More on Consumer Protection
The request for discussion of the bill, introduced by Rep. Maxine Waters last year, is in connection with CFPB research on the effects of medical debt on consumers' credit scores.
Following the May 20, 2014, Consumer Financial Protection Bureau report on findings that consumers' credit scores may be overly penalized for medical debt, Rep. Maxine Waters (D-Calif.), called upon House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas), to hold a hearing on the issue and her proposed legislation to address the problem.
At a time when student debt has reached record levels, and studies show those with excessive debt may be unable to gain access to credit for important purposes like a home purchase, Congresswoman Maxine Waters (CA-43) is taking steps to ensure that predatory financial products are not taking additional dollars out of the pockets of our nation's graduates.
Following today's report by the Consumer Financial Protection Bureau (CFPB) finding that consumers' credit scores may be overly penalized for medical debt, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, welcomed the Bureau's findings and called upon Committee Chairman Jeb Hensarling to hold a hearing on the issue, and on legislation Waters has introduced to address the problem.
Waters released the following statement.
At today's Financial Services Committee hearing with regulatory officials to discuss "government red tape," Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, applauded regulators for putting the financial system on more stable footing after the worst economic crisis in a generation, and criticized the majority for continuing to push an ideologically-driven agenda focused on deregulation.
Today, Government Sponsored Enterprise (GSE) Fannie Mae announced it has earned a fourth quarter profit of $6.5 billion in 2013 and will repay $7.2 billion to the U.S. Department of the Treasury in March. The payment will mean the company has returned $121.1 billion back to the taxpayers –returning even more than the $116.1 billion it received after being taken over by the government in 2008. This comes following a similar announcement by Freddie Mac late last year.
Today, the Republican-led House of Representatives approved H.R. 3193, legislation that would undermine consumer protection by weakening the Consumer Financial Protection Bureau's ability to be an effective, independent advocate for consumers.
In today's Financial Services Committee hearing on "Why Debt Matters," Ranking Member Maxine Waters (D-CA), underscored the importance of promoting growth and reducing income inequality through short-term increases in discretionary fiscal stimulus in order to reduce the nation's debt and deficit.
Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, said on Tuesday that the proposed budget "fails to adequately fund our financial regulators."
Two primary regulators of Wall Street are preparing, once again, to make the most of scarce resources.
Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released the following statement regarding the omnibus appropriations legislation.
"While this agreement is an improvement from the harmful funding levels called for by the sequester, I'm disappointed that the omnibus appropriations legislation fails to adequately fund our financial regulators, shortchanges many of our housing programs and declines to promote a strong global economy.
In the wake of the massive Target data breach that compromised more than 40 million credit and debit card accounts as well as the personally identifiable information of as many as 70 million consumers, Democratic members of the Financial Services Committee have called for an inquiry into the problem.