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Congresswoman Maxine Waters

Representing the 43rd District of California

Consumer Protection


  • Protecting and Strengthening the Dodd-Frank Act and the CFPB - The 2007-2008 financial crisis was the worst financial disaster since the Great Depression: Nearly $13 trillion in household wealth simply disappeared, with the retirement and savings accounts of many swept away. All told, around 9 million individuals were displaced from their homes, many of whom may never again have the opportunity of homeownership. In response, Congress passed the Dodd-Frank Act Wall Street Reform and Consumer Protection Act, which has had an deep-seated impact on the financial services industry. Regulators have taken important steps to implement Dodd-Frank. As a result, regulators are on the lookout for systemic risk, have taken steps to prevent future bailouts, have added transparency and structure to the once-opaque derivatives market, reined in credit ratings agencies, and implemented new investor protections. Consumers now have the Consumer Financial Protection Bureau (CFPB) on their side, which has provided billions in relief to millions of consumers through its enforcement actions, while also regulating industries that have historically lacked strong federal oversight. As Ranking Member of the Financial Services Committee, Congresswoman Waters continuously fights to preserve and strengthen Dodd-Frank from partisan and industry attacks to weaken this historic legislation and leave consumers vulnerable to another crisis.


  • Ending Predatory Practices by For-Profit, Post-Secondary SchoolsCongresswoman Waters has been a longtime advocate in the fight against the unlawful and predatory actions of for-profit post-secondary institutions. Since her time as a Councilwoman in Los Angeles, she has fought to hold for-profit institutions accountable to the students they purport to serve. She continues to be a leading voice in Congress on this issue protecting our most vulnerable students and veterans’ right to a quality education will not riddle them with burdensome and expansive debt, but  will provide them with the opportunity to earn a living and lead productive lives.


  • Eliminating Risky Financial Products - The recent financial crisis was sparked by banks and other institutions steering everyday consumers into risky financial products such as subprime mortgages which ultimately led to millions of foreclosed homes or pay day lending loans with exorbitant interest rates that plunged the American consumer further into debt. Congresswoman Waters believes Congress and the federal financial regulators must put an end to their distribution because they are robbing hard-working people of their life savings and robbing the nation of its middle class.



  • Credit Cardholders’ Bill of RightsCongresswoman Waters was an original co-sponsor of the Credit Cardholders’ Bill of Rights (H.R. 627).  The Credit Cardholders’ Bill of Rights protects cardholders against arbitrary interest rate increases, excessive fees, due-date gimmicks, and double-cycle billing. The legislation also cracks down on misleading and deceptive marketing by credit card companies, prohibits them from issuing credit cards to minors, and curbs practices that result in high fees on low-income consumers with weak credit histories.  In addition, the bill empowers cardholders by giving them information and rights they need to make important financial decisions.


  • Support and Defense of the CFPB - Congresswoman Waters is the lead Democrat supporting and defending the Consumer Financial Protection Bureau. With her support, the Consumer Financial Protection Bureau to date has already returned $5.3 billion to 15 million consumers who have been subjected to unfair and deceptive practices. She has worked with the Bureau to create rules-of-the-road to make sure predatory mortgages never again strip wealth from American families and endanger our economy. Congresswoman Waters has also worked with regulators to institute rules to protect retirees and other investors from the practices that wreaked havoc on savers in 2008.


  • Introduction of the CLASS Act - In response to the predatory practices at the nation’s for-profit colleges, Congresswoman Waters, alongside Senator Richard Durbin, introduced the CLASS Act, which forbids schools from including mandatory arbitration and class action ban clauses from enrollment agreements. Mandatory arbitration and bans on class actions effectively prevent students from having their day in court when harmed by a for-profit college. Congresswoman Waters believes that students should have the right to join together and exercise their legal rights to obtain relief if they believed they have been wronged or harmed.


  • Divestment from Pay Day Lending OperationsCongresswoman Waters recently held a first-of-its-kind panel of lawmakers and religious leaders to discuss the impact predatory payday and small-dollar lending practices are having in communities across America. Additionally, Congresswoman Waters has also called the country’s most notable endowments and state retirement plans to begin to take steps to divest their interests in one of the country’s largest payday lenders.

More on Consumer Protection

March 26, 2011 Press Release

Congresswoman Maxine Waters (D-Calif.) and the African American Members of the House Financial Services Committee (known as the FS 10) were recently honored by the Black Press of America and the National Newspaper Publishers Association Foundation (NNPAF) with the 2011 Political Leadership Award for their work during negotiations for the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Congresswoman and Congressman William Lacy Clay, Jr. accepted the award on behalf of the FS 10 at an event last week at a Newsmaker Dinner and Gala at the Omni Shoreham Hotel.

March 11, 2011 Committee Remark

Congresswoman Maxine Waters (D-Calif.), the ranking member of the Subcommittee, issued the following opening statement:

Thank you, Mr. Chairman, for convening this hearing today to examine the potential for creating a covered bond market in the United States.

Today we convene to discuss covered bonds, and Representative Garret's covered bond bill, H.R. 940.

February 17, 2011 In The News

by Charles J. Lewis

Rep. Jim Himes, D-4, a veteran of Wall Street and housing finance, says he hopes to play a major role in the reform of Fannie Mae and Freddie Mac, the two failed government-sponsored companies that have helped homebuyers get mortgages, but which are now in government custody.

Last week, the Obama administration urged Congress to consider options on reforming the two companies, which have cost taxpayers $154 billion so far, making them the most expensive bailout in the financial crisis.

`To play an active role'

February 17, 2011 In The News

By Stacy Kaper

Of all the things missing from a House Financial Services Committee hearing on the inconclusive Financial Crisis Inquiry Commission report on the causes of the financial meltdown, the most obvious was any sense of irony.

Lawmakers' chief criticism of the report — that it broke down into a partisan skirmish with a fractured and confusing narrative about the causes of the crisis — was only mimicked and amplified by their own behavior.

February 16, 2011 In The News

Republicans criticized a government report on the causes of the 2008 financial crisis as biased and political on Wednesday. Democrats fired back that Republicans want to roll back federal regulations of the financial industry.

February 16, 2011 In The News

by Peter Schroeder

A hearing intended to explore the underpinnings of the financial crisis provided a fresh opportunity for lawmakers to fight ongoing partisan battles.

Six of the ten members of the Financial Crisis Inquiry Commission (FCIC) appeared before the House Financial Services Committee Wednesday to discuss the panel's report, which marks the first official governmental take on the financial crisis that drove the recession.

February 16, 2011 In The News

by Sewell Chan

The government inquiry into the causes of the 2008 financial crisis was the focus of intense partisan bickering Wednesday at a House hearing.

Republicans called the final 545-page report a political exercise whose findings were mostly preordained, while Democrats defended its main conclusion: that Wall Street risk-taking and regulatory negligence combined to produce an avoidable disaster.

February 16, 2011 In The News

Seeking to assuage corporate executives, top U.S. regulators on Tuesday insisted that expected rules on holding collateral, or margin, will focus on financial institutions, rather than commercial companies worried about new costs that could limit their hedging activities.

"Proposed rules on margin requirements should focus only on transactions between financial entities rather than those transactions that involve non-financial end-users," said Commodity Futures Trading Commission Chairman Gary Gensler at a Capitol Hill hearing on the $600 trillion derivatives market.

February 15, 2011 Committee Remark

Congresswoman Maxine Waters (D-Calif.), a senior member of the Committee, delivered the following remarks.

"Thank you, Mr. Chairman.

February 11, 2011 Floor Statement

Congresswoman Maxine Waters (D-Calif.), Ranking Member of the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, led her Democratic colleagues on the full Committee in defense of funding for the Securities and Exchange Commission. She delivered the following remarks:

"Thank you, Mr. Speaker. I yield myself such time as I may consume.