OCC

Waters’ and Meeks’ Resolution to Reverse the OCC’s Harmful Rule Undermining the Community Reinvestment Act Passes the House

| Posted in Press Releases
Tags: OCC

Today, H.J. Res 90, a Congressional Review Act resolution of disapproval to nullify the OCC’s harmful Community Reinvestment Act rule introduced by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congressman Gregory Meeks (D-NY), Chair of the Subcommittee on Consumer Protection and Financial Institutions, passed the U.S. House of Representatives. See b... Read more »

Waters and Meeks Introduce Congressional Review Act Resolution to Reverse Harmful Rule to Weaken the Community Reinvestment Act

| Posted in Press Releases
Tags: OCC, FDIC

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congressman Gregory Meeks (D-NY), Chair of the Subcommittee on Consumer Protection and Financial Institutions, introduced a Congressional Review Act resolution to reverse the harmful Community Reinvestment Act (CRA) rule recently finalized by the Office of the Comptroller of the Currency. Chairwoma... Read more »

Waters Blasts Acting Comptroller Brooks’ Letter Pressuring State and Local Governments to End Measures to Combat COVID-19

| Posted in Press Releases
Tags: OCC, COVID-19

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following statement regarding a letter that Acting Comptroller of the Currency Brian Brooks sent to the National League of Cities, the U.S. Conference of Mayors, and the National Association of Governors regarding efforts to combat COVID-19. “With this inappropriate letter pressuring city a... Read more »

Waters Statement on OCC Rule on Interest on Transferred Loans

| Posted in Press Releases
Tags: OCC, COVID-19

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, issued the following statement regarding the Office of the Comptroller’s issuance of a final rule on interest rates on transferred loans: “It is shameful that on his first day on the job, new Acting Comptroller Brian Brooks is already following in Comptroller Otting’s footsteps in working to undermi... Read more »

Waters Blasts Otting’s Departing Act to Weaken CRA During COVID-19 Pandemic

| Posted in Press Releases
Tags: OCC, COVID-19

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, made the following statement in response to the Office of the Comptroller of the Currency’s (OCC) issuance of a final rule weakening the implementation of the Community Reinvestment Act (CRA): “It is simply outrageous that in the midst of the Coronavirus pandemic and on his way out the door, Comptrolle... Read more »

Committee Holds Bipartisan Virtual Roundtable with Prudential Regulators

| Posted in Press Releases

Yesterday, the Consumer Protection and Financial Institutions Subcommittee held a virtual roundtable with prudential regulators entitled, “Update from Prudential Regulators.” The virtual roundtable panelists included: The Honorable Rodney Hood, Chairman, National Credit Union Administration The Honorable Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation The Honorable Joseph Otting... Read more »

Committee to Hold Bipartisan Virtual Roundtable with Financial Regulators

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced that on Wednesday, May 13, Consumer Protection and Financial Institutions Subcommittee Chairman Gregory Meeks (D-NY) and Ranking Member Blaine Luetkemeyer (R-MO) will host a virtual roundtable discussion entitled, “Update from Prudential Regulators.” Panelists for the virtual roundtable in... Read more »

Committee Democrats Call on Regulators to Suspend CRA and Other Rulemakings Unrelated to COVID-19

| Posted in Press Releases

This week, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, led a letter to Joseph Otting, Comptroller of the Currency, and Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation, urging them to prioritize a strong response to the COVID-19 pandemic and suspend efforts to revise the Community Reinvestment Act (CRA) and any unrelated rulemak... Read more »

Waters Leads Letters Calling on Regulators and Financial Institutions to Protect Americans and the Financial System from Impact of Coronavirus

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, led six letters to Administration officials, prudential regulators, financial services organizations and credit reporting agencies expressing concerns about risks related to coronavirus disease 2019 (COVID-19) and the steps they are taking to prevent Americans and the financial system from being harmed... Read more »

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

| Posted in Press Releases

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 »

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

| Posted in Press Releases

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 Wins Extension of Comment Period for CRA Rule

| Posted in Press Releases

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 »

Otting Finally Appears Before Committee to Explain Harmful Community Disinvestment Proposal

| Posted in Press Releases

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 »

Waters Opens Investigation of Potential Astroturfing Efforts to Influence OCC and FDIC Community Reinvestment Act Rulemaking; Demands Agencies Explain Efforts to Ensure Legitimacy of Proposed CRA Rule

| Posted in Press Releases
Tags: OCC, FDIC

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 »

Chairwoman Waters Announces Updates to Committee Schedule

| Posted in Press Releases

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 »

Waters to Lead Trip with Committee Dems to Public FDIC Meeting on Proposed CRA Rule

| Posted in Press Releases

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 »

Waters, Brown, and Meeks Lead House and Senate Committee Democrats in Letter to Regulators on Proposed CRA Changes

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, Senator Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, and Congressman Gregory Meeks (D-NY), Chairman of the House Subcommittee on Consumer Protection and Financial Institutions, led a letter to Jerome H. Powell, Chairman of the Board of Governors of... Read more »

Waters Urges Regulators to Hold Depository Institutions Accountable

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following opening statement at a full Committee hearing entitled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions?” As Prepared for Delivery Good morning. Today we are here to conduct oversight of regulators at the F... Read more »

Waters and Brown Blast Regulators for Allowing More Risky Trading

| Posted in Press Releases

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to heads of the Federal Reserve, Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), and Commodity Fu... Read more »

Waters Statement on FDIC Proposal to Eliminate Inter-Affiliate Swaps Initial Margin

| Posted in Press Releases

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 »

Waters and Brown Call on Regulators to Protect Taxpayers and Stability of the Financial System

| Posted in Press Releases

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 »

Waters to Prudential Regulators: We Will Not Tolerate Actions that Threaten the Stability of Our Financial System

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following opening statement a full Committee hearing on the safety, soundness and accountability of financial institutions with Rodney Hood, Chairman of the National Credit Union Administration (NCUA); Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation (FDIC); Joseph Otti... Read more »

Chairwoman Waters on Why Tim Sloan’s Departure from Wells Fargo Is Long Overdue

| Posted in Press Releases
Tags: CFPB, SEC, OCC

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released the following statement in response to an announcement by Wells Fargo & Company that Tim Sloan would step down as CEO, President, and Board member, effective immediately. “I agree with Tim Sloan that it is best that he steps down. Tim Sloan has a 31-year history at Wells Fargo, and oversaw the... Read more »

Waters Blasts Wells Fargo for Bonus to Sloan, Calls for his Removal

| Posted in Press Releases
Tags: OCC

Today, following the announcement that Wells Fargo President and CEO Timothy Sloan received $2 million in performance-based incentive pay for 2018, and total compensation of $18.4 million for the year, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following statement: “Given Wells Fargo’s continuing failures, it is outrageous and wholly inapp... Read more »

Waters and Brown Call on Otting to Detail His Plans for FHFA

| Posted in Press Releases
Tags: GSE, OCC, FHFA

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 Joseph Otting, Comptroller of the Currency, following President Trump’s appointment of Otting to serve as Acting Director of the Federal Housing Finance Agency (FHFA). Ch... Read more »



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