Maxine Waters

Housing finance reform

Waters, Brown urge Mnuchin to halt housing finance reforms

The top Democrats on the House and Senate banking committees urged the Trump administration to pull the plug on any steps to overhaul Fannie Mae and Freddie Mac with the pandemic still taking a toll on the economy.

By Neil Haggerty

December 23

“Amidst this uncertainty, any significant changes to our multi-trillion dollar housing system, which affects every person in this country, could further damage the economy,” wrote Rep. Maxine Waters, D-Calif., and Sen. Sherrod Brown, D-Ohio.

Election 2020

Biden win gives Maxine Waters a power boost

The head of the House Financial Services Committee is already exerting influence by handing the president-elect a laundry list of Trump regulatory policies that she wants the incoming administration to reverse.

By Neil Haggerty

December 10

House Financial Services Chairwoman Maxine Waters will likely be influential when Biden-appointed regulators are crafting policy to address issues of economic inequality, observers said.

Regulatory reform

Waters calls on Biden to reverse Trump's deregulatory actions

House Financial Services Committee Chairwoman Maxine Waters urged the incoming administration to overhaul policies on payday lending and the Community Reinvestment Act and make personnel changes at two agencies.

By Neil Haggerty

December 7

“I urge your leadership at the Department of the Treasury and your regulatory appointees to immediately take action to restore and enhance regulatory safeguards that put consumers, investors and taxpayers first, and ensures the financial system is better prepared for unexpected events,” said Rep. Maxine Waters, D-Calif.

Loan modifications

Bankers urge extension of CARES Act reg relief

Measures designed to give banks and credit unions more flexibility to help customers weather the coronavirus pandemic are set to expire Dec. 31 unless Congress renews them.

By Neil Haggerty

September 18

GSEs

Calabria to Congress: If you don’t like crisis fee, then fund GSEs

Fannie Mae and Freddie Mac have been slammed for planning an additional refinancing charge to cover COVID-related losses, but the head of the Federal Housing Finance Agency defended the policy in House testimony.

By Neil Haggerty

September 16

“By the charters of the GSEs, they are required to recapture those costs via income,” said FHFA Director Mark Calabria.

Federal Reserve

Democrats' bill would require Fed to focus on income, racial inequality

The Federal Reserve Racial and Economic Equity Act would direct the Fed to consider racial inequality in employment, income and access to affordable credit when making monetary policy and in its regulation and supervision of banks.

By Hannah Lang

August 5

“As the COVID-19 pandemic crisis and its economic impacts disproportionately affect communities of color, and communities around the country march in the streets for justice, the Federal Reserve must do everything it can to ensure the recovery is equitably shared,” said Rep. Maxine Waters, D-Calif.

Policymaking

Waters rejects GOP request to cancel hearing on pandemic relief bill

The House Financial Services Committee chair vowed to stay focused on the HEROES Act after the panel's top Republican said lawmakers should instead debate bills with bipartisan support.

By Neil Haggerty

July 23

“I cannot think of a better way to spend our Committee’s time than these legislative solutions to help American families during and beyond this pandemic,” said House Financial Services Committee Chairwoman Maxine Waters.

CRA

House Democrats vote to reverse CRA rule

While the resolution sends a message of disapproval of the OCC’s reform of the anti-redlining law, the Republican-controlled Senate is not expected to consider the measure.

By Neil Haggerty

June 30

“I am deeply concerned that the OCC’s final rule will harm low-income and minority communities that are disproportionately suffering during this crisis,” House Financial Services Committee Chairwoman Maxine Waters, D-Calif., said on the House floor Monday.

Paycheck Protection Program

House Democrats call for more transparency in allocation of PPP funds

In letters to administration officials and large banks, the lawmakers sought details about loan recipients following reports that financial institutions had favored their wealthiest clients.

By Neil Haggerty

June 15

The letters, signed by Reps. Jim Clyburn, D-S.C., and other House Democrats, followed reports that that some large lenders created a two-tiered system for applying for PPP funds.

CRA

House Democrats launch bid to overturn OCC's CRA rule

The lawmakers are attempting to block the regulation reforming the anti-redlining law under review powers granted to Congress, but the move is largely symbolic with the Senate and White House controlled by the GOP.

By Brendan Pedersen

June 11