RUSH TRANSCRIPT You mister ░░░░░░░░ and thank you for ░░░░░░░░ today s hearing on ░░░░░░░░ banking It s a ░░░░░░░░ problem and it s ░░░░░░░░ together People need access ░░░░░░░░ a banking account in ░░░░░░░░ to thrive in today ░░░░░░░░ economy and the same ░░░░░░░░ for businesses that banking ░░░░░░░░ and you just really ░░░░░░░░ t get along d ░░░░░░░░ happens when a bank ░░░░░░░░ down a customer s ░░░░░░░░ account because they think ░░░░░░░░ that account poses a ░░░░░░░░ national illegal or a ░░░░░░░░ risk to the bank ░░░░░░░░ the bank shot someone ░░░░░░░░ the bank may share ░░░░░░░░ information with companies that ░░░░░░░░ paid to maintain a ░░░░░░░░ not bank list with ░░░░░░░░ result that the customer ░░░░░░░░ blacklisted every week yeah ░░░░░░░░ me this is straightforward ░░░░░░░░ doesn t matter who ░░░░░░░░ voted for what you ░░░░░░░░ in or the origin ░░░░░░░░ your last name People ░░░░░░░░ t be arbitrarily denied ░░░░░░░░ to their banks locked ░░░░░░░░ of their accounts for ░░░░░░░░ of their banking privileges ░░░░░░░░ help identify What s ░░░░░░░░ on my staff reviewed ░░░░░░░░ consumer financial protection bureau ░░░░░░░░ complaint database looking for ░░░░░░░░ where consumers reported that ░░░░░░░░ were unable to open ░░░░░░░░ or that their accounts ░░░░░░░░ wrongly closed classic banking ░░░░░░░░ chairman we put together ░░░░░░░░ supplemental memo on this ░░░░░░░░ I d like to ░░░░░░░░ that part of the ░░░░░░░░ record objection my staff ░░░░░░░░ eleven thousand nine hundred ░░░░░░░░ fifty five complaints and ░░░░░░░░ is only the people ░░░░░░░░ took the time to ░░░░░░░░ complaints and only during ░░░░░░░░ past three years Here ░░░░░░░░ all of these complaints ░░░░░░░░ out reported common themes ░░░░░░░░ warning no explanation and ░░░░░░░░ chance to dispute or ░░░░░░░░ these people described how ░░░░░░░░ day all of a ░░░░░░░░ they lost their place ░░░░░░░░ the banking system We ░░░░░░░░ from the consumer complaint ░░░░░░░░ that millions of Americans ░░░░░░░░ all political stripes have ░░░░░░░░ the same experience Tens ░░░░░░░░ millions of customers had ░░░░░░░░ blacklisted by the banking ░░░░░░░░ because they overdraft at ░░░░░░░░ account a few times ░░░░░░░░ incarcerated Americans dundee banked ░░░░░░░░ of their criminal history ░░░░░░░░ people have even been ░░░░░░░░ merely for having the ░░░░░░░░ name as someone who ░░░░░░░░ a criminal history of ░░░░░░░░ Americans in armenian Americans ░░░░░░░░ faced d banking on ░░░░░░░░ of their last names ░░░░░░░░ nonprofits and charities operating ░░░░░░░░ had been d banked ░░░░░░░░ no fault of the ░░░░░░░░ lawful cannabis Businesses have ░░░░░░░░ unable to open accounts ░░░░░░░░ employees of those businesses ░░░░░░░░ been debunked This should ░░░░░░░░ happening and we need ░░░░░░░░ figure out why and ░░░░░░░░ is responsible My staff ░░░░░░░░ some more work here ░░░░░░░░ well They found that ░░░░░░░░ for big banks Bank ░░░░░░░░ America j p Morgan ░░░░░░░░ fargo and citibank accounted ░░░░░░░░ half of all the ░░░░░░░░ filed a When he ░░░░░░░░ Bank of America for ░░░░░░░░ s d banking practices ░░░░░░░░ maybe taking short cuts ░░░░░░░░ it comes to assessing ░░░░░░░░ rather than investing the ░░░░░░░░ and resources to identify ░░░░░░░░ criminal risks and shutting ░░░░░░░░ those accounts Big banks ░░░░░░░░ relying on black box ░░░░░░░░ and middle men Companies ░░░░░░░░ shutting down accounts without ░░░░░░░░ careful due diligence That ░░░░░░░░ consumer financial protection bureau ░░░░░░░░ a favorite whipping boy ░░░░░░░░ the Republicans on this ░░░░░░░░ but the c a ░░░░░░░░ is the main agency ░░░░░░░░ our government that is ░░░░░░░░ working to stop unfair ░░░░░░░░ banking Let me say ░░░░░░░░ again the c f ░░░░░░░░ Actively working to stop ░░░░░░░░ banking right now The ░░░░░░░░ has five different rules ░░░░░░░░ in place or in ░░░░░░░░ That would help prevent ░░░░░░░░ banking by addressing some ░░░░░░░░ the root causes from ░░░░░░░░ fee F p b ░░░░░░░░ working to whole banks ░░░░░░░░ when they close law ░░░░░░░░ citizens and businesses accounts ░░░░░░░░ no good reason Today ░░░░░░░░ walks through the c ░░░░░░░░ p b s work ░░░░░░░░ I d like to ░░░░░░░░ that read that part ░░░░░░░░ the committee record objective ░░░░░░░░ said that the c ░░░░░░░░ p b is the ░░░░░░░░ agency fighting back against ░░░░░░░░ banking but that may ░░░░░░░░ at risk C f ░░░░░░░░ b director Scott besson ░░░░░░░░ all c f p ░░░░░░░░ rulemaking enforcement investigations and ░░░░░░░░ against financial institutions that ░░░░░░░░ breaking the law including ░░░░░░░░ banks that are wrongfully ░░░░░░░░ banking their customers The ░░░░░░░░ secretary desk and put ░░░░░░░░ the c f p ░░░░░░░░ means more Americans across ░░░░░░░░ country will be unfairly ░░░░░░░░ and they will lose ░░░░░░░░ one agency that is ░░░░░░░░ to help them There ░░░░░░░░ additional work to be ░░░░░░░░ by the Treasury Department ░░░░░░░░ Federal Reserve the f ░░░░░░░░ I c and other ░░░░░░░░ to issue clear anti ░░░░░░░░ laundering rules and guidance ░░░░░░░░ banks to follow which ░░░░░░░░ reduce the incentive to ░░░░░░░░ the banking as a ░░░░░░░░ of risk management Mister ░░░░░░░░ I ll say again ░░░░░░░░ appreciate you re holding ░░░░░░░░ hearing Do banking is ░░░░░░░░ problem I m eager ░░░░░░░░ work with you and ░░░░░░░░ Trump to support the ░░░░░░░░ a p b s ░░░░░░░░ to make sure that ░░░░░░░░ is treated fairly and ░░░░░░░░ we put an