Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced that she plans to lead a delegation of the Committee in attending a public meeting of the Federal Deposit Insurance Corporation’s (FDIC) Board of Directors, which consists of FDIC Chairman Jelena McWilliams, Comptroller of the Currency Joseph Otting, Consumer Financial Protection… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, Senator Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, and Congressman Gregory Meeks (D-NY), Chairman of the House Subcommittee on Consumer Protection and Financial Institutions, led a letter to Jerome H. Powell, Chairman of the Board of… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following opening statement at a full Committee hearing entitled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions?” As Prepared for Delivery Good morning. Today we are here to conduct oversight of… Read more »

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to heads of the Federal Reserve, Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), and… Read more »

Today, following the release of a Federal Deposit Insurance Corporation (FDIC) proposal to eliminate the requirement that banks collect initial margin when transacting with their affiliates, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement: “The rollback of this important safeguard has been on Wall Street’s… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Senator Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, sent a letter to Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System; Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation (FDIC);… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following opening statement a full Committee hearing on the safety, soundness and accountability of financial institutions with Rodney Hood, Chairman of the National Credit Union Administration (NCUA); Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation (FDIC);… 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 »

Today, following the announcement that Wells Fargo President and CEO Timothy Sloan received $2 million in performance-based incentive pay for 2018, and total compensation of $18.4 million for the year, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following statement: “Given Wells Fargo’s continuing failures, it is outrageous and… Read more »

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Senator Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Joseph Otting, Comptroller of the Currency, following President Trump’s appointment of Otting to serve as Acting Director of the Federal Housing Finance Agency… Read more »

On Thursday, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, wrote a letter to Federal Reserve Chairman Jerome Powell, Federal Deposit Insurance Corporation Chairman Jelena McWilliams, Consumer Financial Protection Bureau Director Kathy Kraninger, Comptroller of the Currency Joseph Otting, and National Credit Union Administration Chairman Mark… Read more »

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… Read more »

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… Read more »

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… Read more »

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… 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. 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… 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… Read more »

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… Read more »

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… Read more »

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… Read more »

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… Read more »

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… Read more »

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… Read more »

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… Read more »

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… Read more »