Following the release of a Majority staff report entitled, “The Real Wells Fargo: Board & Management Failures, Consumer Abuses, and Ineffective Regulatory Oversight,” Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, convened a full Committee hearing with Charles W. Scharf, Chief Executive Officer (CEO) and President of Wells Fargo &… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued a statement regarding Visa Incorporated’s efforts to proactively provide the Committee with their diversity and inclusion data and practices. Last month, the Committee published a report on diversity and inclusion among large banks with more than $50 billion in assets. That report… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued a statement on the recent announcement that the Federal Deposit Insurance Corporation (FDIC) will offer voluntary retirement to 20 percent of its workforce and close or consolidate offices in Boston, California, Florida, Kentucky, Ohio, Oklahoma, and Tennessee: “I am deeply concerned… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Congressman Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations, released a Majority staff report entitled, “The Real Wells Fargo: Board & Management Failures, Consumer Abuses, and Ineffective Regulatory Oversight.” This report is a result of a… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, Congressman Patrick McHenry (R-NC), Ranking Member of the House Financial Services Committee, Congressman Emanuel Cleaver (D-MO), Chairman of the Subcommittee on National Security, International Development and Monetary Policy, and Congressman French Hill (R-AR), Ranking Member of the… Read more »

Yesterday, the U.S. House of Representatives passed bipartisan financial services bills to protect servicemembers from predatory debt collectors, improve the availability of affordable housing and mortgage credit, and address concerns that China is trapping developing nations in a cycle of predatory debt. The bills passed include: The Fair Debt Collection Practices for… Read more »

Today, the House Financial Services Committee passed seven bills to benefit consumers, investors and the economy. The bills passed by the Committee include: H.R. 149, the Housing Fairness Act, a bill introduced by Congressman Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations, which would authorize increased funding for the Department of Housing and… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, delivered the following opening statement at a full Committee markup to make housing more affordable and available, fight housing discrimination, and increase transparency and disclosures in the nation’s capital markets. As Prepared for Delivery In 2019, the Committee had a very… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, made the following statement in response to the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) announcement that the comment period for the agencies’ proposed Community Reinvestment Act (CRA) rule will be extended by 30 days, giving the public… Read more »

Following the announcement that Morgan Stanley plans to acquire E-Trade, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, issued the following statement: “In the wake of the Trump Administration’s regulatory giveaways to the nation’s largest banks, it is no surprise that yet another merger of this scale has been announced. “The proposed… Read more »

In February 2019, under the leadership of Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, the Committee began an investigation into Wells Fargo’s compliance with five regulatory orders issued in response to the company’s widespread consumer abuses. In March 2020, the Committee will announce the results of that investigation and hold three… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced several hearings for the month of March: March 4 at 10:00 AM – The Subcommittee on National Security, International Development, and Monetary Policy will convene for a hearing entitled, “The Traffickers’ Roadmap: How Bad Actors Exploit Financial Systems to Facilitate the… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced an updated Committee schedule to conform with a recent change to the House calendar on February 26.  February 26 at 2:00 PM – The full Committee will convene for a markup. February 27 at 10:00 AM – The full Committee will convene for a continuation of the… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the Committee on Financial Services, and Congresswoman Joyce Beatty (D-OH), Chair of the Subcommittee on Diversity and Inclusion, released a multimedia Majority staff report entitled, “Diversity and Inclusion: Holding America’ Large Banks Accountable.” This report is part of a longstanding effort to hold financial institutions… Read more »

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congressman Wm. Lacy Clay (D-MO), Chairman of the Subcommittee on Housing, Community Development and Insurance, sent a letter to the Comptroller General of the U.S. Government Accountability Office (GAO), requesting a comprehensive study on the implementation of Title XI of the Financial… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following opening statement at the semiannual Humphrey-Hawkins hearing on monetary policy and the state of the economy with Federal Reserve Chairman Jerome Powell. As Prepared for Delivery I'd like to welcome back Chairman Powell As I discussed at our last hearing with you, I… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced an updated Committee schedule for the remainder of the month of February:  February 11 at 10:00 AM – The full Committee will convene for a hearing entitled, “Monetary Policy and the State of the Economy." February 12 at 10:00 AM – The Subcommittee on… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered the following opening statement during a full Committee hearing entitled, “Protecting Consumers or Allowing Consumer Abuse? A Semi-Annual Review of the Consumer Financial Protection Bureau.” As Prepared for Delivery Today, we welcome back Consumer Financial Protection Bureau… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered the following opening statement during a full Committee hearing entitled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.” As Prepared for Delivery In November of last year, the Federal Deposit Insurance… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement on yet another attempt by prudential regulators to weaken the Volcker Rule. “Just weeks after the passing of Paul Volcker, prudential regulators are once again working overtime to weaken a regulation that he fought tirelessly for by allowing banks to gamble… Read more »

Today, the U.S. House of Representatives passed H.R. 3621, the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2020 (“Comprehensive CREDIT Act”), legislation sponsored by Rep. Ayanna Pressley (D-MA), by a vote of 221 to 189. H.R. 3621 would overhaul the credit reporting system by empowering consumers with more control of their data and… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered the following opening statement at a full Committee hearing entitled, “The Community Reinvestment Act: Is the OCC Undermining the Law’s Purpose and Intent?” As Prepared for Delivery Today this Committee convenes for a hearing to conduct oversight of the Office of the… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced several hearings for the month of February: February 5 at 10:00 AM – The full Committee will convene for a hearing entitled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.” February 5… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement regarding the Consumer Financial Protection Bureau’s policy statement on the Dodd-Frank Wall Street Reform and Consumer Protection Act’s prohibition of unfair, deceptive, or abusive acts or practices (UDAAP) in the consumer financial marketplace. “The Consumer… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following statement on the amicus brief filed this week by the U.S. House of Representatives in support of the constitutionality of the Consumer Financial Protection Bureau’s independent single-director structure. “The Consumer Financial Protection Bureau was created by the… Read more »