Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and 101 Members of Congress sent a letter to Kathy Kraninger, Director of the Consumer Financial Protection Bureau (Consumer Bureau), calling on her to reconsider the Consumer Bureau’s final rule to delay the original August 19, 2019 compliance date for the 2017 Payday, Vehicle Title, and Certain Hi... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced an overview of the Committee’s fall 2019 priorities and highlighted the Committee’s efforts in the 116th Congress to work on behalf of consumers, investors, and vulnerable families. Fall 2019 Priorities This fall, the Committee will continue its work to ensure fairness, competition, and trans... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement condemning the U.S. Department of Housing and Urban Development’s (HUD) proposal to weaken a key aspect of the Fair Housing Act, the disparate impact standard, under which defendants can be held liable for policies or practices that have a discriminatory impact without pr... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, Congresswoman Stacey Plaskett (D-VI) and 10 Members of Congress sent a letter to Ben Carson, Secretary of the U.S. Department of Housing and Urban Development, blasting the agency’s recent announcement that it would release Community Development Block Grant Disaster Recovery (CDBG-DR) funding to the... Read more »
Following the announcement that Robert Cameron, former head of compliance and risk mitigation at the Pennsylvania Higher Education Assistance Agency (PHEAA/FedLoan Servicing), will serve as the Private Education Loan Ombudsman at the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement.... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement on the decision by the Federal Deposit Insurance Corporation (FDIC) and approval of the Office of the Comptroller of the Currency (OCC) to weaken the Volcker Rule, which stops banks from gambling with taxpayer money. “The Volcker Rule is a cornerstone of Wall Street refor... 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 field hearing entitled, “Examining the Homelessness Crisis in Los Angeles.” As Prepared for Delivery Good morning. Welcome to the Committee on Financial Services field hearing entitled, “Examining the Homelessness Crisis in Los Angeles.” ... Read more »
Today, Financial Services Committee Chairwoman Maxine Waters (D-CA), Education and Labor Committee Chairman Bobby Scott (D-VA), and Oversight and Reform Committee Chairman Elijah Cummings (D-MD) sent a letter to Consumer Financial Protection Bureau Director Kathleen Kraninger requesting information and records concerning the CFPB’s efforts to protect consumers from unlawful student loan servicing ... Read more »
Following the March and April full Committee hearings to hold megabanks accountable, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congresswoman Joyce Beatty (D-OH), Chairwoman of the House Financial Services Subcommittee on Diversity and Inclusion, sent requests to Bank of America Corporation, Bank of New York Mellon Corporation, Citigroup Inc., Gol... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released a statement on a Government Accountability Office (GAO) report entitled, “Federal Housing Administration: Opportunities Exist to Improve Defaulted, Single-Family Loan Sales.” (GAO-19-228). The GAO report was requested in 2016 by Chairwoman Waters to ensure the Federal Housing Administration’s ... Read more »
WASHINGTON, D.C. - Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement on the Federal Reserve’s decision to modernize its interbank payments system into a real-time gross settlement (RTGS) service, which will allow our nation’s consumers to have immediate access to funds deposited into their bank accounts. “The Federal Res... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Senator Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, sent a letter to Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System; Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation (FDIC); and Josep... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced several Committee hearings for the month of September: Wednesday, September 4 at 10:00 AM — The Subcommittee on Oversight and Investigations will convene a field hearing entitled, “Examining Discrimination and Other Barriers to Consumer Credit, Homeownership, and Financial Inclusion in Texas,... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced Committee field hearings in the month of August on housing and homelessness: Friday, August 2 at 12:00 PM EDT – The Subcommittee on Oversight and Investigations will convene a field hearing entitled, “An Examination of the Housing Crisis in Michigan, 11 Years after the Recession,” in Detroit,... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, issued the following statement on a data breach which exposed account information of over 100 million Capital One customers. “This data breach shows that it’s not just big technology companies and credit reporting agencies like Equifax that are vulnerable to hacking and data breaches – big banks are... Read more »
Following the House passage of a $2.7 trillion budget deal, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, sent a letter to senior Members of the House Committee on Appropriations, applauding their recent bipartisan agreement to lift FY2020 discretionary spending limits and requesting that the additional discretionary funds provided by the agreement be... Read more »
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, introduced legislation that would help prevent foreclosures for borrowers with Federal Housing Administration (FHA) mortgages by strengthening requirements for and increasing oversight of FHA mortgage servicers so that every homebuyer with an FHA mortgage is given a fair chance at avoiding foreclosu... 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 Next Megabank? Examining the Proposed Merger of SunTrust and BB&T.” As Prepared for Delivery Good morning. Today we are here for a hearing on the proposed merger between SunTrust and BB&T. Our witnesses today are BB... Read more »
Yesterday, at a hearing entitled, “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System,” Committee Democrats asked David Marcus, Chief Executive Officer of Calibra, tough questions on Facebook’s proposed cryptocurrency and digital wallet. “Both sides of the aisle came well prepared to ask significant questions,” said Rep. Maxine Wa... 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, “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System.” As Prepared for Delivery Today we are here for a hearing on Facebook’s proposed digital currency, ... Read more »
Today, the House Financial Services Committee, held a markup of eight bills to benefit consumers and investors and strengthen disaster relief funding programs. See the Chairwoman’s opening statement here and the legislation below. H.R. 3621, the Student Borrower Credit Improvement Act, a bill that helps private student loan borrowers remove adverse information for certain defaulted or delinquent l... 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 markup: As Prepared for Delivery Good morning. Today this Committee will mark up eight bills, and I am pleased to say that several of the bills we will take up today have bipartisan support. I am also proud to say that so far this Congres... Read more »
On Thursday, an amendment to the National Defense Authorization Act for Fiscal Year 2020 offered by Congressman Brad Sherman (D-CA) and cosponsored by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services, passed the U.S. House of Representatives. The Sherman-Waters amendment would prohibit U.S. persons from trading in new Russian sovereign debt within 90 days of enactment... Read more »
Today, the House Financial Services Committee, held a markup of ten bills to reform the broken credit reporting system, increase diversity and inclusion efforts in the financial services sector, improve the homebuying process and preserve the affordability of rural housing. See the legislation below. H.R. 281, the Ensuring Diverse Leadership Act of 2019, a bill that would require the Federal Reser... 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 markup: As Prepared for Delivery Good morning. Today we will mark up a set of bills on a range of issues, including credit reporting, housing, diversity and inclusion, and investor protection. I have long said that our credit reporting sy... Read more »
