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  • Waters, Heck and 21 Committee Democrats Call on CFPB Director to Resume Protection of Military Servicemembers
    Posted in Press Releases on December 14, 2018 | Preview rr
    Tags: CFPB

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, Congressman Denny Heck (D-WA) and 21 Committee Democrats sent a letter to Kathy Kraninger, Director of the Consumer Financial Protection Bureau (Consumer Bureau), urging her to recommit the Consumer Bureau to fulfilling its supervisory role over consumer protection laws, including the Military Lending Act. The Military Lending Act, which became law with bipartisan support in 2006, provides cri... Read more

  • Waters Statement on the CFPB’s Weak Settlement with State Farm Bank
    Posted in Press Releases on December 13, 2018 | Preview rr
    Tags: CFPB

    Following the announcement that the Consumer Financial Protection Bureau (Consumer Bureau) settled with State Farm Bank, FSB, over the misuse of consumer credit information without imposing a civil penalty, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement: “To cap off his harmful tenure at the Consumer Bureau, Mick Mulvaney has chosen to once again turn a blind eye to predatory behavior. “I am deeply troubled by the Con... Read more

  • Waters Statement at Hearing on International Financial Institutions
    Posted in Press Releases on December 12, 2018 | Preview rr
    Tags: Subcommittee on Monetary Policy & Trade, International

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, gave the following statement at a subcommittee hearing on the effectiveness of international financial institutions with David Malpass, Under Secretary for International Affairs, U.S. Department of the Treasury. As Prepared for Delivery Thank you very much. I’d like to thank Under Secretary Malpass for coming before our Committee again to discuss the role of the United States in ensuring the e... Read more

  • Waters Statement on FOIA Release Revealing Unpublished Consumer Bureau Analysis on Bank Fees Charged to Students
    Posted in Press Releases on December 12, 2018 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Today, in response to a Freedom of Information Act (FOIA) disclosure revealing a previously unreleased Consumer Financial Protection Bureau (Consumer Bureau) analysis on excessive account fees charged to students by large banks, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “It is deeply troubling that a previously unpublished Consumer Bureau analysis showing that some large banks, including Wells Fargo, charged excessive... Read more

  • Waters Statement on Proposal to Weaken Enforcement at the Consumer Bureau
    Posted in Press Releases on December 11, 2018 | Preview rr
    Tags: CFPB

    Today, following a Consumer Financial Protection Bureau (Consumer Bureau) proposal to weaken its “no-action letter” policy and reduce enforcement, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “I am very concerned by the Consumer Bureau proposal, issued in the last days of Mick Mulvaney’s leadership, to significantly loosen its “no-action letter” policy in a way that could let bad actors that abuse consumers off the hook ... Read more

  • Waters Statement on her Nomination as Financial Services Committee Chairwoman by Democratic Steering and Policy Committee
    Posted in Press Releases on December 10, 2018 | Preview rr
    Tags: Full Committee, Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Following her historic nomination by the House Democratic Steering and Policy Committee as the first woman and African American to chair the House Committee on Financial Services, Congresswoman Maxine Waters (D-CA), issued the following statement: “I am honored to have been nominated by the Democratic Steering and Policy Committee to serve as Chairwoman of the House Financial Services Committee in the 116th Congress. “I am committed to creating opportunities, ensuring fairness, and protecting th... Read more

  • Waters, Heck and 21 Committee Democrats Call on CFPB Director to Resume Protection of Military Servicemembers
    Posted in Press Releases on December 7, 2018 | Preview rr
    Tags: CFPB, HUD

    WASHINGTON, D.C. -Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, Congressman Denny Heck and 21 Committee Democrats sent a letter to Kathy Kraninger, Director of the Consumer Financial Protection Bureau (Consumer Bureau), urging her to recommit the Consumer Bureau to fulfilling its supervisory role over consumer protection laws, including the Military Lending Act. The Military Lending Act, which became law with bipartisan support in 2006, p... Read more

  • Waters Statement on the Confirmation of Kathy Kraninger to Head the CFPB
    Posted in Press Releases on December 6, 2018 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Following the U.S. Senate confirmation of OMB Associate Director Kathy Kraninger to serve as Director of the Consumer Financial Protection Bureau (Consumer Bureau), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “The Consumer Financial Protection Bureau was specifically designed by Congress to be an independent watchdog for America’s consumers and I am committed to ensuring its statutorily mandated mission is not undermi... Read more

  • Waters Statement on Short-Term Extension of National Flood Insurance Program
    Posted in Press Releases on November 30, 2018 | Preview rr
    Tags: Flood Insurance, House Floor

    On Thursday, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following floor statement in support of a short-term National Flood Insurance Program (NFIP) extension and continued her call for a long-term reauthorization to provide homeowners, businesses, renters, and communities with the certainty they deserve. It is disappointing that we find ourselves on the House floor, yet again, to temporarily extend the National Flood Insurance Progr... Read more

  • Waters Statement at Hearing with Vice Chairman for Supervision of the Federal Reserve
    Posted in Press Releases on November 14, 2018 | Preview rr
    Tags: Full Committee, Dodd–Frank Wall Street Reform and Consumer Protection Act, Federal Reserve

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following statement at a full Committee hearing on the Federal Reserve’s supervision and regulation of the financial system with Randal Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System. As Prepared for Delivery Mr. Chairman, this is the first hearing since the 2018 midterm election, in which voters gave Democrats a majority in the U.S. House of Repres... Read more

  • Waters Statement on the 2018 Midterm Election Results
    Posted in Press Releases on November 7, 2018 | Preview rr
    Tags: Full Committee

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, issued the following statement in response to the 2018 midterm election results, which will give Democrats the majority in the U.S. House of Representatives next Congress: “With a Democratic majority in the House, and a mandate from the American public, the Financial Services Committee will get to work making sure the financial system is fair for all Americans. As the senior Democrat on the Financial... Read more

  • Waters, Scott, Walz and Takano Call on Education Department to Reverse Changes to College Scorecard
    Posted in Press Releases on October 29, 2018 | Preview rr

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services; Congressman Bobby Scott (D-VA), Ranking Member of the House Committee on Education and the Workforce; Congressman Tim Walz (D-MN), Ranking Member of the House Committee on Veterans’ Affairs; and Congressman Mark Takano (D-CA), Vice Ranking Member of the House Committee on Veterans’ Affairs, sent a letter to Secretary Betsy DeVos calling on the Department of Education to reverse its changes to ... Read more

  • Waters Introduces Legislation to Put Consumers First
    Posted in Press Releases on October 2, 2018 | Preview rr
    Tags: CFPB

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, announced the introduction of H.R. 6972, the Consumers First Act, a bill to block the Trump Administration’s anti-consumer agenda and reverse their efforts, led by Mick Mulvaney, Director of the Office of Management and Budget, to dismantle the Consumer Financial Protection Bureau. This legislation is co-sponsored by Rep. Carolyn Maloney (D-NY), Rep. William Lacy Clay (D-MO), Rep. Al Green (D-... Read more

  • Waters Leads Call for Committee to Investigate Failures to Protect Student Loan Borrowers at the CFPB
    Posted in Press Releases on October 1, 2018 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services and 12 Members of Congress, sent a letter to Congressman Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, urging him to use the full range of the Committee’s oversight authorities to conduct a formal investigation into allegations raised by Seth Frotman, former Assistant Director and Student Loan Ombudsman at the Consumer Financial Protection Bureau. In an August 2018 ... Read more

  • Waters Statement at Federal Housing Finance Agency Oversight Hearing
    Posted in Press Releases on September 27, 2018 | Preview rr
    Tags: GSE, FHFA

    Today, at a hearing entitled, “Oversight of the Federal Housing Finance Agency’s role as conservator and regulator of the Government Sponsored Enterprises,” Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, gave the following statement: As Prepared for Delivery Thank you very much, Mr. Chairman. We are here today for a hearing on oversight of the Federal Housing Finance Agency’s (FHFA) role as conservator and regulator of the Government Sponsored Enter... Read more

  • Waters Calls on World Bank to Discontinue Support for the Government of Myanmar
    Posted in Press Releases on September 26, 2018 | Preview rr
    Tags: International

    Following the release of a September 2018 United Nations (UN) Independent International Fact-Finding Mission on Myanmar report detailing horrific acts of ethnic cleansing and genocide against the Rohingya population, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, sent a letter to Dr. Jim Yong Kim, President of the World Bank Group, expressing concerns about the World Bank’s ongoing support for the government of Myanmar. “If the World Bank continu... Read more

  • Waters, Perlmutter and 17 Other Democrats Call on Fed to Maintain Capital Requirements for Megabanks
    Posted in Press Releases on September 21, 2018 | Preview rr
    Tags: Federal Reserve

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and Congressman Ed Perlmutter (D-CO), Ranking Member of the House Committee on Financial Services Subcommittee on Terrorism and Illicit Finance, led a letter signed by 19 Members of Congress urging the Federal Reserve to maintain strong capital requirements for Global Systemically Important Banks (G-SIBS). “Strong capital requirements are the cornerstone of an effective regulatory regime that ... Read more

  • Waters Statement on the 10th Anniversary of the 2008 Financial Crisis
    Posted in Press Releases on September 14, 2018 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Today, in commemoration of the 10th anniversary of the 2008 financial crisis, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement: “The 2008 financial crisis was the worst financial disaster since the Great Depression, inflicting widespread, devastating costs on millions of American families,” said Ranking Member Waters. “All told, more than $13 trillion of household wealth vanished, 11 million individuals were displaced f... Read more

  • Waters: Trump Would Rather Put Children in Cages Than Prepare Nation For Natural Disasters
    Posted in Press Releases on September 13, 2018 | Preview rr
    Tags: Flood Insurance

    Today, in response to the release of documents showing the transfer of $9.8 million in Federal Emergency Management Agency (FEMA) emergency preparedness funding to Immigration and Customs Enforcement (ICE) for its detention centers, Congresswoman Maxine Waters (D-CA), made the following statement: “The Trump Administration’s transfer of $9.8 million in FEMA emergency preparedness funding to ICE for its detention centers at the beginning of this year’s hurricane season is a travesty. This Preside... Read more

  • Waters, Scott, Brown and Murray Call on SEC to Increase Investor Protections
    Posted in Press Releases on September 12, 2018 | Preview rr
    Tags: SEC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services; Congressman Bobby Scott (D-VA), Ranking Member of the House Committee on Education and the Workforce; Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking Committee, and Senator Patty Murray (D-WA), Ranking Member of the Senate Health, Education, Labor and Pensions Committee, sent a letter to Securities and Exchange Commission (SEC) Chairman Jay Clayton urging the SEC to revise i... Read more

  • Waters Statement at Hearing on Republicans’ Failure to Act on Housing Finance Reform
    Posted in Press Releases on September 6, 2018 | Preview rr
    Tags: Full Committee, GSE

    Today, at a full Committee hearing entitled, “A Failure to Act: How a Decade without GSE Reform Has Once Again Put Taxpayers at Risk,” Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, gave the following statement: As Prepared for Delivery “Thank you, Mr. Chairman. Mr. Chairman, this hearing will focus on the failure to reform our housing finance system. I would point out that Republicans control the House, the Senate, and the White House, and there... Read more

  • Waters Statement at Bipartisan Conference Committee Meeting on Farm Bill
    Posted in Press Releases on September 5, 2018 | Preview rr
    Tags: Flood Insurance

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, participated in a 2018 Farm Bill Conference Committee meeting to discuss H.R. 2, the 2018 Farm Bill. During the discussion, Ranking Member Waters gave the following statement, urging her colleagues to protect Section 12609, which would extend the National Flood Insurance Program (NFIP) through January 31, 2019. As Prepared for Delivery I thank the Chair for the time, and I am honored to have b... Read more

  • Waters Calls on Hensarling to Hold Hearing with Otting on OCC Fintech Charter
    Posted in Press Releases on August 31, 2018 | Preview rr
    Tags: OCC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, sent a letter to Committee Chairman Jeb Hensarling requesting a hearing with Comptroller of the Currency Joseph Otting on the Office of the Comptroller of the Currency’s (OCC) decision to begin accepting special purpose national bank charter applications from non-depository financial technology (fintech) companies. “I believe that our financial system can, and must, do more to promote better a... Read more

  • Waters Statement on the OCC’s Advanced Notice of Proposed Rulemaking on CRA Modernization
    Posted in Press Releases on August 29, 2018 | Preview rr
    Tags: OCC

    Today, in response to the Office of the Comptroller of the Currency’s release of an Advanced Notice of Proposed Rulemaking (ANPR) seeking comment on modernizing the regulatory framework to implement the Community Reinvestment Act (CRA), Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, made the following comment: “Congress passed the Community Reinvestment Act (CRA) to combat redlining and discriminatory lending practices by requiring banks to help mee... Read more

  • Waters Statement on OCC Fintech Charter Announcement and Treasury Report
    Posted in Press Releases on August 1, 2018 | Preview rr
    Tags: OCC, Department of the Treasury

    Today, in response to the U.S. Department of Treasury’s regulatory report on financial technology (fintech) and the Office of the Comptroller of the Currency’s (OCC) announcement that it will accept applications for national bank charters from fintech companies, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement: “I am deeply concerned by the OCC’s announcement that it will begin accepting applications for national bank c... Read more



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