
FOR CONSUMERS WHEN THEY FILE
COMPLAINTS --
BUT WHEN THEY DEMAND JUSTICE FOR
BEING WRONG IN THE SEVEN YEARS
SINCE IT OPENED ITS DOORS THE
CPB HAS PLAYED A VITAL ROLE IN
PROMOTING AND DEFENDING FAIRNESS
IN THE FINANCIAL MARKETPLACE
HERE IN IN AMERICA.
THE RESULTS SPEAK FOR THEMSELVES
TWELVE BILLION DOLLARS BILLION
WITH A B..
IN REFUNDS BACK TO CONSUMERS
RELIEF FOR AN ESTIMATED TWENTY
NINE MILLION AMERICANS IN AREAS
SUCH AS MORTGAGES CREDIT CARDS
STUDENT LOANS PREPAID CARDS IN
THE LIST GOES ON AT A TIME WHEN
THE CFPB IS STEPPING BACK
UNFORTUNATELY HAVE A CURRENT
LEADERSHIP.
FROM SOME OF ITS MOST ESSENTIAL
WORK -- IT
HAS MADE CLEAR THAT IT'S
REVERSING PROTECTIONS AND
ACTUALLY SLOWING DOWN OR HOLDING
ENFORCEMENT EFFORTS ON THIS
RESOLUTION AJ ARE FORTY EIGHT
REALLY DEMONSTRATES THE
CALIFORNIANS --
SUPPORT HAVING A STRONG
INDEPENDENT WATCHDOG WITH THE
CFPB AND EVEN MORE IMPORTANTLY
THAT WHEN CONGRESS THE CPB IN
THE FEDERAL GOVERNMENT STAND
DOWN THE CALIFORNIA LEGISLATURE
WILL STEP UP. TO ENSURE THAT OUR
RESIDENTS ARE PROTECTED IN THE
MARKETPLACE BECAUSE EVERYONE
SHOULD BE ABLE TO RETAIN AND
BUILD ASSETS THEY NEED TO THRIVE
HERE IN THE STATE OF CALIFORNIA.
FOR THESE REASONS WE SUPPORT THE
MEASURE AND REQUEST MY BOOK.
THANK YOU VERY MUCH DO WE HAVE
ANY A WITNESSES IN SUPPORT
[inaudible]
S. A THANK YOU.
THANK YOU COMMITTEE MEMBERS.
AND STAFF FOR HOLDING THIS
HEARING TODAY SAMANTHA SAYING
I'M HAPPEN NEXT IN CALIFORNIA --
NEXT IN CALIFORNIA'S HAPPY TO BE
THE CO SPONSORS OF AJ ARE FORTY
EIGHT ALONG WITH OUR PARTNERS
OVER IT BENEFICIAL STATE BANKS
FOUNDATION.
WE THINK IT'S CRITICALLY
IMPORTANT TO HAVE A STRONG
CONSUMER THAT HAVE STRONG
CONSUMER PROTECTION AGENCIES.
IN OUR FEDERAL GOVERNMENT TO
ENSURE A FAIR FINANCIAL
MARKETPLACE FOR ALL AMERICANS.
BECAUSE WE KNOW TOO WELL --
THAT EXPLOITATION EXPLOITATION
BY PETTERI LENDERS IN THE
FINANCIAL INDUSTRY.
HURTS OUR MOST VULNERABLE
COMMUNITIES WHO ARE
DISPROPORTIONATELY --
OUR LOW INCOME.
I HAVE -- IN
CALIFORNIA WE KNOW FIRST HAND
THE CRUCIAL ROLE AS STRONG AND
INDEPENDENT CONSUMER FINANCIAL
PROTECTION BUREAU.
WHERE THE CFPB PLAYS ANALYZE OF
STUDENTS LOW INCOME PEOPLE?
AND COMMUNITIES OF COLOR AND
MANY OTHERS AS OUR STATE HAS
WORKED WITH THE CFPB. TO GO
AFTER FRAUDULENT AND PREDATORY
PRACTICES FROM NONPROFIT OF FOR
HAD.
FROM FOR PROFIT COLLEGES TO BIG
BANG SUCH AS WELL AS PART OF THE
CITY CALIFORNIA.
NUMBER ENDING JUST IN THE LAST
DAY OR TWO WORLD JUST LEARNING
THAT THE LEADER'S ACTIONS IS
CURRENT FEDERAL ADMINISTRATION
IS TAKING.
A TO DISMANTLE THE CFPB LEAVES
ARE ACTIVE DUTY MILITARY AND
VETERANS VULNERABLE TO PREDATORY
PAYDAY LENDERS.
MAKING THIS RESOLUTION EVEN MORE
TIMELY SO WITH THAT THANK YOU
SOME REMEMBER AND SURELY MOAN
FOR GREEN AG ARE FORTY FOUR AND
WE DO STRONG CFPB AND I
RESPECTFULLY ASK YOUR AYE VOTE
ON THIS MEASURE.
THANKS VERY MUCH ANY OTHER
WITNESSES IN SUPPORT.
POLICE PHILOSOPHY HAVE FOR THE
CENTER FOR RESPONSIBLE LENDING
IN SUPPORT.
GOOD AFTERNOON RONALD COLMAN
HERE WE HAVE THE CALIFORNIA LOW
INCOME CONSUMER COALITION ALSO
HERE IN STRONG SUPPORT THANK YOU.
PLAN TRACK NOW BEHALF OF
CONSUMER ATTORNEYS OF
CALIFORNIANS STRONG SUPPORT.
AND IF WE COULD WILL APPOINT
SIGOURNEY INTERRUPT AND ASK FOR
A ROLL CALL WHILE THERE'S A
QUORUM PRESENT [inaudible]
LIMON [inaudible]
HERE [inaudible]
CHEN HERE [inaudible]
ACOSTA [inaudible]
BURKE [inaudible]
CERVANTES [inaudible]
CHOI [inaudible]
GABRIEL [inaudible]
GONZALEZ FLETCHER [inaudible]
GRAYSON THEIR STONE [inaudible]
WEBER.
THANK YOU VERY MUCH MOVED AND
SECONDED REVENUE WITNESSES IN
OPPOSITION.
SEEING NONE ON THAT AND SHOWS
LIKE CLOTHES I RESPECTFULLY ASK
PRIVATE.
MANAGE ACTOR PLEASE CALL THE
ROLL.
IT'S AJ ARE FORTY EIGHT DO
PASSED TO THE ASSEMBLY FLOOR.
LAMONT I LIMON AYE CHAN.
CHAN AYE ACOSTA [inaudible]
BURKE [inaudible]
CERVANTES.
CERVANTES AYE CHOI [inaudible]
GABRIEL [inaudible]
CABLE I GONZALEZ FLETCHER
[inaudible]
GRAYSON [inaudible]
GRAYSON AYE [inaudible]
STONE.
STONE AYE WEBER
.
I AM GOING TO LEAVE THE ROLE
OPEN FOR ANOTHER --
FIVE MINUTES FOR ADAMS IF
THERE'S ANY MEMBERS OF THE
COMMITTEE OUT THERE THAT WOULD
LIKE.
TO COME VOTE AND WE ENCOURAGE
THEM TO DO SO RIGHT AWAY
.
ALRIGHT HERE WE GO [inaudible]
ACOSTA [inaudible]
BURKE [inaudible]
CHOI.
GONZALEZ FLETCHER WEBER
[inaudible]
WEBER I THANK YOU.
ALL OF IT.
ACOSTA AYE GOTH AYE.
YET WE GET
[inaudible]
THE FACT [inaudible]
RIGHT [inaudible]
YEAH
[inaudible]
RIGHT.
BURKE.
BIRD I THAT
.
NOT YOUR GET TRIGGERED.
IRATE [inaudible]
GONZALEZ FLETCHER.
GONZALEZ FLETCHER AYE
[inaudible]
ALRIGHT SO [inaudible]
OKAY.
I LIVED WITH. EIGHT YEAR FORTY
EIGHT GETS AL I WITH THE TEN
ZERO VOTE AND WITH THAT AND WE
WILL GO AHEAD AND AND DURING
TODAY'S SESSION