CFPB

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  • 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 Applauds the CFPB’s Work on Credit Reporting Problems, Calls for Comprehensive Legislative Reforms
    Posted in Press Releases on March 2, 2017 | Preview rr
    Tags: CFPB, Credit Reports and Scores

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded the Consumer Financial Protection Bureau for a new report detailing a range of significant issues in credit reporting and its oversight work in the area, and called for comprehensive reforms to improve the nation’s credit reporting system. “Credit reporting is an area where I have long called for an overhaul to the system. That’s why in the past I’ve introduced and will continue to advocat... Read more

  • ICYMI: Financial Services Committee Republicans Oppose Amendments to Help Main Street
    Posted in Press Releases on March 1, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, SEC, Markup

    In the House Financial Services Committee markup to consider its Budget Views and Estimates for Fiscal Year 2018, Ranking Member Maxine Waters (D-CA) and Committee Democrats urged Committee Republicans to join them in holding the Trump Administration accountable and supporting amendments that would help middle class families and the most vulnerable populations. Throughout the markup, Democrats offered amendments to protect consumers and investors. Not surprisingly, every single amendment was opp... Read more

  • Waters Strongly Opposes GOP Bill to Impede Regulators
    Posted in Press Releases on March 1, 2017 | Preview rr
    Tags: CFPB

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, spoke on the House floor in strong opposition to H.R. 1009, a bill that would aid the Trump Administration in obstructing the important work of independent federal regulators and harm working families. The full text of Waters’ statement, as prepared for delivery, is below: Thank you Ms. Plaskett. H.R. 1009 would empower Trump’s White House to block all of the independent financial agencies’ proposed... Read more

  • Waters: GOP Budget Views Abandon Main Street
    Posted in Press Releases on February 28, 2017 | Preview rr
    Tags: Full Committee, Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, HUD, Markup, Budget

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, rebuked Committee Republicans for putting forth budget views that fail to address issues of wealth inequality, the racial wealth gap, homelessness, affordable housing, consumer protection, and investor protection. As Prepared for Delivery Thank you, Mr. Chairman. Today, this Committee will consider Views and Estimates on the Budget for Fiscal Year 2018. This is important work, as our Committee has juris... Read more

  • ICYMI: Haunted by Student Debt Past Age 50, New York Times Editorial
    Posted in In Case You Missed It on February 16, 2017 | Preview rr
    Tags: CFPB

    The experience of being crushed by student debt is no longer limited to the young. New federal data shows millions of Americans who are retired or nearing retirement face this burden, as well as the possibility of having their Social Security benefits garnished to make payments. Americans age 60 and older are the fastest-growing age group of student loan debtors. Older debtors, many of whom live hand-to-mouth on fixed incomes, are more likely to default. When that occurs with federal loans, as h... Read more

  • Waters: Republicans Intent on Destroying CFPB, Harming Consumers
    Posted in Press Releases on February 15, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Today, in response to a series of bills introduced by Senate Republicans to undermine the Consumer Financial Protection Bureau (CFPB), Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, made the following statement: “Republicans are wasting no time in their shameful efforts to dismantle the Consumer Financial Protection Bureau. In the time since its creation, this highly successful agency has returned nearly $12 billion to more than 29 million consumers... Read more

  • ICYMI: Save consumer protector: Our view, USA Today Editorial
    Posted in In Case You Missed It on February 8, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Richard Cordray deserves to stay director of CFPB. While bankers and their congressional allies fume that a consumer protection agency created after the financial crisis has amassed too much power, the agency keeps on doing what it does so well: putting money back in the pockets of people who’ve been mistreated by big banks, credit card issuers or other financial players. In its six-year existence, the Consumer Financial Protection Bureau (CFPB) has collected $11.8 billion in relief for 29 milli... Read more

  • Waters: Our Plan would be Committed to Providing Greater Opportunity for Every American
    Posted in Press Releases on February 7, 2017 | Preview rr
    Tags: Full Committee, Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, Markup

    Today at the House Committee on Financial Services markup of its Oversight Plan, Ranking Member Maxine Waters (D-CA) underscored Democratic priorities for the 115th session of Congress: As Prepared For Delivery Thank you, Mr. Chairman. To begin, let me say that I appreciate that there was an attempt to present this oversight plan in a straightforward and clear manner. The oversight plan – which is designed to discuss the issues this Committee will examine throughout the 115th Congress – does not... Read more

  • CBC Warns Trump Against Removing CFPB Director Richard Cordray
    Posted in Press Releases on January 24, 2017 | Preview rr
    Tags: CFPB

    Following their joint op-ed published in The Hill, members of the Congressional Black Caucus (CBC), led by Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and Congressman Cedric Richmond (D-LA), Chairman of the Congressional Black Caucus, penned a letter to President Donald Trump, warning him against removing Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), prior to the expiration of his term in July 2018. In the lette... Read more

  • CBC Op-Ed: Trump Must Keep CFPB Director Richard Cordray
    Posted in Press Releases on January 18, 2017 | Preview rr
    Tags: CFPB

    In an op-ed published today in The Hill, House Democrats of the Congressional Black Caucus, led by Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, and Congressman Cedric Richmond (D-LA), Chairman of the Congressional Black Caucus, published an op-ed demanding President-elect Donald Trump reject any attempts to remove the Director of the Consumer Financial Protection Bureau (CFPB), Richard Corday, prior to the expiration of his term in July 2018. I... Read more

  • Waters Applauds CFPB's Initiative in Investigating Consumer Harassment
    Posted in Press Releases on January 12, 2017 | Preview rr
    Tags: CFPB

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement following a report published by the Consumer Financial Protection Bureau (CFPB/Bureau), demonstrating that over one-in-four consumers contacted by debt collectors felt threatened. This report is a result of the first-ever national survey of consumer experiences with debt collectors: “All Americans deserve a financial system that punishes predatory conduct, regardless o... Read more

  • Committee Democrats to Trump: Keep Cordray, Protect Consumers
    Posted in Press Releases on January 10, 2017 | Preview rr
    Tags: CFPB

    Today, Financial Services Committee Democrats, led by Congresswoman Maxine Waters (D-CA), demanded that President-elect Donald Trump reject any attempts to deregulate Wall Street by removing the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, prior to the expiration of his term in July 2018. In a letter to President-elect Trump, the Members said they will strongly oppose any action towards removing Director Cordray from his position as CFPB Director. In addition, th... Read more

  • Waters, Leading Democrats Support CFPB’s Efforts to Appeal PHH Court Case
    Posted in Press Releases on November 29, 2016 | Preview rr
    Tags: CFPB

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, signed onto an amicus brief filed today with the D.C. Circuit Court of Appeals in support of the Consumer Financial Protection Bureau’s petition to have the entire court revisit an earlier decision by a three-judge panel that struck down the Bureau’s structure. Waters was joined by 20 current and former Members of Congress in supporting the CFPB’s appeal in PHH Corp. v. CFPB, including Sen. Sherrod Brown (... Read more

  • PHH v. CFPB: Why the Consumer Agency Isn’t Going Anywhere
    Posted in In Case You Missed It on October 17, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Last week, a panel of conservative judges from the D.C. Circuit Court challenged the structure of the Consumer Financial Protection Bureau, which is the only federal agency solely dedicated to protecting consumers’ financial interests. Here’s a look at what that decision really means: Don't disarm consumer protection: Our view, USA Today “Despite all their complaints about the new financial cop on the beat, the big banks remain highly profitable … But apparently, the bankers still pine for the g... Read more

  • Waters: CFPB Works for Consumers Despite Conservative Efforts to Dismantle It
    Posted in Press Releases on October 11, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on the DC Circuit Court of Appeals’ decision today regarding the structure of the Consumer Financial Protection Bureau (CFPB): “The CFPB is a critical part of the Dodd-Frank Act and has returned nearly $12 billion to more than 27 million consumers by going after fraud at large banks like Wells Fargo. After years of industry and Republican attacks falsely claiming that the CFP... Read more

  • More Than 100 House Democrats Send Letter Urging Strong CFPB Payday Rule
    Posted in Press Releases on September 28, 2016 | Preview rr
    Tags: CFPB

    Today, 104 House Democrats, led by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, sent a letter to the Consumer Financial Protection Bureau (CFPB) urging it to adopt a strong final payday lending rule and close loopholes that harm consumers. Congress gave the CFPB the authority to study and regulate the payday lending industry to curb its predatory practices, which trap consumers in an endless cycle of debt. On June 2, the CFPB released a proposed rule... Read more

  • Waters: GOP Wall Street Deregulation Plan is the Wrong Choice for America
    Posted in Press Releases on September 13, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, SEC, Department of Labor, Speeches and Committee Statements

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, derided Republicans’ reckless plan to repeal Wall Street Reform during Committee consideration of H.R. 5983. In her opening statement, Waters noted that “nearly all the rules we enacted to make banks safer and stronger would be repealed, and replaced by a phony choose-your-own regulatory regime that puts the banks in the driver’s seat.” She added that, considering the massive fraud scheme that the Consumer... 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, Conyers, Johnson Lead Over 60 House Democrats in Letter Supporting CFPB Arbitration Proposal
    Posted in Press Releases on August 3, 2016 | Preview rr
    Tags: CFPB

    Today, 65 House Democrats, led by Reps. Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services; John Conyers, Jr. (D-MI), Ranking Member of the Committee on the Judiciary; and Henry C. “Hank” Johnson, Jr. (D-GA), Ranking Member of the Subcommittee on Regulatory Reform, Commercial and Antitrust Law, sent a letter to the Consumer Financial Protection Bureau expressing strong support for its proposal to limit forced arbitration in consumer contracts. The rule would ban class-ac... Read more

  • Committee Hearing Highlights Flaws in GOP’s Wall Street Deregulation Plan
    Posted in Press Releases on July 12, 2016 | Preview rr
    Tags: Full Committee, Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    Today, the House Financial Services Committee held a hearing on the Republican plan to gut the Dodd-Frank Act. Committee Democrats and the Democratic witness, Georgetown University Law Professor Adam Levitin, explained how this plan would benefit special interests and expose us to another financial crisis. “The Choice Act is a bad choice, is a recipe for financial disaster. It prioritizes ideologically driven positions over careful and serious policy analysis and reasoning, and the fate of the U... Read more

  • Waters: Wrong Choice Act Gives Banks a ‘Hall Pass’ from Wall Street Reform
    Posted in Press Releases on July 12, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, SEC, FSOC, Speeches and Committee Statements

    In opening remarks during a Financial Services Committee hearing today, Congresswoman Maxine Waters (D-CA), the Committee’s Ranking Member, denounced Republicans’ deregulatory agenda that puts the needs of special interests above working Americans. Waters noted that Chairman Hensarling’s legislation, the “Wrong Choice Act,” to gut Dodd-Frank would make “radical changes to our financial regulatory framework that would harm consumers and the greater economy.” This would include giving banks a “hal... Read more

  • We Must Build on Wall Street Reform, Not Dismantle It
    Posted in In Case You Missed It on July 8, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB

    It’s been eight years since the financial crisis devastated our economy and six years since Democrats passed the Dodd-Frank Wall Street Reform Act to get us back on the road to recovery. As Ranking Member of the House Financial Services Committee, I’m proud that our efforts have led to financial system that is safer, fairer, and stronger. Under the Obama Administration, we’ve had 76 straight months of job growth, the deficit has been cut by two-thirds, and American households have recovered more... Read more

  • Waters Opposes Passage of Harmful Financial Services Appropriations Bill
    Posted in Press Releases on July 8, 2016 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, SEC, Budget, House Floor

    Last night, the House of Representatives passed a harmful Republican spending bill, H.R. 5485, which would underfund the nation’s financial services regulators for fiscal year 2017 and put consumer protection and financial stability at risk. Despite Democratic efforts to improve the bill through the amendment process, Republicans pushed through this legislation, which would make it harder for financial regulators to protect consumers, investors, and the entire financial system. The bill “so grav... Read more

  • Rep. Waters’ Remarks at Stop the Debt Trap Press Conference
    Posted in Press Releases on June 23, 2016 | Preview rr
    Tags: CFPB

    Yesterday, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, spoke at a press conference about the harms caused by predatory payday loans and the need for strong rules to protect victims from abusive practices. Waters spoke alongside advocates from consumer, civil rights and faith-based groups to urge the Consumer Financial Protection Bureau to finalize strong rules to rein in payday lenders, following a proposal the Bureau released earlier this month.... Read more



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