Earlier this month, House Financial Services Committee Chairwoman Maxine Waters sent a letter to President-elect Joe Biden recommending various actions that the Biden Administration should take in the financial services arena.  Chairman Waters and members of her staff are expected to have a strong voice in shaping the Biden Administration’s approach to financial services regulatory

A letter recently sent by House Financial Services Committee Chairwoman Maxine Waters to CFPB Director Kathy Kraninger will undoubtedly be followed in the coming months by many similar letters to the CFPB from the Committee’s new Democratic leadership.

In the letter, Chairwoman Waters raises concerns “about how the Consumer Bureau is exercising its enforcement activity,

Congresswoman Maxine Waters, the new Democratic Chairwoman of the House Financial Services Committee, announced that the Democratic Committee members indicated below will serve as Subcommittee Chairs.  In addition to creating a new Subcommittee on Diversity and Inclusion, Politico has reported that Ms. Waters is expected to create a new fintech task force.

The new Subcommittee

A group of Democratic House members led by Rep. Maxine Waters has introduced H.R. 3937, the “Megabank Accountability and Consequences Act of 2017,” that would require federal bank regulators to consider the revocation of a bank’s charter and deposit insurance if the bank is found to have engaged in a “pattern or practice” of

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has established a new policy for using his authority to issue subpoenas to the CFPB and other agency’s subject to the Committee’s oversight.  According to a letter from Mr. Hensarling to Democratic Congresswoman Maxine Waters, the Committee’s ranking member, an agency will have “two