Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, made the following statement in response to the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) announcement that the comment period for the agencies’ proposed Community Reinvestment Act (CRA) rule will be extended by 30 days, giving the public 90 days t... Read more »
Following the announcement that Morgan Stanley plans to acquire E-Trade, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, issued the following statement: “In the wake of the Trump Administration’s regulatory giveaways to the nation’s largest banks, it is no surprise that yet another merger of this scale has been announced. “The proposed merger of Morgan ... Read more »
In February 2019, under the leadership of Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, the Committee began an investigation into Wells Fargo’s compliance with five regulatory orders issued in response to the company’s widespread consumer abuses. In March 2020, the Committee will announce the results of that investigation and hold three hearings on Wells... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced several hearings for the month of March: March 4 at 10:00 AM – The Subcommittee on National Security, International Development, and Monetary Policy will convene for a hearing entitled, “The Traffickers’ Roadmap: How Bad Actors Exploit Financial Systems to Facilitate the Illicit Trade in Peop... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced an updated Committee schedule to conform with a recent change to the House calendar on February 26. February 26 at 2:00 PM – The full Committee will convene for a markup. February 27 at 10:00 AM – The full Committee will convene for a continuation of the February 26 markup. POSTPONED: The ful... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the Committee on Financial Services, and Congresswoman Joyce Beatty (D-OH), Chair of the Subcommittee on Diversity and Inclusion, released a multimedia Majority staff report entitled, “Diversity and Inclusion: Holding America’ Large Banks Accountable.” This report is part of a longstanding effort to hold financial institutions accountable an... Read more »
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congressman Wm. Lacy Clay (D-MO), Chairman of the Subcommittee on Housing, Community Development and Insurance, sent a letter to the Comptroller General of the U.S. Government Accountability Office (GAO), requesting a comprehensive study on the implementation of Title XI of the Financial Institutions Ref... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following opening statement at the semiannual Humphrey-Hawkins hearing on monetary policy and the state of the economy with Federal Reserve Chairman Jerome Powell. As Prepared for Delivery I'd like to welcome back Chairman Powell As I discussed at our last hearing with you, I remain very conce... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced an updated Committee schedule for the remainder of the month of February: February 11 at 10:00 AM – The full Committee will convene for a hearing entitled, “Monetary Policy and the State of the Economy." February 12 at 10:00 AM – The Subcommittee on Diversity and Inclusion will convene for a ... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered the following opening statement during a full Committee hearing entitled, “Protecting Consumers or Allowing Consumer Abuse? A Semi-Annual Review of the Consumer Financial Protection Bureau.” As Prepared for Delivery Today, we welcome back Consumer Financial Protection Bureau Director Kathy... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered the following opening statement during a full Committee hearing entitled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.” As Prepared for Delivery In November of last year, the Federal Deposit Insurance Corporation and... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement on yet another attempt by prudential regulators to weaken the Volcker Rule. “Just weeks after the passing of Paul Volcker, prudential regulators are once again working overtime to weaken a regulation that he fought tirelessly for by allowing banks to gamble with taxpayer ... Read more »
Today, the U.S. House of Representatives passed H.R. 3621, the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2020 (“Comprehensive CREDIT Act”), legislation sponsored by Rep. Ayanna Pressley (D-MA), by a vote of 221 to 189. H.R. 3621 would overhaul the credit reporting system by empowering consumers with more control of their data and requiring consumer... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered the following opening statement at a full Committee hearing entitled, “The Community Reinvestment Act: Is the OCC Undermining the Law’s Purpose and Intent?” As Prepared for Delivery Today this Committee convenes for a hearing to conduct oversight of the Office of the Comptroller of the Cur... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced several hearings for the month of February: February 5 at 10:00 AM – The full Committee will convene for a hearing entitled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.” February 5 at 2:00 PM – The Subcommittee on Hous... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement regarding the Consumer Financial Protection Bureau’s policy statement on the Dodd-Frank Wall Street Reform and Consumer Protection Act’s prohibition of unfair, deceptive, or abusive acts or practices (UDAAP) in the consumer financial marketplace. “The Consumer Bureau is t... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following statement on the amicus brief filed this week by the U.S. House of Representatives in support of the constitutionality of the Consumer Financial Protection Bureau’s independent single-director structure. “The Consumer Financial Protection Bureau was created by the Dodd-Frank Wall ... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, Congressman Al Green (D-TX), Chair of the Subcommittee on Oversight and Investigations, Congressman Bill Foster (D-IL), Chair of the Task Force on Artificial Intelligence, Congressman Stephen Lynch (D-MA), Chair of the Task Force on Financial Technology, and Congressman Josh Gottheimer (D-NJ), sent a l... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent letters to Joseph Otting, Comptroller of the Currency, and Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation (FDIC), requesting information on the regulators’ systems and policies for receiving and reviewing comments during the Community Reinvestment Act (CRA) rulemaking pro... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered the following opening statement at a full Committee hearing entitled, “On the brink of homelessness: How the affordable housing crisis leaves families vulnerable.” As Prepared for Delivery Good morning. Today, this Committee convenes for its first hearing of the year to examine our country... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congresswoman Joyce Beatty (D-OH), Chair of the Subcommittee on Diversity and Inclusion, sent a letter to Jay Clayton, Chairman of the Securities and Exchange Commission (SEC), expressing concerns about the ongoing lack of ethnic and racial diversity on the agency’s four advisory committees, includ... Read more »
Today, the U.S. House of Representatives passed the following financial services bills to support veterans, benefit investors, provide housing opportunities, hold regulators accountable, promote Minority Depository Institutions (MDIs), and improve cybersecurity: H.R. 4302, Homeless Assistance Act of 2019, a bill that would allow public housing agencies to share client level data with local governm... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement on the Department of Housing and Urban Development’s (HUD) 2019 report which highlights the rise in homelessness in this country. “HUD’s Annual Homeless Assessment Report to Congress only confirms what we already know. There is a devasting homelessness crisis in this coun... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced several updates to the Committee schedule: January 14 at 10:00 AM – The full Committee will convene for a hearing entitled, “On the Brink of Homelessness: How the Affordable Housing Crisis and the Gentrification of America Is Leaving Families Vulnerable.” January 14 at 2:00 PM – The Subcommit... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement regarding the Trump Administration’s proposal to replace the Affirmatively Furthering Fair Housing (AFFH) rule issued under President Obama with a much weaker rule. “This proposed Affirmatively Furthering Fair Housing (AFFH) rule is yet another attack on fair housing prot... Read more »
