At today’s Financial Services committee hearing on data security breaches, Ranking Member Maxine Waters (D-CA) cautioned lawmakers to ensure that any Congressional effort to set national enforcement and notification standards provide a strong federal minimum, ensure flexibility for states to build on those minimum standards and avoid hamstringing their ability to adapt and strengthen them… Read more »

As the House considers H.R. 1195, legislation related to advisory boards at the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, lamented yet another underhanded attempt by the Republican majority to undermine the consumer watchdog by significantly cutting its budget. As originally written, the… Read more »

In advance of final votes today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, led efforts to oppose the so-called “Mortgage Choice Act,” (H.R. 685) a measure that would weaken vital consumer protections for low-income Americans looking to purchase a home, exponentially increase mortgage costs, and undo the critical work of the Consumer… Read more »

Leading opposition to final passage of the “Preserving Access to Manufactured Housing Act” on the House Floor, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, criticized the measure for rolling back critical borrower protections put in place by the Consumer Financial Protection Bureau, undercutting the Dodd-Frank Wall Street Reform Act and… Read more »

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today delivered testimony in front of the House Rules Committee, stating her strong opposition to two measures, the “Preserving Access to Manufactured Housing Act,” (H.R. 650) and the “Mortgage Choice Act,” (H.R. 685) . In her testimony, the top Democrat described the consequences of enacting these… Read more »

Following an announcement by the Consumer Financial Protection Bureau (CFPB) of its intent to draft rules to deter payday lending abuse, and in advance of President Obama’s trip to Birmingham, Alabama to speak about the matter, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored her support for the Bureau’s action. Waters, a strong… Read more »

During opening remarks at a Financial Services Committee markup of nearly a dozen legislative proposals today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, outlined a number of areas where Democrats are willing to with Republicans to find bipartisan compromise. However, the Ranking Member also stressed that while Democrats are willing to work with their… Read more »

At a hearing to consider Republican proposals to “preserve consumer choice” today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, expressed skepticism with the majority’s assertion that these proposals would accomplish anything for our nation’s consumers. Waters pointed out the irony of the hearing’s theme, noting that most proposals to be… Read more »

Following the release of a report she requested, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, reacted to findings related to diversity and inclusion at the Consumer Financial Protection Bureau (CFPB). Last year, Waters led eight other Democratic members of the Subcommittee on Oversight and Investigations in requesting reports by Inspectors… Read more »

During today’s hearing to review the semi-annual report of the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the agency’s work to diligently protect consumers and ensure fairness in the financial system, even in the face of historic Republican efforts to undermine, eliminate and render the… Read more »

As the Director of the Consumer Financial Protection Bureau (CFPB) testifies on Capitol Hill today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, is raising serious concerns about the Republican majority’s newest effort to undermine the consumer agency through its unilateral subpoena authority. In a letter to Committee Chairman Jeb Hensarling… Read more »

In the aftermath of an agreement to provide $480 million in financial relief to students wrestling with predatory loans from now-defunct Corinthian colleges, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, has called for greater clarity surrounding the student loan servicers who are charged with forgiving the debt. In letters sent Wednesday to… Read more »

Over the course of a two-day markup of Republican fiscal year 2016 budgetary priorities in the financial services sector, Financial Services Committee Democrats fought back against a Republican effort to eliminate taxpayer protections and undermine the social safety net. Led by Ranking Member Maxine Waters (D-CA), Democrats fiercely opposed rampant mischaracterizations of critical… Read more »

As the House of Representatives considered legislation weakening Wall Street’s cash-strapped regulators, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, delivered sharp remarks rebuking H.R. 50, the Unfunded Mandates Information and Transparency Act of 2015. Dubbing it as ‘anti-consumer,’ Waters criticized the burdensome, time-consuming rulemaking… Read more »

In remarks at the Financial Services Committee markup of its Oversight Plan, which is required by House rules to outline Committee work during the 114th session of Congress, Ranking Member Maxine Waters underscored some of her top priorities for the coming two years. Acknowledging a modest departure from the more contentious oversight plan of the 113th Congress, the Ranking Member… Read more »

Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, today released the following statement in support of the Consumer Financial Protection Bureau’s (CFPB) newly proposed federal consumer protections for prepaid cards. Waters praised the action, citing an increased reliance on alternatives by the unbanked and underbanked. The Ranking Member also… 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 »

Today, Congresswoman Maxine Waters (D-CA-43), Ranking Member of the Financial Services Committee, expressed support for the Consumer Financial Protection Bureau's announcement that it would take legal action against Corinthian Colleges, Inc. for its predatory lending practices. Upon hearing the news, Rep. Waters reiterated her support for an unqualified ability for all students… 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 »

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 »

 Following allegations of discrimination and unfair treatment of women at Goldman Sachs Group, and in light of a continuing examination of similar claims at the Consumer Financial Protection Bureau (CFPB), two senior Democratic members of the House Financial Services Committee are calling on Republican leadership to examine the matter. In a letter to Committee Chairman Jeb Hensarling… Read more »

WASHINGTON, D.C. – On the fourth anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Financial Services Committee Ranking Member Maxine Waters (D-CA) released a Democratic staff report that documents the important progress regulators have made in implementing Dodd-Frank, as well as the unyielding Republican effort to… Read more »

As the House of Representatives considers the harmful Republican financial services and general government appropriations proposal, Congresswoman Maxine Waters (D-CA), Ranking Democrat on the Financial Services Committee, offered three amendments designed to provide adequate resources to our financial regulators. The amendments build off concerns raised by Waters last week, when she… Read more »

As the House of Representatives moves toward consideration of a financial services spending bill, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, criticized Republicans for attempting to use an appropriations measure to make controversial legislative changes that would undermine consumer protection, weaken important Wall Street reforms and hurt… 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 »