GAO

Waters, Maloney and Beatty Statements on GAO Report on Diversity at Federal Home Loan Banks

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, Congresswoman Carolyn Maloney (D-NY), Chairwoman of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, and Congresswoman Joyce Beatty (D-OH), Chairwoman of the House Financial Services Subcommittee on Diversity and Inclusion, issued the following ... Read more »

Waters Statement on GAO Report Confirming Longstanding Concerns about HUD’s Rental Assistance Demonstration Program

| Posted in Press Releases
Tags: GAO, HUD

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released a statement on a new Government Accountability Office (GAO) report titled, “Rental Assistance Demonstration: HUD Needs to Take Action to Improve Metrics and Ongoing Oversight” (GAO-18-123). The GAO report was requested in 2015 by Ranking Member Waters to review the first component of the Rent... Read more »

Waters Statement on GAO Report Revealing Serious Problems with Controversial “Moving to Work” Demonstration Program

| Posted in Press Releases
Tags: GAO, HUD

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released a statement on a new Government Accountability Office (GAO) report titled, “Rental Housing: Improvements Needed to Better Monitor the Moving to Work Demonstration, Including Effects on Tenants” (GAO-18-150). The GAO report was requested in 2015 by Ranking Member Waters, who has been a longsta... Read more »

Waters, Brown and Green Statement on GAO Report on Management Representation of Minorities and Women and Diversity Practices in the Financial Services Industry

| Posted in Press Releases
Tags: GAO

Today, following the public release of a Government Accountability Office (GAO) report entitled “Financial Services Industry: Trends in Management Representation of Minorities and Women and Diversity Practices, 2007-2015,” Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, Senator Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking,... Read more »

Waters: GAO Report is More Evidence That Regulators Need to Get Tougher on Megabanks

| Posted in Press Releases

Today, following the Government Accountability Office’s (GAO’s) release of a report entitled “Large Bank Supervision: Improved Implementation of Federal Reserve Policies Could Help Mitigate Threats to Independence,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “This report is yet more evidence that the Federal Reserve and ... Read more »

GAO Report Underscores Waters’ Criticism of FEMA’s Compensation Methodology

| Posted in Press Releases

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement in response to a report published today by the U.S. Government Accountability Office (GAO) discussing the compensation paid to Write-Your-Own (WYO) companies that administer to the National Flood Insurance Program (NFIP). In 2014, Ranking Member Waters called on the GAO to stud... Read more »

ICYMI: Frontline and NPR Investigate Flood Insurance Firms’ Compensation

| Posted in In Case You Missed It

On a cold rainy day last fall, dozens of people gathered in a plaza across the street from New Jersey's state Capitol. They held press conferences and slept overnight in lawn chairs. Everyone had come to make the same point: They'd made it through Superstorm Sandy, which hit the shores of New Jersey and New York in October 2012. But three years later, many hadn't made it home. Doug Quinn, a 51-yea... Read more »

Top Financial Services Democrats Request Updated GAO Diversity Study

| Posted in Press Releases
Tags: GAO

Leading Democrats today requested that the U.S. Government Accountability Office (GAO) update an April 2013 study on diversity in the financial services industry and agencies. In a letter to GAO, House Financial Services Committee Ranking Member Maxine Waters (D-CA), Senate Banking Committee Ranking Member Sherrod Brown (D-OH), and House Financial Services Oversight and Investigations Subcommittee... Read more »

Cordray and Republicans Trade Barbs at Hearing

| Posted in In Case You Missed It

The head of the Consumer Financial Protection Bureau had several testy exchanges with House Republicans on Wednesday at a hearing held to examine allegations of discrimination and retaliation at the consumer agency. CFPB Director Richard Cordray appeared before the House Financial Services Oversight and Investigations Subcommittee to address charges that have surfaced in recent months of discrimin... Read more »

Cummings, Markey, Waters Respond to GAO Report on Medical Credit Cards

| Posted in Press Releases

Today, Congressmen Elijah E. Cummings (D-MD), Ranking Member of the House Committee on Oversight and Government Reform, Senator Ed Markey (D-MA) and Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee announced the release of a Government Accountability Office (GAO) report on medical credit cards and related products, including installment loans, offered by... Read more »

Waters: Report on Foreclosure Review “Troubling”

| Posted in Press Releases

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement in response to today’s GAO report on the Independent Foreclosure Review (IFR). The study was conducted as the result of a 2012 request by Congresswoman Waters, Senator Robert Menendez (D-NJ) and Reps. Brad Miller (D-NC) and Luis Gutierrez (D-IL). Waters released the following sta... Read more »

G.A.O. Report Sees Deeper Bank Flaws in Foreclosures

| Posted in In Case You Missed It

A new government report suggests that errors made by banks and their agents during foreclosures might have been significantly higher than was previously believed when regulators halted a national review of the banks’ mortgage servicing operations. When banking regulators decided to end the independent foreclosure review last year, most banks had not completed the examinations of their mortgage mod... Read more »

Waters: The Real Impediment to Private Capital is Inaction on Secondary Mortgage Market Reform

| Posted in Press Releases

In her opening statement today at a hearing of the House Committee on Financial Services, Congresswoman Maxine Waters, Ranking Member of the Committee, contested the notion that regulatory oversight is an impediment to recovery in the housing finance market. The title of the hearing called by the Republican majority is “Building a Sustainable Housing Finance System: Examining Regulatory Impediment... Read more »

Waters Introduces Bill to Reform the Use of Consultants in Banking Enforcement Consent Orders

| Posted in Press Releases

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, announced today that she has introduced legislation to reform the use of independent consultants in banking regulation and enforcement processes. She is joined by Representatives Elijah E. Cummings, Al Green and John Conyers, Jr. as original cosponsors. The Stop Outsourcing Banking Enforcement and Examination Ac... Read more »

Waters Responds to GAO Report - Calls the Independent Foreclosure Review Process “Flawed”

| Posted in Press Releases

Plans to Introduce Legislation to Address the Use of Consultants Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement today in response to a GAO report on the Independent Foreclosure Review. The study was conducted as the result of a request by Congresswoman Waters, Senator Robert Menendez, Congressman Brad Miller, and Congressman ... Read more »

Ranking Member Waters’ Opening Statement Commends Fed Policies to Stimulate the Economy

| Posted in Press Releases

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today welcomed the testimony of Ben Bernanke, Chairman of the Federal Reserve Board of Governors. Mr. Bernanke appears before the Committee today as required by the Humphrey-Hawkins Full Employment and Balanced Growth Act of 1978. The complete text of Ranking Member Waters’ opening statement follows. I am very p... Read more »

Waters Requests Hearing on Termination of Independent Foreclosure Review Process

| Posted in Press Releases

Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today sent the attached letter to Jeb Hensarling, chairman of the committee, requesting that he hold a hearing about the abrupt end of the Independent Foreclosure Review (IFR) process. On Jan. 7, the Office of the Comptroller of the Currency and the Federal Reserve Board announced a settlement in which 14 mortg... Read more »

Ranking Member Maxine Waters Statement on Independent Foreclosure Review Settlement

| Posted in Press Releases

Congresswoman Maxine Waters (CA-43), Ranking Member of the Financial Services Committee, issued the following statement today regarding the $8.5 billion foreclosure review settlement between the OCC, the Federal Reserve Board and ten mortgage servicers: "The settlement announced today between the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board and ten major mortgage s... Read more »



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