News List

Financial Services Committee Chairman Spencer Bachus and Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito are asking Elizabeth Warren, the Obama Administration official charged with setting up the Consumer Financial Protection Bureau, if she wants to clarify or correct her recent testimony regarding the Bureau’s role in the ongoing mortgage servicing… Read more »

Financial Services Committee Chairman Spencer Bachus released the following statement about the proposals introduced today by several Republicans on the Committee to reform Fannie Mae and Freddie Mac:   “In our Pledge to America, House Republicans said: ‘We will reform Fannie Mae and Freddie Mac by ending their government takeover, shrinking their portfolios, and establishing… Read more »

The House of Representatives voted on Tuesday to terminate another failed government program by passing a bill that ends the Administration’s highly criticized Home Affordable Modification Program (HAMP).  H.R. 839, introduced by Rep. Patrick McHenry, terminates the troubled program that received TARP funds while preserving the contracts made prior to the bill’s enactment.  The… Read more »

By Phil Mattingly and Lorraine Woellert Bloomberg News U.S. House Republicans proposed legislation that would begin reducing the influence of government-run mortgage companies Fannie Mae and Freddie Mac. The measures would wind down the firms in phases as policy makers work on a broader overhaul of the mortgage market. The proposed legislation would cut the value of the companies’… Read more »

The Independent Community Bankers of America is supporting legislation introduced by Financial Services Committee Chairman Spencer Bachus to replace the Director of the Consumer Financial Protection Bureau with a five-member commission.   A commission would “build in a system of checks and balances that a single director form of governance simply can’t do,” ICBA President and CEO… Read more »

The Insurance, Housing and Community Opportunity Subcommittee, chaired by Rep. Judy Biggert, will convene to receive testimony from Federal Emergency Management Agency (FEMA) Administrator Craig Fugate on reforming the National Flood Insurance Program (NFIP). This is the second legislative hearing the Insurance and Housing Subcommittee has held on reforming the NFIP. The hearing will take… Read more »

Financial Services Committee Chairman Spencer Bachus issued the following statement today regarding reports that financial regulators have floated a so-called “cash for keys” program that will reward some borrowers who default on their mortgages with a $20,000 government check. The “cash for keys” program would reportedly be paid for, in part, by contributions from Fannie Mae and Freddie… Read more »

The Oversight and Investigations Subcommittee, chaired by Rep. Randy Neugebauer, will hold a hearing to examine the costs and economic impact associated with implementing the Dodd-Frank Act. The hearing will take place on Wednesday, March 30 at 2 p.m. in room 2128 Rayburn.   Subcommittee Chairman Neugebauer said, “We knew the Dodd-Frank Act would result in a bigger federal… Read more »

Financial Services Committee Chairman Spencer Bachus commended the Treasury Department for convening today’s conference on “Access to Capital” since small businesses are essential to a growing economy.   “Small businesses generate the ideas and innovation necessary to grow and sustain a robust economy,” said Chairman Bachus.   The Chairman also said the Obama Administration… Read more »

Appearing on CNBC today, Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau Elizabeth Warren attempted to push back against criticism that the new agency she is currently leading is “too powerful.”  Unfortunately, in doing so, she made incorrect statements.  The Financial Services Committee presents the… Read more »