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, sent a letter to Jerome H. Powell, Chairman of the Board of Governors of the Federal Reserve System, and Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation, calling on them to postpone any final decisions on the SunTrust and BB&T merger application until after the… 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, and Congressman Jeb Hensarling (R-TX), Chairman of the House Committee on Financial Services, announced that they have reached an agreement on a package of strong, bipartisan capital-formation legislation to help America’s small businesses and entrepreneurs and to protect investors. The… Read more »

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, sent a letter to Brian Moynihan, Chairman and CEO of Bank of America, about the bank’s recent decision to eliminate free checking accounts for “eBanking” customers. Ranking Member Waters noted the potential impact of the decision on the unbanked population, which comes at a time of record… 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, at the only scheduled committee hearing to review Chairman Hensarling's Wrong Choice Act 2.0, a bill that would destroy the most important parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery Thank you,… Read more »

Today, top Democrats on the House Financial Services Committee sent a letter to Inspectors General at federal financial services agencies, the Department of Housing and Urban Development, and the Department of Justice, calling on them to root out any potential conflicts of interests in President-elect Donald Trump’s administration. Led by Ranking Member Maxine Waters (D-CA), the letter… 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 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… Read more »

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… Read more »

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… Read more »

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… Read more »

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… Read more »

At a subcommittee hearing related to the Dodd-Frank Wall Street Reform Act, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, reminded her colleagues as to why bold action was needed in the aftermath of the worst crisis since the Great Depression. She also underscored Dodd-Frank’s popularity with the American public and reiterated the few legislative days… Read more »

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… Read more »

  At today’s Financial Services Committee hearing featuring the five agencies charged with promulgating the Volcker Rule, Congresswoman Maxine Waters (D-CA), top Democrat on the Committee, commended regulators for working to put forth a strong rule that will ensure a more stable financial system. Passed as part of the Wall Street Reform Act, the Volcker Rule ensures taxpayer dollars… Read more »

As regulators contemplate changes to a provision of the “Volcker Rule” related to the treatment of investments in Collateralized Debt Obligations (CDOs) backed by Trust Preferred Securities (TruPS), 22 Democratic members of the Financial Services Committee have expressed their support for providing important regulatory relief to the community banking sector while preserving strong… Read more »

Upon news of the passing of D. Michael ‘Mickey’ Collins, Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement. “I am deeply saddened to hear of the passing of D. Michael ‘Mickey’ Collins. From 1999 until earlier this year, Mickey was a tireless advocate at the Federal Deposit Insurance Corporation (FDIC) for diversity in the… Read more »

As many employees prepare to miss their first paycheck as a result of the Federal Government shutdown, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded the action of five federal financial services agencies that today called on financial institutions to work with customers that have been affected.  In a letter to the heads of the… Read more »

Today, Ranking Member Maxine Waters (D-Calif.), joined U.S. Senator Richard Blumenthal (D-Conn.) and Lois Capps (D-Calif.), in sending a letter to eight executive agencies urging them to protect surviving spouses from foreclosure. This segment of the homeowner population – often women in their later years – faces unique circumstances that unfairly deprive them of opportunities to avoid… Read more »

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today sent a letter to Treasury Secretary Jack Lew, Chairman of the Financial Stability Oversight Council (FSOC), seeking to elicit his views on the progress of the “living wills” provision of the Wall Street Reform and Consumer Protection Act of 2010.  The provision requires the nation’s largest… Read more »