Press Releases

Waters Alerts DOJ to Inaccurate and Misleading Testimony by Tim Sloan

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to alert the Department of Justice to a potential violation of the federal criminal statute prohibiting false statements to Congress by Tim Sloan, former Chief Executive Officer of Wells Fargo. This letter follows a year-long investigation by the House Financial Services Committee into We... Read more »

Waters to Wells Fargo CEO: The Bank You Inherited is Essentially a Lawless Organization

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Following the release of a Majority staff report entitled, “The Real Wells Fargo: Board & Management Failures, Consumer Abuses, and Ineffective Regulatory Oversight,” Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, convened a full Committee hearing with Charles W. Scharf, Chief Executive Officer (CEO) and President of Wells Fargo & Company. See the Chai... Read more »

Waters Thanks Visa for Proactive Submission of Its Diversity and Inclusion Data

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued a statement regarding Visa Incorporated’s efforts to proactively provide the Committee with their diversity and inclusion data and practices. Last month, the Committee published a report on diversity and inclusion among large banks with more than $50 billion in assets. That report was the result... Read more »

Waters Expresses Concerns About FDIC’s Decision to Decrease Workforce and Close Offices

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Tags: FDIC

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued a statement on the recent announcement that the Federal Deposit Insurance Corporation (FDIC) will offer voluntary retirement to 20 percent of its workforce and close or consolidate offices in Boston, California, Florida, Kentucky, Ohio, Oklahoma, and Tennessee: “I am deeply concerned by the FDIC... Read more »

In Advance of Wells Fargo Hearings, Waters and Green Release Investigative Report Exposing Failures of Megabank’s Management, Board, and Regulators

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Congressman Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations, released a Majority staff report entitled, “The Real Wells Fargo: Board & Management Failures, Consumer Abuses, and Ineffective Regulatory Oversight.” This report is a result of a one-year Committee inves... Read more »

Waters, McHenry, Cleaver and Hill to Launch Inaugural Counter-Trafficking Initiative

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, Congressman Patrick McHenry (R-NC), Ranking Member of the House Financial Services Committee, Congressman Emanuel Cleaver (D-MO), Chairman of the Subcommittee on National Security, International Development and Monetary Policy, and Congressman French Hill (R-AR), Ranking Member of the Subcommittee on N... Read more »

House Passes Four Bipartisan Financial Services Bills

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Yesterday, the U.S. House of Representatives passed bipartisan financial services bills to protect servicemembers from predatory debt collectors, improve the availability of affordable housing and mortgage credit, and address concerns that China is trapping developing nations in a cycle of predatory debt. The bills passed include: The Fair Debt Collection Practices for Servicemembers Act (H.R. 500... Read more »

Committee Passes Major Housing and Capital Markets Legislation to Support Hardworking Americans

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Tags: SEC, FHA, HUD, Budget

Today, the House Financial Services Committee passed seven bills to benefit consumers, investors and the economy. The bills passed by the Committee include: H.R. 149, the Housing Fairness Act, a bill introduced by Congressman Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations, which would authorize increased funding for the Department of Housing and Urban Development’s F... Read more »

Committee Continues Efforts to Advance Legislation Benefiting Consumers and Investors

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Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, delivered the following opening statement at a full Committee markup to make housing more affordable and available, fight housing discrimination, and increase transparency and disclosures in the nation’s capital markets. As Prepared for Delivery In 2019, the Committee had a very productive year, and ad... Read more »

Waters Wins Extension of Comment Period for CRA Rule

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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 »

Waters Statement on Proposed Morgan Stanley/E-Trade Merger

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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 »

Waters Blasts Disappointing Wells Fargo Settlement; Reveals Ongoing Committee Investigation into Wells Fargo

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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 »

Chairwoman Waters Announces March Committee Schedule

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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 »

Chairwoman Waters Announces Additional Updates to February Committee Schedule

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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 »

Waters and Beatty Release Committee Staff Report Highlighting Lack of Diversity at Nation’s Large Banks

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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 »

Waters and Clay Request GAO Study to Protect Homeowners from Appraisal Loopholes

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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 »

Waters Calls on Powell to Address Myriad of Issues at Semiannual Fed Hearing

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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 »

Chairwoman Waters Announces Updates to February Committee Schedule

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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 »

Waters to Kraninger: America Needs Better From You

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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 »

Waters Convenes Part One of Committee’s Effort to Examine Rent-A-Bank Schemes and Debt Traps

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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 »

Waters Statement on Regulators' Ongoing Efforts to Weaken the Volcker Rule

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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 »

House Passes Pressley Bill to Reform Broken Credit Reporting System

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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 »

Otting Finally Appears Before Committee to Explain Harmful Community Disinvestment Proposal

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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 »

Chairwoman Waters Announces February Committee Schedule

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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 »

Waters Statement on Kraninger’s Decision to Weaken an Essential Agency Enforcement Power

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Tags: CFPB

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 »



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