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

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and Congressman Jeb Hensarling (R-TX), Chairman of the House Committee on Financial Services, announced that they have reached an agreement on a package of strong, bipartisan capital-formation legislation to help America’s small businesses and entrepreneurs and to protect investors. The package, known as the “JOBS and Investor Confidence Act of 2018,” is comprised of 32 individual pieces of le... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, introduced H.R. 6220, the Restoring Fair Housing Protections Eliminated by HUD Act of 2018, a bill to restore several fair housing protections that Ben Carson, Secretary of the Department of Housing and Urban Development (HUD), has eliminated. “The Department of Housing and Urban Development (HUD) is supposed to create strong communities; expand access to affordable housing; and enforce fair h... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on President Trump’s nomination of OMB Associate Director Kathy Kraninger to serve as Director of the Consumer Financial Protection Bureau. In 2017, Trump illegally appointed his Office of Management and Budget Director, Mick Mulvaney, to serve as Acting Director of the Consumer Bureau. “In his time at the Consumer Bureau, Mick Mulvaney has been doing everything in his... Read more

Today, in response to the House Committee on Appropriations markup of the fiscal year 2019 Financial Services and General Government Appropriations bill, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement: “The Trump Administration and Congressional Republicans are shameless in their attempts to rollback consumer protections and this bill is yet another attempt to undermine Wall Street reform and dismantle the Consumer Fi... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement in response to Office of Management and Budget Director Mick Mulvaney’s reckless decision to fire all members of the Consumer Financial Protection Bureau’s (Consumer Bureau) Consumer Advisory Board. The Consumer Advisory Board is a statutorily required panel of experts comprised of industry representatives, consumers, community leaders and advocates who provide an ... Read more

Today, in response to Director of the Office of Management and Budget Mick Mulvaney’s announcement that the Consumer Financial Protection Bureau (Consumer Bureau) will dramatically reorganize its operational structure, creating new offices and closing existing ones, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement: “This reorganization further politicizes the Consumer Bureau and sends a clear signal that political appoi... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to S.J. Res. 57, an unprecedented Congressional Review Act resolution to repeal and permanently block guidance from the Consumer Financial Protection Bureau (Consumer Bureau) on indirect auto financing. As Prepared for Delivery Mr. Speaker, I rise today in opposition to S.J Res. 57, a Congressional Review Act resolution to repeal important guidance on... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, sent a letter to Office of Management and Budget Director Mick Mulvaney, who was illegally appointed by President Trump as Acting Director of the Consumer Financial Protection Bureau (Consumer Bureau). In the letter, Ranking Member Waters requested all records regarding Mulvaney’s interactions with representatives of any entity that is regulated by the Consumer Bureau. This request comes on th... Read more

Today, in response to the announcement that the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency will each impose a $500 million penalty against Wells Fargo for its auto insurance and mortgage lending abuses, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Wells Fargo has a terrible track record of harming consumers and deserves every punishment they have received and more. Under the l... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, introduced legislation that would help prevent foreclosures for the Federal Housing Administration’s (FHA) borrowers by strengthening requirements for and increasing oversight of FHA mortgage servicers so that every homebuyer with an FHA mortgage is given a fair chance at avoiding foreclosure. “A decade after the devastating foreclosure crisis, we continue to see significant problems with the ... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following statement at a full committee hearing entitled “The 2018 Semi-Annual Report of the Bureau of Consumer Financial Protection.” As Prepared for Delivery Thank you, Mr. Chairman. Mr. Chairman, let me say at the outset that Mr. Mulvaney is not the Acting Director of the Consumer Financial Protection Bureau. He was illegally appointed by President Trump in a move that blatantly contradi... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 4545, a bill that makes it more likely that bad actors, including megabanks and predatory lenders, would avoid or delay accountability when they break federal law. As Prepared for Delivery Mr. Speaker, H.R. 4545 is yet another harmful bill that would help out Wall Street and predatory lenders. It has become a theme for the Majority to claim th... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following statement at a full Committee markup to consider the Majority's Views and Estimates on the Budget for FY 2019: As Prepared for Delivery Thank you, Mr. Chairman. Mr. Chairman, Committee Democrats are committed to advancing policies that create shared prosperity and economic opportunities for all, ensure fairness in our economy, protect consumers from predatory practices, and suppor... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 4607, a bill that directs regulators, including the Consumer Financial Protection Bureau, to dismantle rules considered inconvenient by the financial services industry despite the harm it may cause consumers or the economy. As Prepared for Delivery Mr. Speaker, I rise in opposition to H.R. 4607, the so-called “Comprehensive Regulatory Review A... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services spearheaded a letter to Acting Consumer Financial Protection Bureau (Consumer Bureau) Director Leandra English and Director of the Office of Management and Budget Mick Mulvaney, questioning Mulvaney's recent decision to reorganize the Office of Fair Lending and Equal Opportunity (OFLEO) and strip it of enforcement and supervisory authority. Congressman Elijah Cummings (D-MD), Ranking Member of the Co... Read more

Today, in response to the Trump Administration’s release of its full budget request to Congress for Fiscal Year 2019, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Trump’s budget proposal would harm American consumers, hurt our nation’s communities and wipe out financial reforms that are in place to prevent another financial crisis. “Trump proposes to eliminate the Consumer Financial Protection Bureau’s independent fun... Read more

Today, in response to a decision by the full U.S. Court of Appeals for the District of Colombia Circuit upholding the constitutionality of the structure of the Consumer Financial Protection Bureau (Consumer Bureau), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Today, the full U.S. Court of Appeals for the District of Colombia Circuit confirmed what we have always known: the Consumer Bureau is constitutional and is here ... Read more

This week, the Consumer Financial Protection Bureau announced it will: Help out predatory payday lenders by reconsidering the sensible and much-needed rule on payday, vehicle title, and certain high-cost installment loans. Launch a review of all “activities” of the Consumer Bureau by publishing a series of Requests for Information (RFIs) in the Federal Register. RFIs are a beginning step by federal agencies to make changes to any rules they may have already put into place. Withdraw a lawsuit aga... Read more

Today, in response to the Consumer Financial Protection Bureau’s announcement that it will reconsider the sensible and much needed rule on payday, vehicle title, and certain high-cost installment loans, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “The Trump Administration has struck again as it continues efforts to roll back important protections that benefit America’s hardworking consumers. In October, under the leader... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and 36 current and former Democratic Members filed an amicus brief with the D.C. Circuit Court of Appeals, arguing that Consumer Financial Protection Bureau Deputy Director Leandra English should serve as Acting Director of the Consumer Bureau until a Director is confirmed by the Senate. The brief supports English’s request to enjoin Office of Management and Budget Director Mick Mulvaney from serving... Read more

Today, in response to the introduction of a resolution to use the Congressional Review Act to repeal the Consumer Financial Protection Bureau’s recently issued rule on payday, vehicle title, and certain high-cost installment loans, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “Once again, Republicans are shamelessly pushing to roll back an important rule that protects consumers. “This year, the Consumer Financial Protect... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement in opposition to S.2155, a bill that would roll back important reforms put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act: “This bill simply repackages harmful provisions from Chairman Hensarling’s Wrong Choice Act, and it must not become law. It guts critical consumer protections put in place following the financial crisis, including mor... Read more

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 1699, a bill that would remove important protections for consumers of manufactured housing: As Prepared for Delivery Thank you Mr. Chairman. I rise today in opposition to H.R. 1699, which would undermine the Dodd-Frank Wall Street Reform and Consumer Protection Act, and eliminate consumer protections for some of the country’s most vulnerable b... Read more

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and 25 current and former Democratic Members filed an amicus brief today with the D.C. Circuit Court of Appeals, arguing that Consumer Financial Protection Bureau Deputy Director Leandra English should serve as Acting Director of the Consumer Bureau until a Director is confirmed by the Senate. “President Trump is entitled to choose who the next Director of the Bureau will be, but he must nominate tha... Read more