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  • Waters Calls on Hensarling to Hold Hearing with Otting on OCC Fintech Charter
    Posted in Press Releases on August 31, 2018 | Preview rr
    Tags: OCC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, sent a letter to Committee Chairman Jeb Hensarling requesting a hearing with Comptroller of the Currency Joseph Otting on the Office of the Comptroller of the Currency’s (OCC) decision to begin accepting special purpose national bank charter applications from non-depository financial technology (fintech) companies. “I believe that our financial system can, and must, do more to promote better a... Read more

  • Waters Statement on the OCC’s Advanced Notice of Proposed Rulemaking on CRA Modernization
    Posted in Press Releases on August 29, 2018 | Preview rr
    Tags: OCC

    Today, in response to the Office of the Comptroller of the Currency’s release of an Advanced Notice of Proposed Rulemaking (ANPR) seeking comment on modernizing the regulatory framework to implement the Community Reinvestment Act (CRA), Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, made the following comment: “Congress passed the Community Reinvestment Act (CRA) to combat redlining and discriminatory lending practices by requiring banks to help mee... Read more

  • Waters Statement on OCC Fintech Charter Announcement and Treasury Report
    Posted in Press Releases on August 1, 2018 | Preview rr
    Tags: OCC, Department of the Treasury

    Today, in response to the U.S. Department of Treasury’s regulatory report on financial technology (fintech) and the Office of the Comptroller of the Currency’s (OCC) announcement that it will accept applications for national bank charters from fintech companies, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement: “I am deeply concerned by the OCC’s announcement that it will begin accepting applications for national bank c... Read more

  • At Hearing with Comptroller Otting, Waters Highlights CRA, Fraudulent Bank Activities and Fintech
    Posted in Press Releases on June 13, 2018 | Preview rr
    Tags: Full Committee, OCC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, gave the following statement at a full Committee hearing on financial industry regulation with Joseph Otting, Comptroller of the Currency. This hearing marks Comptroller Otting’s first appearance before the Committee. As Prepared for Delivery Thank you, Mr. Chairman. I am looking forward to hearing Comptroller Otting’s testimony, and asking him about his activities at and plans for the Office ... Read more

  • Waters Statement in Opposition to Bill that Forces Regulators to Put Industry Profits over Consumer Protections
    Posted in Press Releases on March 14, 2018 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, Federal Reserve, OCC, FDIC, House Floor

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following floor statement in opposition to H.R. 1116, the so-called “Taking Account of Institutions with Low Operation Risk Act of 2017” or the TAILOR Act, a bill that directs financial regulators to prioritize reducing costs for financial institutions, including megabanks, over protecting consumers and the economy. As Prepared for Delivery Mr. Speaker, I rise in opposition to H.R. 1116, th... Read more

  • Waters Statement in Opposition to Bill that Eases Rules for Megabanks and Predatory Lenders
    Posted in Press Releases on March 6, 2018 | Preview rr
    Tags: CFPB, Federal Reserve, OCC, FDIC, House Floor

    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

  • Waters Statement on the OCC’s Weakening of CRA Enforcement
    Posted in Press Releases on October 18, 2017 | Preview rr
    Tags: OCC

    Today, in response to the Office of Comptroller of the Currency’s move to weaken its examination policies for the Community Reinvestment Act (CRA), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “The Community Reinvestment Act is a vital law that places an obligation on banks to responsibly invest in and serve the communities where they are chartered, and prevents discriminatory lending and redlining. Under Acting Comptrol... Read more

  • Waters Releases Staff Report on Pattern of Consumer Abuse from Wells Fargo
    Posted in Press Releases on September 29, 2017 | Preview rr
    Tags: Full Committee, Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, Federal Reserve, OCC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released a Democratic staff report detailing a pattern of abusive business practices by Wells Fargo and finding that prudential regulators have failed to utilize the full extent of their authorities to end unlawful practices at megabanks like Wells Fargo. “Last September, our country first learned of the fraudulent account scandal at Wells Fargo,” said Ranking Member Waters. “Since then, it has beco... Read more

  • Waters Statement on the Nomination of Joseph Otting to Lead the OCC
    Posted in Press Releases on June 6, 2017 | Preview rr
    Tags: OCC, HUD

    Following the announcement that President Trump will nominate Joseph Otting, former OneWest Bank chief executive, to lead the Office of the Comptroller of the Currency (OCC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement: “The mission of the OCC is to ensure that financial institutions operate in a safe and sound manner, provide fair access to financial services, and treat customers fairly. With Mnuchin at Treasury and... Read more

  • Waters Statement on Wells Fargo “Needs to Improve” CRA Rating
    Posted in Press Releases on March 28, 2017 | Preview rr
    Tags: OCC

    Today, in response to the Office of the Comptroller of the Currency’s issuance of a “needs to improve” rating to Wells Fargo on their Community Reinvestment Act exam, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “I am pleased that the Office of the Comptroller of the Currency (OCC) is finally taking action to ensure that Wells Fargo is held accountable to its responsibilities and obligations under the Community Reinvestm... 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 Demands OCC Release Wells Fargo Community Performance Ratings
    Posted in Press Releases on October 18, 2016 | Preview rr
    Tags: OCC

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, sent a letter to the Office of the Comptroller of the Currency (OCC) expressing serious concern over a seven-year delay in the public availability of Wells Fargo’s performance evaluation under the Community Reinvestment Act (CRA). The letter is the latest in Waters’ ongoing efforts to hold Wells Fargo accountable for its fraudulent activity following its settlement with regulators last month over th... Read more

  • Waters, Committee Democrats Push for Strong ‘Clawback’ Rule After Wells Fargo Scandal
    Posted in Press Releases on October 5, 2016 | Preview rr
    Tags: SEC, Federal Reserve, OCC, FDIC, NCUA, FHFA

    In light of more than 2 million fraudulent deposit and credit card account openings at Wells Fargo, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, and 10 Committee Democrats urged financial regulators to strengthen a proposed “clawback” rule regarding when a financial institution must revoke senior executives’ bonuses. In their letter, the Members underscored the need to strengthen rules regarding incentive-based compensation at financial institutions,... Read more

  • Waters Statement on $185 Million Enforcement Action Against Wells Fargo for Secretly Charging California Consumers for Unauthorized Services
    Posted in Press Releases on September 9, 2016 | Preview rr
    Tags: CFPB, OCC

    In the wake of a settlement between Wells Fargo and the City and County of Los Angeles, as well as federal regulators including the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement: “Yesterday, we learned that Wells Fargo perpetrated widespread, illegal conduct, including secretly opening an estimated 1.5 million deposit and... Read more

  • Waters, Tri-Caucus Announce Diversity Report Next Steps, Responses from Federal Financial Services Regulators
    Posted in Press Releases on January 8, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, SEC, Federal Reserve, OCC, FDIC, NCUA, FHFA

    In response to a Democratic staff report highlighting shortcomings in personnel diversity policies and practices at seven major financial regulators, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, along with senior members of the panel and members of the Tri-Caucus, released the agencies’ responses to the report’s recommendations for enhancing diversity in the workplace and improving compliance with diversity statutes, particularly section 1116 of the ... Read more

  • Waters Commends FSOC’s Actions to Prevent Another Crisis
    Posted in Press Releases on December 8, 2015 | Preview rr
    Tags: Full Committee, Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, SEC, FSOC, OCC, CFTC, FDIC, Department of the Treasury, NCUA, FHFA

    During a hearing where members of the Financial Stability Oversight Council, or FSOC, appeared before the full Committee, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored the need for a coordinating regulatory body in the wake of the financial crisis and highlighted its work to provide stability to investors, consumers and our national economy. Waters reminded Members of the damage caused by the crisis, while noting that repeated attempts by ... Read more

  • Rep. Waters, Tri-Caucus Release Staff Report on Federal Financial Services Agencies’ Workforce Diversity Efforts
    Posted in Press Releases on November 5, 2015 | Preview rr
    Tags: CFPB, SEC, OCC, FDIC, Department of the Treasury, HUD, FHFA, Wealth Gap

    Federal financial services agencies have yet to reflect the racial and ethnic diversity of the American population in their workforces – this according to a Democratic Financial Services Committee staff report released during a press conference today led by Rep. Maxine Waters (D-CA), Ranking Member of the Financial Services Committee. Senior Democratic Members in attendance included the Chairs of the Congressional Black Caucus, Rep. G.K. Butterfield (D-NC) and Congressional Asian Pacific America... Read more

  • Racial Disparities Present at Most Bank Regulators, Democrats Allege
    Posted in In Case You Missed It on November 5, 2015 | Preview rr
    Tags: CFPB, SEC, OCC, CFTC, FDIC, HUD, NCUA, FHFA, Wealth Gap

    The Consumer Financial Protection Bureau is not alone in having racial disparities in its performance reviews, according to a report issued Thursday by the Democrats on the House Financial Services Committee. The report found that all seven bank, credit union and market regulators displayed significant disparities in employee evaluations, particularly among African-Americans who received lower-than-average scores at statistically significant levels at most of the agencies. Democrats requested th... Read more

  • *** MEDIA ADVISORY*** Waters, Tri-Caucus to Release Committee Democratic Staff Report on Diversity at Financial Services Agencies
    Posted in Press Releases on November 3, 2015 | Preview rr
    Tags: CFPB, SEC, Federal Reserve, OCC, FDIC, NCUA, FHFA, Wealth Gap

    On Thursday, November 5, 2015 at 10:00 a.m., Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, will join representatives and chairs of the tri-caucus to unveil a report, highlighting federal financial services agencies’ current compliance with federal diversity provisions, trends in performance review evaluations and workforce diversity throughout these agencies. During the event, participants will discuss their reaction to the data, which was compiled ov... Read more

  • Missing Citigroup Checks Spur Lawmaker to Call for Investigation
    Posted in In Case You Missed It on March 20, 2015 | Preview rr
    Tags: Federal Reserve, OCC, Department of the Treasury

    Citigroup Inc.’s failure to pay 24,000 people owed money as part of a settlement with the government over foreclosure abuses has prompted a U.S. lawmaker to call for an investigation into whether banks missed other borrowers. Maxine Waters, the senior Democrat on the House Financial Services Committee, sent a letter Friday to the inspectors general of the Federal Reserve and the Treasury Department seeking an examination. Her request pertains to a 2013 accord in which lenders agreed to pay $10 b... Read more

  • Waters Calls for Increased Scrutiny of Overseas Derivatives Trading
    Posted in Press Releases on June 13, 2014 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, SEC, Federal Reserve, OCC, CFTC, Derivatives, FDIC

    In the wake of recent reports that U.S. banks are restructuring overseas derivatives transactions to sidestep critical protections enacted under the Wall Street Reform Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, has called on the top U.S. derivatives regulator to “thoroughly investigate” the removal of U.S. guarantees from arrangements between U.S. banks and their foreign affiliates. In a letter to new Commodities Futures Trading Commission (CFTC)... Read more

  • Waters: Report on Foreclosure Review “Troubling”
    Posted in Press Releases on April 29, 2014 | Preview rr
    Tags: Federal Reserve, OCC, GAO, Independent Foreclosure Review

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement in response to today’s GAO report on the Independent Foreclosure Review (IFR). The study was conducted as the result of a 2012 request by Congresswoman Waters, Senator Robert Menendez (D-NJ) and Reps. Brad Miller (D-NC) and Luis Gutierrez (D-IL). Waters released the following statement: “I’m troubled by the recent GAO report, which shows that just as the Department of Justice d... Read more

  • G.A.O. Report Sees Deeper Bank Flaws in Foreclosures
    Posted in In Case You Missed It on April 28, 2014 | Preview rr
    Tags: Federal Reserve, OCC, GAO, Independent Foreclosure Review

    A new government report suggests that errors made by banks and their agents during foreclosures might have been significantly higher than was previously believed when regulators halted a national review of the banks’ mortgage servicing operations. When banking regulators decided to end the independent foreclosure review last year, most banks had not completed the examinations of their mortgage modification and foreclosure practices. At the time, the regulators — the Office of the Comptroller of ... Read more

  • Waters Calls on Regulators to Ensure Mortgage Servicers Continue to Protect Homeowners
    Posted in Press Releases on February 19, 2014 | Preview rr
    Tags: CFPB, OCC, HUD, FHFA

    Following widespread concern over the actions of a number of independent mortgage servicers, Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee, has called on government regulators to take action that will protect homeowners from abuses that have led to stalled modifications, excess fees and even foreclosure. In a letter to Comptroller of the Currency Thomas Curry and Monitor of the National Mortgage Settlement (Settlement) Joseph Smith, Waters urged careful scr... Read more

  • Lawmaker Urges U.S. Regulators to Scrutinize Mortgage Servicers
    Posted in In Case You Missed It on February 19, 2014 | Preview rr
    Tags: CFPB, OCC

    Representative Maxine Waters of California is urging federal banking regulators to scrutinize the sale of billions of dollars of mortgage-servicing rights to a fleet of specialty firms, a move that comes amid mounting concerns that some of the most vulnerable homeowners are facing fresh abuses in battles to save their homes. For some Americans whose home values plummeted in the depths of the financial crisis, those battles, alternating between hope and despair, have lasted for years. And now, mo... Read more



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