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 »

Today, Congressmen Elijah E. Cummings (D-MD), Ranking Member of the House Committee on Oversight and Government Reform, Senator Ed Markey (D-MA) and Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee announced the release of a Government Accountability Office (GAO) report on medical credit cards and related… Read more »

Following today’s report by the Consumer Financial Protection Bureau (CFPB) finding that consumers’ credit scores may be overly penalized for medical debt, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, welcomed the Bureau’s findings and called upon Committee Chairman Jeb Hensarling to hold a hearing on the issue, and on legislation Waters has introduced… Read more »

A coalition of Democratic lawmakers on the House Financial Services Committee today called on the Federal Trade Commission (FTC) to review the online marketing practices of nationwide Consumer Reporting Agencies, or CRAs. Specifically of concern are the offers of purported “free” services that often put consumers at risk of inadvertently purchasing expensive products and services, such as… Read more »