Michigan representatives were among the lawmakers who blasted Wells Fargo CEO Tim Sloan on Tuesday for the company's recent scandals and its response to them.
Sloan told the House Financial Services Committee that the banking company has centralized its structure, beefed up its risk management profile and revised incentive pay for retail bankers that had led to previous… Read more »
After listening to Wells Fargo CEO Tim Sloan try to convince lawmakers the bank has undergone a “transformation,” Rep. Maxine Waters (D-CA) says it’s clear the bank has “failed to clean up its act.”
Waters said she plans to reintroduce her legislation, the “Megabank Accountability and Consequences Act,” to break up big banks with a record of consumer abuse.
Waters also said regulators… Read more »
WASHINGTON – Today, the House Financial Services Committee held its semi-annual hearing to receive testimony from the Consumer Financial Protection Bureau (CFPB) Director, Kathy Kraninger.
Republican leader of the Committee, Patrick McHenry (NC-10), began by highlighting the flawed organization of the Bureau under the Dodd-Frank Wall Street Reform and Consumer Protection Act, “creating… Read more »
WASHINGTON – Today, the House Financial Services Committee held a markup to consider and approve the views and estimates for matters within the committee’s jurisdiction for fiscal year 2020.
Republican committee members offered 7 amendments to the Democrats’ proposed views, including multiple amendments which garnered bipartisan support to address youth homelessness, bolster… Read more »
WASHINGTON – Today, Federal Reserve Chairman Jerome Powell testified before the House Financial Services Committee at the semiannual hearing entitled: Monetary Policy and the State of the Economy.
Republican Leader of the House Financial Services Committee, Patrick McHenry (NC-10), began by highlighting the economy’s “remarkable growth” over the last two and a half years, and… Read more »
WASHINGTON – Today, CEO’s of the three major Credit Reporting Agencies, Equifax, TransUnion, and Experian North America, testified before the House Financial Services Committee at a hearing entitled: Who's Keeping Score? Holding Credit Bureaus Accountable and Repairing a Broken System.
Republican Leader of the House Financial Services Committee, Patrick McHenry (NC-10), pressed the… Read more »
Indignation toward the credit reporting industry united the top Democrat and Republican on the House Financial Services Committee Tuesday, with both calling for the shakeup of a business dominated by three giants: Equifax, Experian and TransUnion.
Financial Services Chairwoman Maxine Waters (D-Calif.) told executives for the firms at a hearing that they treated consumers like… Read more »
WASHINGTON — Nearly two years after the massive Equifax data breach, lawmakers made clear their criticism of the credit bureau industry has not abated.
But at a hearing Tuesday where House members grilled CEOs of the largest bureaus and discussed possible reforms, lawmakers from both parties went beyond concerns about the companies' security protocols, suggesting that root of their… Read more »
WASHINGTON – Today, the House Financial Services Committee held its first full committee hearing of the 116th Congress entitled Homeless in America: Examining the Crisis and Solutions to End Homelessness.
Ranking Member Patrick McHenry (NC-10) delivered an opening statement highlighting the far-reaching issue of homelessness and the importance of evaluating our government programs to… Read more »
WASHINGTON – Today, the Subcommittee on Consumer Protection and Financial Institutions held its first hearing of the 116th Congress entitled Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses to consider the Secure and Fair Enforcement (SAFE) Banking Act of 2019.
The Ranking Member of the Subcommittee, Blaine Luetkemeyer (MO-03) delivered opening remarks… Read more »
