Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released the following statement after the Federal Deposit Insurance Corporation (FDIC) announced that FDIC board member, Martin Gruenberg, has become Acting Chair pursuant to the succession plan provided in the agency’s bylaws.
“I want to congratulate Marty Gruenberg for being elevated to Acting Chairman of the Federal Deposit Insurance Corporation,” said Chairwoman Waters. “At a time like this, the FDIC needs a leader who can restore faith and confidence in our banking system, strengthen the Community Reinvestment Act (CRA), and support community banks, particularly minority depository institutions (MDIs) and community development financial institutions (CDFIs), that help provide access to banking services and products to underserved communities. Based on Mr. Gruenberg’s extraordinary record with the FDIC and his deep commitment to consumer protection, financial stability, and financial inclusion, his leadership will help ensure the safety and soundness of the banking system while making progress on critical issues of our time, such as ending modern-day redlining by strengthening the CRA; strengthening oversight of megabanks, including through strong capital requirements; addressing climate-related risks that threaten financial stability; combating rent-a-bank schemes that hurt consumers; and improving the bank merger review process.
“After watching Trump’s regulatory appointees chip away at critical financial safeguards in recent years, there is an urgent need for strong financial regulators who will carry out their statutory obligations as Congress intended. As Chairwoman of the House Financial Services Committee, I look forward to continuing to work closely with Acting Chairman Gruenberg and other Board members as they endeavor to fulfill the FDIC’s mission.”
On May 16, 2019, Chairwoman Waters invited prudential regulators to testify before the Committee, including then FDIC Chairman Jelena McWilliams, which was the first time an FDIC Chairman testified before the Committee in over 3 years while Republicans were in the majority.
On December 12, 2019, Chairwoman Waters led a trip with Committee Dems to a public FDIC Meeting on a harmful proposed rule that would have undermined the implementation of the CRA.
On February 5, 2020, Chairwoman Waters convened a full committee hearing entitled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps,” where witnesses urged regulators to combat rent-a-bank schemes resulting in predatory lending.
On March 11, 2020, Chairwoman Waters led a series of letters to regulators and financial institutions urging them to protect Americans and the financial system from the impact of the coronavirus.
On March 13, 2020, Chairwoman Waters wrote a letter urging the FDIC to not approve deposit insurance for Industrial Loan Companies (ILCs) until the agency finalized a pending rule first.
On December 4, 2020, Chairwoman Waters wrote a letter to then President-elect Joe Biden providing a comprehensive set of recommendations with respect to strengthening the implementation of various financial laws and regulations.
On May 14, 2021, Chairwoman Waters issued a statement applauding Senate action to protect consumers from Trump-era predatory lending practices.
On June 25, 2021, Chairwoman Waters issued a statement on the House passage of a resolution repealing Trump’s predatory “true lender” rule.
On December 10, 2021, Chairwoman Waters wrote a letter calling on the FDIC, Federal Reserve and Office of the Comptroller of the Currency (OCC) to halt mergers and acquisitions over $100 billion while the review process was strengthened.
On December 16, 2021, Chairwoman Waters issued a statement blasting former FDIC Chairman Jelena McWilliams attempt to block bank merger protections for working families.
On December 17, 2021, Chairwoman Waters issued a statement applauding the Financial Stability Oversight Council (FSOC) and OCC actions to address climate-related financial risk.
On December 21, 2021, Chairwoman Waters requested former FDIC Chairman McWilliams provide the legal basis for impeding the Board majority’s request for public input on merger reviews. Ten days later, former FDIC Chairman McWilliams announced her resignation 18 months prior to her term’s expiration.