Three Democratic members of Congress joined their Senate colleagues in calling for a probe of Wall Street regulators.
The three members — Reps. Maxine Waters of California, Al Green of Texas and Keith Ellison of Minnesota — signed a letter Tuesday urging hearings on the Federal Reserve Bank of New York and whether it's too close with the banks it supervises.
They were responding to… Read more »
Democrats on the House Financial Services Committee are asking panel Republicans to hold a hearing into recent news reports concerning whether the Federal Reserve Bank of New York fired a bank examiner for refusing to back down from negative assessments of Goldman Sachs.
Rep. Maxine Waters and other Democrats wrote committee Chairman Jeb Hensarling and Oversight and Investigations… Read more »
Today, a trio of House Democratic lawmakers called on Republican leadership of the Financial Services Committee to hold a hearing to review the culture and management practices within the Federal Reserve Bank of New York.
Citing a September 26 media report that indicated a risk averse culture where the Federal Reserve was deferential to the very entities it was charged with… Read more »
WASHINGTON — The Export-Import Bank won a reprieve from Congress because its renewal was tucked into a must-pass bill funding the federal government. Next time, the bank will have to fight for survival on its own.
When the lender's charter comes up for reauthorization in June, it will be in a separate bill, and supporters say that's likely to imperil the 80-year-old institution. The… Read more »
Do you think you'd have a better chance to qualify for a home mortgage if negative items in your credit files were erased in four years rather than the current seven?
How about if your credit reports included information on your utility bills, rent, cable, mobile phone and other monthly payments? Wouldn't this give a nice jolt to your credit scores, assuming that you've paid these… Read more »
Businesses and other supporters of the Export-Import Bank cheered the nine-month extension given final approval by the Senate on Thursday night, but remain worried about the future of the embattled agency.
"Congress has left thousands of small, medium and large U.S. exporters and their workers in limbo until the middle of next year and this will likely negatively impact U.S. sales to… 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 »
Following the House of Representatives vote on a spending measure that extends government funding through December 11th, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, expressed disappointment with a provision to extend the Export-Import Bank’s Charter for only nine months, and explained how it is an unfortunate step toward its possible demise.
She… Read more »
Following the news that the U.S. District Court for the District of Columbia largely rejected a challenge to the way the Commodity Futures Trading Commission applies its derivatives rules overseas, Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee, released the following statement:
“Today, proponents 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 »
Key Development: The House bill would clarify language in section 171 of the Dodd-Frank Act, delineating the Federal Reserve Board's authority over large insurance companies, but also additional measures that could harm its chances in the Senate.
Next Step: Insurance companies favor the bill but the broader measures are not universally supported and aren't expected to advance in the… 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 »
A high-ranking lawmaker is pushing for Congress to redraw the road map for how credit scores are calculated, with an eye toward giving a little more breathing room to people who have fallen on tough times financially.
California representative Maxine Waters, the highest-ranking Democrat on the House Financial Services Committee, is introducing legislation that would modify the Fair… Read more »
WASHINGTON, DC – Citing abuse of the legislative process by House Republicans, Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee, voiced her strong opposition to two measures that came before the House tonight.
Waters expressed her frustration with the circumventing of the legislative process to bring large and controversial measures to the floor… Read more »
As the House was preparing to consider a measure on Monday that would give the Federal Reserve flexibility in regulating the capital standards for insurance firms, the financial services industry campaigned for passage.
But because the bill ( S 2270 ), which passed in the Senate was packaged with three others with broader changes in financial regulation, House Financial Services… Read more »
The House on Tuesday is expected to pass a bipartisan regulatory change that’s a top priority for the insurance industry, but the Senate is not expected to accept the legislative package in its current form and the issue will likely have to be settled during a post-election “lame duck” session.
While the insurance provision is supported by Republicans and Democrats in both chambers,… Read more »
WASHINGTON, D.C. – At today’s subcommittee hearing to examine our nation’s credit reporting system, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, commented on the release of her proposal to comprehensively reform our nation’s consumer reporting system.
She gave the following statement:
“Chair Capito, I’d like to thank you and Chairman… Read more »
WASHINGTON, D.C. – Citing the countless Americans who have experienced heartbreak, frustration and devastation as a result of incomplete or erroneous information on their credit reports, today Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released a proposal that would make sweeping reforms to our nation’s consumer reporting system.
The draft proposal,… Read more »
A new bill in Congress seeks to overhaul the consumer credit-reporting system by lessening the period over which loan defaults and bankruptcies are included in credit reports.
The bill’s introduction comes a month after Fair Isaac Corp. announced it would tweak its widely used FICO credit score to no longer penalize consumers for past failure to pay a bill if the bill has been paid or… Read more »
The ranking democrat on the House Financial Services Committee wants to fundamentally change the rules on how lenders report consumer payments and debts to the credit bureaus, which could create a path to homeownership for millions of Americans currently shut out by mortgage lending restrictions.
U.S. Rep. Maxine Waters, D-Calif., is introducing a bill that would eliminate medical debt… Read more »
The top Democrat on the House Financial Services Committee is proposing an overhaul of credit reporting rules that would help consumers ensure their scores are accurate.
Rep. Maxine Waters (Calif.) is introducing legislation on Wednesday that provides more leeway to consumers to avoid and fix problems on their credit reports created by any wrong or outdated information.
“A person’s… Read more »
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 »
House Republican leaders are considering a short-term extension of the 80-year-old U.S. Export-Import Bank that is set to expire this month, a party aide said.
An extension of several months is being discussed, said the Republican aide, who asked not to be identified because no plans have been made public. The Export-Import Bank provides loan guarantees, loans and insurance to help… Read more »
Maxine Waters — the fiery liberal from Los Angeles known for calling House Republican leadership “demons” and threatening to nationalize oil companies — has gone from the scourge of Big Business to a sympathetic ally for corporate America.
It’s no accident.
Waters is executing this transformation by seizing on the growing divide between conservative Republicans and Big Business and… Read more »
Los Angeles, CA– At a recent community event to educate Californians about homeownership, Congresswoman Maxine Waters (CA-43) spoke to hundreds about the importance of responsibly owning a home, and discussed the wide array of federal, state and local resources available for those looking to buy or refinance a home.
Waters delivered the remarks at the Korean Churches for Community… Read more »
