The House Financial Services Committee passed eleven bills to protect investors and reduce conflicts of interest born out of payment for order flow, support manufactured housing communities, fight for everyone’s right to vote, promote de novo depository institutions, and strengthen protections for the LIBOR transition. The following bills passed the Committee en bloc #1 by a vote of 28-23. Manufac... Read more »

This week, the House Financial Services Committee passed four bills focused on establishing protections across the financial system, including codifying the Minority Development Agency to ensure minority-owned companies have the necessary resources, requiring reporting from U.S. Global Systemically Important Banks (G-SIBs) to the Federal Reserve, extending enhancements to the National Credit Union... Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following opening statement at a full Committee hearing entitled, “Protecting Consumers During the Pandemic? An Examination of the Consumer Financial Protection Bureau.” As Prepared for Delivery I would like to welcome Director Kraninger to what I hope will be her last appearance before thi... Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following remarks at an event commemorating the 10th Anniversary of the signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Thank you very much and thank you for that very generous introduction. I am so pleased and delighted that I was asked to participate today in the 1... 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 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, 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, announced that she plans to lead a delegation of the Committee in attending a public meeting of the Federal Deposit Insurance Corporation’s (FDIC) Board of Directors, which consists of FDIC Chairman Jelena McWilliams, Comptroller of the Currency Joseph Otting, Consumer Financial Protection Bureau Direc... Read more »

Today, following the release of a Federal Deposit Insurance Corporation (FDIC) proposal to eliminate the requirement that banks collect initial margin when transacting with their affiliates, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement: “The rollback of this important safeguard has been on Wall Street’s wishlist since the ... Read more »

Following up on full Committee hearings in March and April where Committee Democrats asked megabank CEOs hard-hitting questions on issues including their alarming CEO-to-worker pay ratio despite making record profits in recent years, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Committee Democrats asked megabanks for more information on their CEO co... 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 »

On Tuesday, the U.S. House of Representatives passed the following bills, offered by House Financial Services Committee Members, and managed on the House floor by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee. H. Res. 456, Emphasizing the Importance of State Regulators, a bipartisan resolution emphasizing the investor protection and education missions of ... Read more »

Yesterday, at a hearing entitled, “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis,” Committee Democrats asked the Chief Executive Officers (CEOs) of seven of the nation’s largest financial institutions tough questions on behalf of hardworking consumers. Read below for 10 tough questions Committee Democrats asked the CEOs to answer... Read more »

Today, at a full Committee hearing with the CEOs of seven of the nation’s largest financial institutions, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, called for megabanks to craft a solution to help Americans saddled with student loan debt to achieve economic goals such as homeownership. “I’m going to ask you in all that you do to think about all that ... Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following opening statement at hearing entitled, “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis.” Today, this Committee convenes for a hearing on the U.S. Global Systemically Important Banks (GSIBs). Before us today as wit... Read more »

Following her first policy speech as Chairwoman of the House Financial Services Committee, Congresswoman Maxine Waters (D-CA), sat down for a brief discussion where she outlined her plans as Chairwoman in the 116th Congress and addressed a wide range of important issues, including consumer protection, affordable housing, diversity and inclusion, working across the aisle, and the racial wealth gap.... Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered the following remarks during her first policy speech in the 116th Congress: As Prepared for Delivery Thank you for the very warm welcome, and to the Center for American Progress for holding this event. CAP’s research and policy work are highly respected and a valued resource for Members of... Read more »

Today, Congresswoman Maxine Waters (D-CA) released the following statement after being approved by the Democratic Caucus to serve as the first woman and the first African American Chair of the House Financial Services Committee: “I am honored to have been selected by my colleagues to be the first Chairwoman of the House Financial Services Committee in the 116th Congress. Since 1995, I have served ... Read more »

Today, in response to a Freedom of Information Act (FOIA) disclosure revealing a previously unreleased Consumer Financial Protection Bureau (Consumer Bureau) analysis on excessive account fees charged to students by large banks, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “It is deeply troubling that a previously unpublis... Read more »

Following her historic nomination by the House Democratic Steering and Policy Committee as the first woman and African American to chair the House Committee on Financial Services, Congresswoman Maxine Waters (D-CA), issued the following statement: “I am honored to have been nominated by the Democratic Steering and Policy Committee to serve as Chairwoman of the House Financial Services Committee in... Read more »

Following the U.S. Senate confirmation of OMB Associate Director Kathy Kraninger to serve as Director of the Consumer Financial Protection Bureau (Consumer Bureau), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “The Consumer Financial Protection Bureau was specifically designed by Congress to be an independent watchdog fo... Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following statement at a full Committee hearing on the Federal Reserve’s supervision and regulation of the financial system with Randal Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System. As Prepared for Delivery Mr. Chairman, this is the first hearing si... Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services and 12 Members of Congress, sent a letter to Congressman Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, urging him to use the full range of the Committee’s oversight authorities to conduct a formal investigation into allegations raised by Seth Frotman, former Assistant... Read more »

Today, in commemoration of the 10th anniversary of the 2008 financial crisis, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement: “The 2008 financial crisis was the worst financial disaster since the Great Depression, inflicting widespread, devastating costs on millions of American families,” said Ranking Member Waters. “Al... Read more »