Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following statement regarding the Supreme Court decision in Seila Law LLC v. Consumer Financial Protection Bureau. “This decision from the Supreme Court diminishes the independence of the Consumer Financial Protection Bureau (Consumer Bureau) by allowing the President to fire… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, led six letters to Administration officials, prudential regulators, financial services organizations and credit reporting agencies expressing concerns about risks related to coronavirus disease 2019 (COVID-19) and the steps they are taking to prevent Americans and the financial system from… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, delivered the following opening statement at a full Committee hearing entitled, “Holding Wells Fargo Accountable: Examining the Role of the Board of Directors in the Bank’s Egregious Pattern of Consumer Abuses.” As Prepared for Delivery Today, we receive testimony from Elizabeth Duke and… 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 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 »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to Kathleen Kraninger, Director of the Consumer Financial Protection Bureau, expressing concerns regarding reports that a Trump Administration political appointee, Thomas G. Ward, is the lead candidate for the Enforcement Director position at the Consumer Bureau. “The… Read more »

Today, the House Financial Services Committee passed eight bills to help veterans experiencing homelessness, protect servicemembers from harassment by debt collectors, and prevent predatory debt collection practices to help consumers and small businesses. See the Chairwoman’s opening statement here and the legislation below. The Ending Debt Collection Harassment Act of 2019… Read more »

Today, at a hearing entitled “Who Is Standing Up for Consumers? A Semi-Annual Review of the Consumer Financial Protection Bureau,” Congresswoman Maxine Waters (D-CA), Chairwoman of the Committee on Financial Services, gave the following opening statement: Good morning. Today, we are here to receive the semi-annual report of the Consumer Financial Protection Bureau and hear testimony… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the Committee on Financial Services, released a Majority staff report entitled, “Settling for Nothing: How Kraninger’s CFPB Leaves Consumers High and Dry.” According to the report, Trump-appointed leadership, including Director Kathleen Kraninger, have failed consumers by undermining the Consumer Financial Protection Bureau’s… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and 101 Members of Congress sent a letter to Kathy Kraninger, Director of the Consumer Financial Protection Bureau (Consumer Bureau), calling on her to reconsider the Consumer Bureau’s final rule to delay the original August 19, 2019 compliance date for the 2017 Payday, Vehicle Title, and… Read more »

Following the announcement that Robert Cameron, former head of compliance and risk mitigation at the Pennsylvania Higher Education Assistance Agency (PHEAA/FedLoan Servicing), will serve as the Private Education Loan Ombudsman at the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following… Read more »

Today, Financial Services Committee Chairwoman Maxine Waters (D-CA), Education and Labor Committee Chairman Bobby Scott (D-VA), and Oversight and Reform Committee Chairman Elijah Cummings (D-MD) sent a letter to Consumer Financial Protection Bureau Director Kathleen Kraninger requesting information and records concerning the CFPB’s efforts to protect consumers from unlawful student loan… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, Congresswoman Nydia Velázquez (D-NY) and 63 Democratic Members of Congress sent a letter to Kathy Kraninger, Director of the Consumer Financial Protection Bureau (Consumer Bureau), demanding that she immediately rescind proposals that would limit critical lending information collected under… Read more »

Today, the U.S. House of Representatives passed H.R. 1500, the Consumers First Act, legislation introduced by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, to block the Trump Administration’s anti-consumer agenda and reverse their past efforts to undermine the mission of the Consumer Financial Protection Bureau (Consumer Bureau). The bill… Read more »

Today, the U.S. House of Representatives will consider H.R. 1500, the Consumers First Act, a bill to block the Trump Administration’s anti-consumer agenda and reverse their past efforts to undermine the mission of the Consumer Financial Protection Bureau (Consumer Bureau). See Congresswoman Maxine Waters’ (D-CA), Chairwoman of the House Committee on Financial Services, floor statement… Read more »

Today, after the overdue announcement that Eric Blankenstein, Policy Associate Director for the Supervision, Enforcement and Fair Lending Division at the Consumer Financial Protection Bureau (Consumer Bureau), will be leaving the agency, Chairwoman Waters issued the following statement: “When Director Kraninger appeared before the Committee in March, I asked her about the past racist… Read more »

Today, at a Subcommittee on Oversight and Investigations hearing entitled, “Examining Discrimination in the Auto Loan and Insurance Industries,” Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee gave the following opening statement. As Prepared for Delivery Thank you, Mr. Chairman. Buying a car is a significant purchase for many Americans… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released the following statement in response to an announcement by Wells Fargo & Company that Tim Sloan would step down as CEO, President, and Board member, effective immediately. “I agree with Tim Sloan that it is best that he steps down. Tim Sloan has a 31-year history at Wells Fargo,… Read more »

This week, the House Financial Services Committee, held a markup of five bills to crack down on foreign corruption, uphold consumer protections, increase access to the financial system, protect retirement savers, and address the national homelessness crisis. See the legislation below. HR 389, Kleptocracy Asset Recovery Rewards Act, legislation that establishes a rewards… Read more »

Today, at a full Committee markup, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee gave the following opening statement. As Prepared for Delivery Today, this Committee convenes for a markup of five overdue bills. As I have said before, under my leadership, this Committee will be focused on fairness and policies to benefit consumers,… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a full Committee hearing entitled, “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau.” Today, this Committee convenes for a hearing on the Semiannual Report of the Consumer Financial Protection Bureau. Testifying… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Committee Democrats announced the reintroduction of H.R. 1500, the Consumers First Act, a bill to block the Trump Administration’s anti-consumer agenda and reverse their past efforts to undermine the mission of the Consumer Financial Protection Bureau (Consumer Bureau). “I consider… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to the dedicated public servants of the Consumer Financial Protection Bureau (Consumer Bureau), to address the challenges they have faced in the last two years and assure them that she will use the full range of the Committee’s oversight authorities to prevent any efforts to… Read more »