CFPB

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  • Republican Staff Report Praises Wells Fargo, Criticizes Agency that Held it Accountable
    Posted in Press Releases on June 8, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    In another attempt to undermine the important work of the Consumer Financial Protection Bureau (Consumer Bureau or CFPB), Republicans on the House Committee on Financial Services issued a 13-page staff report that attempted to redirect blame away from Wells Fargo for their massive fraudulent account scandal and onto the Consumer Bureau. The report falsely accuses the Consumer Bureau of not cooperating with the Committee’s investigation, even though the Consumer Bureau has produced thousands of p... Read more

  • Waters Op-Ed: Why We Need the Consumer Financial Protection Bureau and Why Republicans Want It Dead
    Posted in Press Releases on June 6, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    In an op-ed published today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, discussed the numerous ways in which the Consumer Financial Protection Bureau (Consumer Bureau) continues to fight for hardworking Americans who have been harmed by illegal, predatory financial schemes, and the ways in which President Trump and Congressional Republicans are trying to undermine its work. In the piece, Ranking Member Waters underscores the numerous impacts ... Read more

  • Waters: Trump Budget is Extremely Harmful
    Posted in Press Releases on May 23, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, Flood Insurance, Budget

    Today, in response to the Trump Administration’s release of its full budget request to Congress for Fiscal Year 2018, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Donald Trump has once again revealed who he really is, with a cruel and senseless budget that abandons Main Street and the vulnerable. “The Trump budget mirrors efforts by Congressional Republicans to roll back Wall Street reform and take us back to the bad ... Read more

  • Democrats Fight Into the Night to Protect Consumers, Homeowners
    Posted in Press Releases on May 3, 2017 | Preview rr
    Tags: Full Committee, Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, Markup

    On the first day of the House Financial Services Committee markup of H.R. 10, also known as the Wrong Choice Act, Committee Democrats fought throughout the day and into the night to protect hardworking Americans from the catastrophic damage the bill would cause. The Wrong Choice Act undermines and outright repeals critical safeguards in the Dodd-Frank Wall Street Reform and Consumer Protection Act, a law that was designed to protect the American economy from another financial crisis. Before the ... Read more

  • Waters Opening Statement at Markup of the Wrong Choice Act
    Posted in Press Releases on May 2, 2017 | Preview rr
    Tags: Full Committee, Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, SEC, Federal Reserve, Volcker Rule, Markup

    Today, at a full Committee markup of the Wrong Choice Act, a bill that repeals the most important aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery Thank you, Mr. Chairman. Mr. Chairman, this is one of the worst bills I’ve seen in my time in Congress. The Wrong Choice Act is a vehicle for Donald Trump's agenda to get rid... Read more

  • Waters: Dodd-Frank Rollback Bill Would Result in Disaster
    Posted in Press Releases on April 26, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, SEC, FSOC, Federal Reserve, FDIC

    Today, at the only scheduled committee hearing to review Chairman Hensarling's Wrong Choice Act 2.0, a bill that would destroy the most important parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery Thank you, Mr. Chairman, and thank you to the witnesses for being here today. There is only one explanation for why we are here d... Read more

  • Waters Applauds Consumer Bureau for Tackling Ocwen’s Predatory Loan Practices
    Posted in Press Releases on April 21, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    WASHINGTON – In response to the Consumer Financial Protection Bureau’s (Consumer Bureau) lawsuit against Ocwen Financial Corporation for years of incompetent handling of mortgage accounts, Congresswoman Maxine Waters (D-CA), issued the following statement: “Enough is enough when it comes to Ocwen’s history of repeated, abusive treatment of homeowners. Their behavior is simply inexcusable, especially since homeowners don’t have the right to choose their own mortgage servicer. The executives at O... Read more

  • Waters: Gutting Dodd-Frank is still the Wrong Choice for America
    Posted in Press Releases on April 12, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, Volcker Rule

    Today, in response to the release of details of the updated version of the “Financial Choice Act,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “The so-called Financial Choice Act is a piece of legislation that will essentially kill the most important aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was designed to prevent another financial crisis. Republicans and Donald Trump have once aga... Read more

  • Waters Statement at Hearing on the Consumer Bureau’s Semi-Annual Reports
    Posted in Press Releases on April 5, 2017 | Preview rr
    Tags: Full Committee, CFPB

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement at today's full committee hearing on the Consumer Financial Protection Bureau's (Consumer Bureau) Semi-Annual Reports to Congress with Director Richard Cordray: As Prepared for Delivery Thank you, Mr. Chairman. And thank you, Director Cordray, for joining us again to discuss the numerous ways in which the Consumer Financial Protection Bureau continues to fight for hardw... Read more

  • Waters and 40 Democratic Members Unite in Their Fight to Protect the Consumer Bureau
    Posted in Press Releases on March 31, 2017 | Preview rr
    Tags: CFPB

    Following the D.C. Circuit granting the Consumer Financial Protection Bureau’s (Consumer Bureau) petition for rehearing en banc in the PHH case, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and 40 Democratic Members filed an amicus brief today with the D.C. Circuit Court of Appeals in support of the Consumer Bureau’s independent structure and its constitutionality. “After extensively studying the roots of this crisis…Congress established a cons... Read more

  • Waters Applauds CFPB Enforcement Action against Experian, Calls for Reforms to Credit Reporting
    Posted in Press Releases on March 24, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, Credit Reports and Scores

    WASHINGTON -- Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded the Consumer Financial Protection Bureau’s enforcement action against Experian, a prominent credit reporting agency, and called for comprehensive legislative improvements to consumer reporting law. “I have long advocated for an overhaul of our nation’s credit reporting system. That’s why in the past I’ve introduced and will continue to work to advance the Comprehensive Consum... Read more

  • Waters Holds Wells Fargo Executives Accountable
    Posted in Press Releases on March 17, 2017 | Preview rr
    Tags: CFPB, OCC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, sent a letter to Timothy J. Sloan, Chief Executive Officer of Wells Fargo & Company, expressing serious concern with the repeated refusal of four top Wells Fargo executives, including Sloan, to be interviewed by Democratic Committee staff in furtherance of the Committee’s ongoing investigation into the bank’s dishonest and criminal behavior. The letter is the latest in Waters’ efforts to hold ... Read more

  • Waters Applauds the CFPB’s Work on Credit Reporting Problems, Calls for Comprehensive Legislative Reforms
    Posted in Press Releases on March 2, 2017 | Preview rr
    Tags: CFPB, Credit Reports and Scores

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded the Consumer Financial Protection Bureau for a new report detailing a range of significant issues in credit reporting and its oversight work in the area, and called for comprehensive reforms to improve the nation’s credit reporting system. “Credit reporting is an area where I have long called for an overhaul to the system. That’s why in the past I’ve introduced and will continue to advocat... Read more

  • ICYMI: Financial Services Committee Republicans Oppose Amendments to Help Main Street
    Posted in Press Releases on March 1, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, SEC, Markup

    In the House Financial Services Committee markup to consider its Budget Views and Estimates for Fiscal Year 2018, Ranking Member Maxine Waters (D-CA) and Committee Democrats urged Committee Republicans to join them in holding the Trump Administration accountable and supporting amendments that would help middle class families and the most vulnerable populations. Throughout the markup, Democrats offered amendments to protect consumers and investors. Not surprisingly, every single amendment was opp... Read more

  • Waters Strongly Opposes GOP Bill to Impede Regulators
    Posted in Press Releases on March 1, 2017 | Preview rr
    Tags: CFPB

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor in strong opposition to H.R. 1009, a bill that would aid the Trump Administration in obstructing the important work of independent federal regulators and harm working families. The full text of Waters’ statement, as prepared for delivery, is below: Thank you Ms. Plaskett. H.R. 1009 would empower Trump’s White House to block all of the independent financial agencies’ proposed... Read more

  • Waters: GOP Budget Views Abandon Main Street
    Posted in Press Releases on February 28, 2017 | Preview rr
    Tags: Full Committee, Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, HUD, Markup, Budget

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, rebuked Committee Republicans for putting forth budget views that fail to address issues of wealth inequality, the racial wealth gap, homelessness, affordable housing, consumer protection, and investor protection. As Prepared for Delivery Thank you, Mr. Chairman. Today, this Committee will consider Views and Estimates on the Budget for Fiscal Year 2018. This is important work, as our Committee has juris... Read more

  • ICYMI: Haunted by Student Debt Past Age 50, New York Times Editorial
    Posted in In Case You Missed It on February 16, 2017 | Preview rr
    Tags: CFPB

    The experience of being crushed by student debt is no longer limited to the young. New federal data shows millions of Americans who are retired or nearing retirement face this burden, as well as the possibility of having their Social Security benefits garnished to make payments. Americans age 60 and older are the fastest-growing age group of student loan debtors. Older debtors, many of whom live hand-to-mouth on fixed incomes, are more likely to default. When that occurs with federal loans, as h... Read more

  • Waters: Republicans Intent on Destroying CFPB, Harming Consumers
    Posted in Press Releases on February 15, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Today, in response to a series of bills introduced by Senate Republicans to undermine the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, made the following statement: “Republicans are wasting no time in their shameful efforts to dismantle the Consumer Financial Protection Bureau. In the time since its creation, this highly successful agency has returned nearly $12 billion to more than 29 million consumers... Read more

  • ICYMI: Save consumer protector: Our view, USA Today Editorial
    Posted in In Case You Missed It on February 8, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Richard Cordray deserves to stay director of CFPB. While bankers and their congressional allies fume that a consumer protection agency created after the financial crisis has amassed too much power, the agency keeps on doing what it does so well: putting money back in the pockets of people who’ve been mistreated by big banks, credit card issuers or other financial players. In its six-year existence, the Consumer Financial Protection Bureau (CFPB) has collected $11.8 billion in relief for 29 milli... Read more

  • Waters: Our Plan would be Committed to Providing Greater Opportunity for Every American
    Posted in Press Releases on February 7, 2017 | Preview rr
    Tags: Full Committee, Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, Markup

    Today at the House Committee on Financial Services markup of its Oversight Plan, Ranking Member Maxine Waters (D-CA) underscored Democratic priorities for the 115th session of Congress: As Prepared For Delivery Thank you, Mr. Chairman. To begin, let me say that I appreciate that there was an attempt to present this oversight plan in a straightforward and clear manner. The oversight plan – which is designed to discuss the issues this Committee will examine throughout the 115th Congress – does not... Read more

  • CBC Warns Trump Against Removing CFPB Director Richard Cordray
    Posted in Press Releases on January 24, 2017 | Preview rr
    Tags: CFPB

    Following their joint op-ed published in The Hill, members of the Congressional Black Caucus (CBC), led by Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and Congressman Cedric Richmond (D-LA), Chairman of the Congressional Black Caucus, penned a letter to President Donald Trump, warning him against removing Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), prior to the expiration of his term in July 2018. In the lette... Read more

  • CBC Op-Ed: Trump Must Keep CFPB Director Richard Cordray
    Posted in Press Releases on January 18, 2017 | Preview rr
    Tags: CFPB

    In an op-ed published today in The Hill, House Democrats of the Congressional Black Caucus, led by Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and Congressman Cedric Richmond (D-LA), Chairman of the Congressional Black Caucus, published an op-ed demanding President-elect Donald Trump reject any attempts to remove the Director of the Consumer Financial Protection Bureau (CFPB), Richard Corday, prior to the expiration of his term in July 2018. I... Read more

  • Waters Applauds CFPB's Initiative in Investigating Consumer Harassment
    Posted in Press Releases on January 12, 2017 | Preview rr
    Tags: CFPB

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement following a report published by the Consumer Financial Protection Bureau (CFPB/Bureau), demonstrating that over one-in-four consumers contacted by debt collectors felt threatened. This report is a result of the first-ever national survey of consumer experiences with debt collectors: “All Americans deserve a financial system that punishes predatory conduct, regardless o... Read more

  • Committee Democrats to Trump: Keep Cordray, Protect Consumers
    Posted in Press Releases on January 10, 2017 | Preview rr
    Tags: CFPB

    Today, Financial Services Committee Democrats, led by Congresswoman Maxine Waters (D-CA), demanded that President-elect Donald Trump reject any attempts to deregulate Wall Street by removing the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, prior to the expiration of his term in July 2018. In a letter to President-elect Trump, the Members said they will strongly oppose any action towards removing Director Cordray from his position as CFPB Director. In addition, th... Read more

  • Waters, Leading Democrats Support CFPB’s Efforts to Appeal PHH Court Case
    Posted in Press Releases on November 29, 2016 | Preview rr
    Tags: CFPB

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, signed onto an amicus brief filed today with the D.C. Circuit Court of Appeals in support of the Consumer Financial Protection Bureau’s petition to have the entire court revisit an earlier decision by a three-judge panel that struck down the Bureau’s structure. Waters was joined by 20 current and former Members of Congress in supporting the CFPB’s appeal in PHH Corp. v. CFPB, including Sen. Sherrod Brown (... Read more



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