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  • Waters Introduces Groundbreaking Legislation to Shut Down Abusive Megabanks Like Wells Fargo
    Posted in Press Releases on October 4, 2017 | Preview rr

    Following her release of a Democratic staff report titled “The Case for Holding Megabanks Accountable: An Examination of Wells Fargo’s Egregious Consumer Abuses,” Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, introduced groundbreaking legislation that would hold megabanks like Wells Fargo accountable when they exhibit a pattern of abusive behavior towards hardworking American consumers. “Rampant violations of consumer protections by megabanks ar... Read more

  • Waters Opening Statement at Hearing with FHFA Director Watt
    Posted in Press Releases on October 3, 2017 | Preview rr
    Tags: Full Committee, FHFA

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement at a full committee hearing entitled “Sustainable Housing Finance: An Update from the Director of the Federal Housing Finance Agency.” As Prepared for Delivery Today we welcome back our former colleague and my good friend, Federal Housing Finance Agency Director Mel Watt. It has been more than two years since Director Watt last testified before us, and I must not... Read more

  • Waters Releases Staff Report on Pattern of Consumer Abuse from Wells Fargo
    Posted in Press Releases on September 29, 2017 | Preview rr
    Tags: Full Committee, Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, Federal Reserve, OCC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released a Democratic staff report detailing a pattern of abusive business practices by Wells Fargo and finding that prudential regulators have failed to utilize the full extent of their authorities to end unlawful practices at megabanks like Wells Fargo. “Last September, our country first learned of the fraudulent account scandal at Wells Fargo,” said Ranking Member Waters. “Since then, it has beco... Read more

  • Waters Floor Statement on Republicans’ Misplaced Priorities for Flood Insurance Reform
    Posted in Press Releases on September 27, 2017 | Preview rr
    Tags: Flood Insurance

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement regarding H.R. 3823 on the House floor: As Prepared for Delivery Thank you, Mr. Speaker. I rise today in opposition to this bill, which began as a must-pass reauthorization of the Federal Aviation Administration, but has now become a Christmas tree for unrelated Republican priorities. Puerto Rico is on the brink of a humanitarian crisis following Hurricane Maria that is ... Read more

  • Waters Statement on Retirement of Equifax CEO
    Posted in Press Releases on September 26, 2017 | Preview rr
    Tags: Credit Reports and Scores

    Today, in response to the announcement that Equifax CEO Richard Smith has retired, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “The retirement of Equifax’s CEO, just days before he is scheduled to testify at congressional hearings about the breach that occurred under his watch, does not relieve the company of its duty to provide answers to, and adequate redress for, the many millions of Americans who had their sensitive... Read more

  • Waters Statement on the Signing of U.S. – E.U. Covered Agreement on Insurance Matters on Insurance Matters
    Posted in Press Releases on September 25, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, International

    Following the announcement that representatives from the United States and European Union signed a covered agreement, a mechanism established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), on international insurance and reinsurance matters, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “I commend former Federal Insurance Office (FIO) Director Michael McRaith and his team for their hard wo... Read more

  • Waters, Booker and Meeks Statement on GAO Report on Disparities in Asset Management
    Posted in Press Releases on September 20, 2017 | Preview rr

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, Senator Cory Booker (D-NJ), and Congressman Gregory Meeks (D-NY) released a statement on a new Government Accountability Office (GAO) report titled, “Investment Management: Key Practices Could Provide More Options for Federal Entities and Opportunities for Minority- and Women-Owned Asset Managers” (GAO-17-726), which was requested by the lawmakers. The GAO identified four modest practices in ... Read more

  • Waters Applauds Senate Passage of Waters and Hultgren Bill to Continue the Term of the FSOC Independent Member with Insurance Expertise
    Posted in Press Releases on September 20, 2017 | Preview rr
    Tags: FSOC

    Following the U.S. Senate passage of H.R.3110, the Financial Stability Oversight Council Insurance Member Continuity Act, a bipartisan bill introduced by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and Congressman Randy Hultgren (R-IL), a member of the Financial Services Committee, which would extend the term of the Financial Stability Oversight Council (FSOC) independent member with insurance expertise, Ranking Member Waters made the following stat... Read more

  • Waters Statement on the 2017 Hurricane Season and the Future of the National Flood Insurance Program
    Posted in Press Releases on September 19, 2017 | Preview rr
    Tags: Flood Insurance, Subcommittee on Housing and Insurance

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued a statement regarding the devastation caused by hurricanes this season, and the news that Congress will need to raise the National Flood Insurance Program’s (NFIP) borrowing authority to pay all of its claims from Hurricanes Harvey and Irma. “As the 2017 hurricane season continues, we must put these storms and their impact on our fellow Americans into perspective. Irma made history with wind... Read more

  • Following Equifax Breach, Ranking Member Waters Reintroduces Comprehensive Credit Reporting Reform Legislation
    Posted in Press Releases on September 13, 2017 | Preview rr
    Tags: Credit Reports and Scores

    Following the announcement that 143 million American consumers were impacted by the Equifax security breach, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, reintroduced the Comprehensive Consumer Credit Reporting Reform Act, which contains landmark reforms to improve the nation’s credit reporting system. Credit reporting agencies compile and maintain files for about 200 million Americans and the Equifax data breach proves that more needs to be done to ... Read more

  • Waters Statement on the Equifax Security Breach
    Posted in Press Releases on September 7, 2017 | Preview rr
    Tags: Credit Reports and Scores

    Following the announcement that nearly half of U.S. population’s personal data was exposed -- including Social Security numbers, birth dates, and addresses -- due to an enormous security breach at Equifax, one of the nation’s major credit reporting agencies, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “This hack into sensitive information compiled and maintained by Equifax is one of the largest data breaches in our nati... Read more

  • Waters Floor Remarks on Trump Budget Cuts to Disaster Relief and the Importance of Responsible NFIP Reauthorization
    Posted in Press Releases on September 7, 2017 | Preview rr

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement from the House floor: As Prepared for Delivery I ask unanimous consent to revise and extend my remarks. On August 26, Hurricane Harvey began a path of unprecedented destruction across Southeast Texas. The historic levels of rainfall were so extraordinary that the National Weather Service had to add new colors to its map graphics just to record it. As of August 30, it was... Read more

  • Waters Speaks Out Against Maneuver to Remove Bipartisan Export-Import Bank Amendment from Omnibus Funding Bill
    Posted in Press Releases on September 7, 2017 | Preview rr
    Tags: Export-Import Bank

    During consideration of H.R. 3354, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor against a ruling to eliminate an amendment introduced by Congressman Charlie Dent (R-PA) which would temporarily modify the Export-Import Bank’s quorum requirement, allowing the Bank to consider transactions of all sizes and clear its significant backlog. Despite a bipartisan reauthorization of the Export-Import Bank in 2015, the Bank remains func... Read more

  • Waters Floor Statement on Omnibus Funding Bill
    Posted in Press Releases on September 7, 2017 | Preview rr
    Tags: HUD

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following floor statement on H.R. 3354: As Prepared for Delivery Mr. Speaker, I strongly oppose H.R. 3354, a bill that not only fails to make critical investments in our nation’s future, but also eliminates important protections for everyday Americans. As Ranking Member of the Financial Services Committee, I am particularly concerned that H.R. 3354 imposes such severe cuts on the Department of Hou... Read more

  • Waters Op-Ed: The National Flood Insurance Program Isn’t What’s Broken; Congress Is
    Posted in Press Releases on September 6, 2017 | Preview rr

    In the wake of Hurricane Harvey and as the threat from Hurricane Irma looms, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, published an op-ed highlighting the need for bipartisan cooperation to renew the National Flood Insurance Program (NFIP) for the long term. In the piece, Ranking Member Waters underscores the need for a federal flood insurance program that ensures affordable flood insurance remains available to homeowners, businesses, and re... Read more

  • Democrats Slam Hensarling Plan to Undermine Bipartisan Export-Import Bank Amendment
    Posted in Press Releases on September 5, 2017 | Preview rr
    Tags: Export-Import Bank

    Following Financial Services Committee Chairman Jeb Hensarling's request to eliminate a bipartisan amendment to temporarily modify the Export-Import Bank’s quorum requirement, which would allow the Bank to consider transactions of all sizes and clear its significant backlog, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Steny Hoyer (D-MD), House Democratic Whip, Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetar... Read more

  • Waters: Wells Fargo Must be Held Accountable
    Posted in Press Releases on August 31, 2017 | Preview rr
    Tags: Full Committee, CFPB

    Today, in response to a report revealing that Wells Fargo opened an additional 1.4 million fraudulent bank accounts and 528,000 unauthorized online bill pay enrollments without their customers’ knowledge or permission, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Wells Fargo’s misdeeds are egregious, and they must be held accountable for their many abuses of American consumers. By opening fraudulent accounts without the... Read more

  • Waters and Moore Call on SEC to Enforce Conflict Minerals Rule
    Posted in Press Releases on August 29, 2017 | Preview rr
    Tags: SEC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, sent a letter to U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton calling on the SEC to enforce Rule 13p-1 of the Securities Exchange Act, also known as the Conflict Minerals Rule. The Conflict Minerals Rule requires public companies listed on U.S. exchanges whose products contain ... Read more

  • Waters Statement on Hurricane Harvey
    Posted in Press Releases on August 28, 2017 | Preview rr
    Tags: Flood Insurance

    Today, in reaction to the continuing harm and destruction caused by Hurricane Harvey, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “The devastation from Hurricane Harvey is overwhelming and my heart goes out to those affected by this terrible storm. Harvey continues to dump unprecedented amounts of rain on Texas. Make no mistake, the flooding taking place now is both historic and unpredictable. The Army Corps of Engineer... Read more

  • Waters Calls on FDIC to Hold Public Hearing on SoFi’s Application for Bank Charter
    Posted in Press Releases on August 25, 2017 | Preview rr

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, sent a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg, calling for the FDIC to hold at least one public hearing on Social Financial, Inc.’s (SoFi) application to establish an Industrial Loan Company (ILC). In the letter, Ranking Member Waters states that changes in the financial services industry and financial regulation necessitate a public hearing to examine the p... Read more

  • Waters to Wells Fargo: Changing Your Chairman Is Not Enough
    Posted in Press Releases on August 16, 2017 | Preview rr
    Tags: Full Committee, CFPB

    Following the announcement that Elizabeth Duke will replace Stephen Sanger as Chairman of the Board of Directors of Wells Fargo, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “This superficial change in leadership at Wells Fargo isn't enough to restore the trust and confidence of the American public. While Elizabeth Duke is replacing Stephen Sanger as Chairman, Ms. Duke was a member of the Wells Fargo Board during numerou... Read more

  • Waters and Ranking Members Call on Hensarling to Subpoena Deutsche Bank
    Posted in Press Releases on August 11, 2017 | Preview rr
    Tags: Full Committee, International

    WASHINGTON -- Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel T. Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, Congresswoman Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade, Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and Investigations, and Congressman Ed Perlmutter (D-CO), Ranking Member of the Subcommittee on Terrorism and Illici... Read more

  • Waters Calls for Hearing to Examine Wells Fargo’s Consumer Abuses
    Posted in Press Releases on August 1, 2017 | Preview rr
    Tags: Subcommittee on Oversight & Investigations

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, Congressman Daniel T. Kildee (D-MI), Vice Ranking Member of the Committee on Financial Services, and Congressman Al Green (D-TX), Ranking Member of the Subcommittee on Oversight and Investigations, wrote to Committee Chairman Jeb Hensarling requesting a public hearing to review the ongoing violations of consumer rights by Wells Fargo. The letter follows Wells Fargo’s continued egregious behavior tow... Read more

  • Waters: Wells Fargo’s Abuses are Absolutely Outrageous
    Posted in Press Releases on July 28, 2017 | Preview rr
    Tags: CFPB

    Today, in response to reports that Wells Fargo forced more than 800,000 car loan borrowers to purchase unnecessary car insurance, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “The constant drip drop of fraudulent activities coming out of Wells Fargo is absolutely outrageous. Wells Fargo has repeatedly preyed on servicemembers, homeowners, minorities, and, it seems, consumers seeking any kind of financial product from t... Read more

  • Waters Statement on Revised Republican Flood Insurance Bill
    Posted in Press Releases on July 28, 2017 | Preview rr
    Tags: Flood Insurance

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement in response to Committee Republicans’ revised flood insurance legislation: “Though Chairman Hensarling and Committee Republicans have been scrambling to make changes to their flood insurance bill, the affordability challenges facing millions of policyholders remain. The implementation of the Biggert-Waters Act inadvertently led to skyrocketing premiums for homeowners and... Read more



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