Three Democratic members of Congress joined their Senate colleagues in calling for a probe of Wall Street regulators.
The three members — Reps. Maxine Waters of California, Al Green of Texas and Keith Ellison of Minnesota — signed a letter Tuesday urging hearings on the Federal Reserve Bank of New York and whether it's too close with the banks it supervises.
They were responding to… Read more »
Democrats on the House Financial Services Committee are asking panel Republicans to hold a hearing into recent news reports concerning whether the Federal Reserve Bank of New York fired a bank examiner for refusing to back down from negative assessments of Goldman Sachs.
Rep. Maxine Waters and other Democrats wrote committee Chairman Jeb Hensarling and Oversight and Investigations… Read more »
WASHINGTON — The Export-Import Bank won a reprieve from Congress because its renewal was tucked into a must-pass bill funding the federal government. Next time, the bank will have to fight for survival on its own.
When the lender's charter comes up for reauthorization in June, it will be in a separate bill, and supporters say that's likely to imperil the 80-year-old institution. The… Read more »
Do you think you'd have a better chance to qualify for a home mortgage if negative items in your credit files were erased in four years rather than the current seven?
How about if your credit reports included information on your utility bills, rent, cable, mobile phone and other monthly payments? Wouldn't this give a nice jolt to your credit scores, assuming that you've paid these… Read more »
Businesses and other supporters of the Export-Import Bank cheered the nine-month extension given final approval by the Senate on Thursday night, but remain worried about the future of the embattled agency.
"Congress has left thousands of small, medium and large U.S. exporters and their workers in limbo until the middle of next year and this will likely negatively impact U.S. sales to… Read more »
In 2008 we saw the consequences of the risky, irresponsible lending and financial practices resulting from the false ideology that financial markets can somehow properly police themselves. Lax mortgage standards and an unhealthy amount of risk taken by financial institutions and other market participants led to an economy that was not rooted in reality.
The result was a series of… Read more »
Key Development: The House bill would clarify language in section 171 of the Dodd-Frank Act, delineating the Federal Reserve Board's authority over large insurance companies, but also additional measures that could harm its chances in the Senate.
Next Step: Insurance companies favor the bill but the broader measures are not universally supported and aren't expected to advance in the… Read more »
The Consumer Financial Protection Bureau announced Tuesday it was filing a lawsuit against Corinthian Colleges Inc., saying that its education services were little more than a scam to bilk unsuspecting would-be students.
"We believe Corinthian lured consumers into predatory loans by lying about their future job prospects, and then used illegal debt collection tactics to strong-arm… Read more »
A high-ranking lawmaker is pushing for Congress to redraw the road map for how credit scores are calculated, with an eye toward giving a little more breathing room to people who have fallen on tough times financially.
California representative Maxine Waters, the highest-ranking Democrat on the House Financial Services Committee, is introducing legislation that would modify the Fair… Read more »
As the House was preparing to consider a measure on Monday that would give the Federal Reserve flexibility in regulating the capital standards for insurance firms, the financial services industry campaigned for passage.
But because the bill ( S 2270 ), which passed in the Senate was packaged with three others with broader changes in financial regulation, House Financial Services… Read more »
The House on Tuesday is expected to pass a bipartisan regulatory change that’s a top priority for the insurance industry, but the Senate is not expected to accept the legislative package in its current form and the issue will likely have to be settled during a post-election “lame duck” session.
While the insurance provision is supported by Republicans and Democrats in both chambers,… Read more »
A new bill in Congress seeks to overhaul the consumer credit-reporting system by lessening the period over which loan defaults and bankruptcies are included in credit reports.
The bill’s introduction comes a month after Fair Isaac Corp. announced it would tweak its widely used FICO credit score to no longer penalize consumers for past failure to pay a bill if the bill has been paid or… Read more »
The ranking democrat on the House Financial Services Committee wants to fundamentally change the rules on how lenders report consumer payments and debts to the credit bureaus, which could create a path to homeownership for millions of Americans currently shut out by mortgage lending restrictions.
U.S. Rep. Maxine Waters, D-Calif., is introducing a bill that would eliminate medical debt… Read more »
The top Democrat on the House Financial Services Committee is proposing an overhaul of credit reporting rules that would help consumers ensure their scores are accurate.
Rep. Maxine Waters (Calif.) is introducing legislation on Wednesday that provides more leeway to consumers to avoid and fix problems on their credit reports created by any wrong or outdated information.
“A person’s… Read more »
The top Democrat on the House Financial Services Committee is proposing sweeping changes to a law that governs the way lenders report consumer payments to credit bureaus. The move could help millions of Americans get better interest rates on mortgages, auto financing and student loans.
Rep. Maxine Waters (D-Calif.) plans to introduce the Fair Credit Reporting Improvement Act of 2014 on… Read more »
House Republican leaders are considering a short-term extension of the 80-year-old U.S. Export-Import Bank that is set to expire this month, a party aide said.
An extension of several months is being discussed, said the Republican aide, who asked not to be identified because no plans have been made public. The Export-Import Bank provides loan guarantees, loans and insurance to help… Read more »
Maxine Waters — the fiery liberal from Los Angeles known for calling House Republican leadership “demons” and threatening to nationalize oil companies — has gone from the scourge of Big Business to a sympathetic ally for corporate America.
It’s no accident.
Waters is executing this transformation by seizing on the growing divide between conservative Republicans and Big Business and… Read more »
The Republican nominee for a critical Senate seat in Iowa is breaking with Tea Party groups on reauthorization of the Export-Import Bank.
Joni Ernst told CNBC in an interview that aired Wednesday she supports the bank, despite the stiff opposition to renewing its charter from groups on the right.
"Iowa's economy — we have many spin-off industries, like Vermeer, we have John Deere,… Read more »
WASHINGTON (Reuters) - All but the biggest U.S. banks could see relief from some financial reforms after the November elections even if control of the U.S. Congress remains divided between Democrats and Republicans.
Post-election committee leadership changes and growing momentum behind bipartisan fixes may lead to tweaks to the 2010 Dodd-Frank law for the smallest community banks,… Read more »
Rep. Patrick McHenry (R., N.C.) said Monday that the Export-Import Bank should be reauthorized because of its support for U.S. jobs, the latest sign of GOP backing for an agency caught in a political tug-of-war.
The Ex-Im Bank has had a rocky month, with new House Majority Leader Kevin McCarthy (R., Calif.) signaling that he wants the agency to wind down its operations and House… Read more »
The head of the Consumer Financial Protection Bureau had several testy exchanges with House Republicans on Wednesday at a hearing held to examine allegations of discrimination and retaliation at the consumer agency.
CFPB Director Richard Cordray appeared before the House Financial Services Oversight and Investigations Subcommittee to address charges that have surfaced in recent months… Read more »
WASHINGTON — The House Financial Services Committee passed a slew of bills on Wednesday, including one designed to ease capital requirements on mortgage servicing assets held by small institutions.
The legislation, sponsored by Rep. Blaine Luetkemeyer, R-Mo., won substantial bipartisan support, passing the panel by a vote of 44 to 9. It would delay implementation of a provision of… Read more »
Wall Street banks face heightened scrutiny from the Commodity Futures Trading Commission over their latest tactic to escape U.S. trading rules for overseas derivatives.
The regulator sent letters today to JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS), Bank of America Corp., Citigroup Inc. (C), and Morgan Stanley (MS) seeking further information about the practice of… Read more »
WASHINGTON — Rep. Maxine Waters, D-Calif., is warning that a key House appropriations bill soon to be considered by the full chamber could hurt the ability of the Consumer Financial Protection Bureau and other regulators to oversee the financial services industry.
Legislation to fund the Treasury Department, the Securities and Exchange Commission, the Small Business Administration and… Read more »
Rep. Maxine Waters (D-Calif.) used a Wednesday hearing to blast GOP leaders for opposing reauthorization of the Export-Import (Ex-Im) Bank.
Waters argued Financial Services Committee Chairman Jeb Hensarling (R-Texas) has made killing the bank his top priority and questioned whether the hearing would be fair.
“Let’s be serious, this hearing is not going to be a forthright… Read more »
