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House Committee on Financial Services

House Committee on Financial Services Led by Chairwoman Maxine Waters, Financial Services Democrats fight to protect consumers & investors. The Committee on Financial Services in the U.S.

House of Representatives oversees all components of the nation’s housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The 2008 financial crisis was a result of Wall Street running amok, with abusive institutions peddling toxic products like no-doc loans, interest-only mortgages, and other predatory products. To ensure that w

House of Representatives oversees all components of the nation’s housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The 2008 financial crisis was a result of Wall Street running amok, with abusive institutions peddling toxic products like no-doc loans, interest-only mortgages, and other predatory products. To ensure that w

Operating as usual

12/14/2022
Hearing - Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau Consumers

House Committee on Financial Services Chairwoman Maxine Waters and Ranking Member McHenry will a hybrid hearing entitled, “Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau (CFPB)."

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Witness for this one-panel hearing will be:

• The Honorable Rohit Chopra, Director, Consumer Financial Protection Bureau

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See more here 📺: https://bit.ly/3Bxe5O1

12/13/2022
Hearing - Investigating the Collapse of FTX, Part I

House Committee on Financial Services Chairwoman Maxine Waters and Ranking Member McHenry will host a hybrid hearing entitled, “Investigating the Collapse of FTX, Part I."

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Witness for this one-panel hearing will be:

• John J. Ray III, Chief Executive Officer, FTX Group

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See more here: https://bit.ly/3iKDSM3

2️⃣ House Committee on Financial Services hearings this week:TUESDAY- 10 AM: full Committee hearing investigating the co...
12/12/2022

2️⃣ House Committee on Financial Services hearings this week:

TUESDAY
- 10 AM: full Committee hearing investigating the collapse of , Part I

WEDNESDAY
- 10 AM: full Committee oversight hearing of the Consumer Financial Protection Bureau (CFPB)

📺: https://financialservices.house.gov

:  Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the victories ...
12/09/2022

: Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the victories that the Committee successfully secured in the Fiscal Year 2023 National Defense Authorization Act (NDAA) — foundational legislation that supports our nation’s defense and national security. The law includes several priorities of Members of the Financial Services Committee that Waters championed as Chairwoman of the Committee.

See more here: https://bit.ly/3uIOpdj

12/08/2022
Hearing - E, S, G and W: Examining Private Sector Disclosure of Workforce Management, Investment, and Diversity Data

Subcommittee on Investor Protection, Entrepreneurship and Capital Markets Chair Congressman Brad Sherman and Ranking Member Huizenga host a hybrid hearing entitled, “E, S, G and W: Examining Private Sector Disclosure of Workforce Management, Investment, and Diversity Data."

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Witnesses for this one-panel hearing will be:

• Cambria Allen-Ratzlaff, Managing Director and Head of Investor Strategies, JUST Capital
.
• Colleen Honigsberg, Ph.D. in Accounting and Professor of Law, Stanford Law School

• Shivaram Rajgopal, Ph.D. in Accounting and Professor of Accounting and Auditing, Columbia Business School

• Fran Seegull, President, U.S. Impact Investing Alliance

See more here: https://bit.ly/3VNCXIU

: Chairwoman Maxine Waters Presses Nation’s Regulators (the Board of Governors of the Federal Reserve System, the Federa...
11/17/2022

: Chairwoman Maxine Waters Presses Nation’s Regulators (the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the U.S. Comptroller of the Currency) on Collapse, Efforts to Protect Communities | bit.ly/3hCbgEb

Today, the Chairwoman of the House Committee on Financial Services, Congresswoman Maxine Waters (D-CA), and the Ranking ...
11/17/2022

Today, the Chairwoman of the House Committee on Financial Services, Congresswoman Maxine Waters (D-CA), and the Ranking Member of the House Financial Services Committee, Congressman Patrick McHenry (R-NC), announced a bipartisan hearing into the collapse of and the broader consequences for the digital asset ecosystem. In , the Committee expects to hear from the companies and individuals involved, including Sam Bankman-Fried, Alameda Research, Binance, FTX, and related entities, among others. | See more here: https://bit.ly/3GhYfKo

11/16/2022
Hearing: Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions

full Committee Chairwoman Waters and Ranking Member McHenry will host a virtual hearing entitled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions."

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Witnesses for this one-panel hearing will be:

• The Honorable Michael Barr, Vice Chairman of Supervision, Board of Governors of the Federal Reserve System

• The Honorable Martin Gruenberg, Acting Chairman, Federal Deposit Insurance Corporation

• The Honorable Todd Harper, Chairman, National Credit Union Administration

• Mr. Michael Hsu, Acting Comptroller of the Currency, U.S. Comptroller of the Currency

See more here: https://financialservices.house.gov/events/eventsingle.aspx?EventID=409903

11/15/2022
Hearing: Investing in our Rivals: Examining U.S. Capital Flows to Foreign Rivals and Adversaries Around the World

Subcommittee on Investor Protection, Entrepreneurship and Capital Markets Chair Congressman Brad Sherman and Ranking Member Huizenga host a hybrid hearing entitled, “Investing in our Rivals: Examining U.S. Capital Flows to Foreign Rivals and Adversaries Around the World."

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Witnesses for this one-panel hearing will be:

• Courtney Alexander, Senior Researcher, United Food and Commercial Workers International Union

• Claire Chu, Senior Analyst, Janes Group

• Jeff Ferry, Senior Economist, Coalition for a Prosperous America

• Jeffrey A. Sonnenfeld, Senior Associate Dean of Leadership Studies, Yale School of Management

See more here: https://financialservices.house.gov/events/eventsingle.aspx?EventID=409886

Following news involving cryptocurrency exchange trading platforms  and FTX.com, Congresswoman Maxine Waters (D-CA), Cha...
11/10/2022

Following news involving cryptocurrency exchange trading platforms and FTX.com, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released the following statement: https://bit.ly/3Usqj1P

Following the Board of Governors of the Federal Reserve System’s recent decision to increase the federal funds rate by 0...
11/04/2022

Following the Board of Governors of the Federal Reserve System’s recent decision to increase the federal funds rate by 0.75 percent to a target range of 3.75 percent to 4 percent – marking the sixth consecutive rate hike and the fourth consecutive super-sized rate hike in just the past eight months – today Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, sent a letter to Federal Reserve Chair Jerome Powell. In the letter, Chairwoman Waters urges Chair Powell to consider the significant pain that these rate increases may inflict on families across the country and the impact these increases are having on the cost of housing, which remains a key driver of core inflation.

See more here: https://bit.ly/3NzqBBi

We applaud Biden-Harris Administration (The White House,) Consumer Financial Protection Bureau (CFPB), and Federal Trade...
10/27/2022

We applaud Biden-Harris Administration (The White House,) Consumer Financial Protection Bureau (CFPB), and Federal Trade Commission for cracking down on unfair and predatory JUNK FEES. These fees cost consumers BILLIONS every year and:
- Weaken market competition
- Raise prices for consumers & small businesses
- Hit low income consumers & consumers of color the hardest

See more here: https://www.whitehouse.gov/briefing-room/blog/2022/10/26/the-presidents-initiative-on-junk-fees-and-related-pricing-practices/ or here: https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-launches-initiative-to-save-americans-billions-in-junk-fees/

Today’s new actions under the Biden-Harris Administration are lowering costs for American families by holding big corporations accountable.

Fees for overdrawing a checking account and fees charged to customers who deposit someone else’s bounced check are now illegal.

: Chairwoman Maxine Waters, Chairwoman of the House Committee on Financial Services, joined Professor Chris Brummer, Pro...
10/13/2022

: Chairwoman Maxine Waters, Chairwoman of the House Committee on Financial Services, joined Professor Chris Brummer, Professor at Georgetown University Law Center and founder of , at his annual DC Fintech Week to discuss financial technology and the future of finance.

Since assuming the Chair in 2019, Chairwoman Waters and the Committee have been leading the charge in Congress to conduct deep dives on digital assets products and services to learn more about how the space is changing, and to understand the impact on the broader payments systdem as well as the risks and opportunities for consumers.

See more here: https://bit.ly/3Seq0pH

09/22/2022
Subcommittee Hearing - State of Emergency: Examining the Impact of Growing Wildfire Risk on the Insurance Market

Housing, Community Development and Insurance Subcommittee Chairman Emanuel Cleaver II and Ranking Member Hill host a hybrid hearing entitled, “State of Emergency: Examining the Impact of Growing Risk on the Insurance Market."

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Witnesses for this one-panel hearing will be:

• Matthew Auer, Dean of the School of Public and International Affairs, University of Georgia

• Amy Bach, Executive Director, United Policyholders

• Ricardo Lara, California Department of Insurance (CDI)

• Roy Wright, President & CEO of the Insurance Institute for Business & Home Safety - IBHS

• Rex Frazier, President, Personal Insurance Federation of California

See more here: https://bit.ly/3RZqJvy

09/21/2022
Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks

House Committee on Financial Services Chairwoman Maxine Waters and Ranking Member McHenry host a virtual hearing entitled, “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks."

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Witness for this one-panel hearing will be:

• Andy Cecere, Chairman, President, and CEO, U.S. Bancorp (U.S. Bank)

• William Demchak, Chairman, President, and CEO, The PNC Financial Services Group

• Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co.

• Jane Fraser, CEO, Citigroup

• Brian Moynihan, Chairman and CEO, Bank of America

• William Rogers Jr., Chairman and CEO, Truist Financial Corporation

• Charles Scharf, President and CEO, Wells Fargo & Company

See more here: https://bit.ly/3Lvok9a

09/20/2022
Subcommittee Hearing - Review of Diversity and Inclusion at America’s Largest Insurance Companies

Diversity and Inclusion Subcommittee Chairwoman Joyce Beatty and Ranking Member Wagner host a virtual hearing entitled, “Review of Diversity and Inclusion at America’s Largest Companies."

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Witnesses for this one-panel hearing will be:

• Eloiza Domingo, Chief Diversity Officer and Vice President, Human Resources, The Allstate Corporation

• Chlora Lindley-Myers, Director, Missouri Department of Commerce and Insurance (Missouri DCI)

• Dr. Leroy D. Nunery II, President, Evolution Advisors LLC

• Kimberly Ross, Senior Vice President, Federal Relations, American Council of Life Insurers (ACLI)

• Baird Webel, Specialist in Financial Economics, Congressional Research Service

See more here: https://bit.ly/3xB3gsi

09/20/2022
Hybrid Hearing - Under the Radar: Alternative Payment Systems and the National Security Impacts of Their Growth

National Security, International Development, and Monetary Policy Subcommittee Chairman Representative Jim Himes and Ranking Member Barr host a hybrid hearing entitled, “Under the Radar: Alternative Payment Systems and the National Security Impacts of Their Growth."

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Witnesses for this one-panel hearing will be:

• Scott Dueweke, Global Fellow, Science and Technology Innovation, the Wilson Center

• Emily Jin, Research Assistant for the Energy, Economics and Security Program, the Center for a New American Security - CNAS

• Dr. Carla Norrlöf, Nonresident Senior Fellow, Economic Statecraft Initiative, GeoEconomics Center, the Atlantic Council

• Ari Redbord, Head of Legal and Government Affairs, TRM Labs

• Jonathan Levin, Co-founder and Chief Strategy Officer, Chainalysis

See more here: https://bit.ly/3BrZUsO

09/14/2022
When Banks Leave: The Impacts of De-Risking on the Caribbean and Strategies for Ensuring Financial Access

House Committee on Financial Services Chairwoman Maxine Waters and Ranking Member McHenry will host a virtual hearing entitled, “When Banks Leave: The Impacts of De-Risking on the and Strategies for Ensuring Financial Access."

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Witnesses for this two-panel hearing will be:

First Panel:

• The Hon. Mia Amor Mottley, K.C., M.P., Prime Minister of ; Minister of Finance, Economic Affairs and Investment; Minister of National Security and the Public Service (with responsibility for Culture and CARICOM Matters)

Second Panel:

• Ms. Wendy Delmar, CEO, Caribbean Association of Banks
• Mr. Wazim Mohamed Mowla, Assistant Director and Lead of the Caribbean Initiative, Adrienne Arsht Latin America Center, Atlantic Council
• Mr. I. Wayne Shah, Senior Vice President, Financial Institutions – Head of Caribbean Region, Wells Fargo Bank, N.A., and Executive Director, Financial & International Business Association (FIBA)
• Mr. Amit Sharma, CEO, Founder, and Director, FinClusive
• Ms. Liat Shetret, Director of Global Policy and Regulation, Elliptic

See more here: https://financialservices.house.gov/events/eventsingle.aspx?EventID=409761

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the commit...
08/31/2022

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the committee schedule for the month of September.

See more here: https://go.usa.gov/xhZdM

08/08/2022

: Chairwoman Maxine Waters and 76 House Democrats Urge Regulators (Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation & U.S. Comptroller of the Currency) to Strengthen Community Reinvestment Act Rules, End Redlining

See more here: https://go.usa.gov/xSsPq

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, Congresswoman Joyce Beatty ...
08/05/2022

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, Congresswoman Joyce Beatty (D-OH), Chair of the Subcommittee on Diversity and Inclusion, Congressman Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations, Congressman Bill Foster (D-IL), Chairman of the Task Force on Artificial Intelligence and Congressman Stephen F. Lynch (D-MA), Chairman of the Task Force on Financial Technology sent a letter to the nation’s 20 largest , , and digital assets companies, as well as prominent venture capital firms with investments in crypto, urging them to provide data around their diversity and inclusion practices.

See more here: https://https//go.usa.gov/xSfju

07/30/2022
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the schedu...
07/06/2022

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the schedule for the month of : https://go.usa.gov/xS3KP

06/30/2022
Virtual Hearing - Combatting Tech Bro Culture: Understanding Obstacles to Investments in Diverse-Owned Fintechs

Task Force on Financial Technology Chairman Representative Stephen F. Lynch and Ranking Member Davidson host a virtual hearing entitled, “Combatting Tech Bro Culture: Understanding Obstacles to Investments in Diverse-Owned ."

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Witnesses for this one-panel hearing will be:

• Jenny Abramson, Founder & Managing Partner, Rethink Impact
• Sallie Krawcheck, CEO and Co-Founder, Ellevest
• Marceau Michel, Founder, Black Founders Matter
• Wemimo Abbey, Co-Founder and Co-CEO, Esusu
• Maryam Haque, Executive Director, Venture Forward

See more here 📺: https://go.usa.gov/xJH9j

06/23/2022
Monetary Policy and the State of the Economy

Full Committee Chairwoman Maxine Waters and Ranking Member McHenry host a hybrid hearing entitled, “Monetary Policy and the State of the Economy."

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Witness for this one-panel hearing will be:

• The Honorable Jerome H. Powell, Chair of the Board of Governors of the Federal Reserve System

See more here: https://go.usa.gov/xJddg

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released the followi...
06/11/2022

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released the following statement in response to the Federal Housing Finance Agency (FHFA) announcing the release of Fannie Mae and Freddie Mac’s (the Enterprises) Equitable Housing Plans.

See more here: https://go.usa.gov/xJNH6

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, Congressman Al Green...
06/07/2022
Waters, Green, and Subcommittee Chairs Request Data on Chattel Slavery Financing from Top U.S. Banks and Insurance Companies

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, Congressman Al Green (D-TX), Chair of the Subcommittee on Oversight and Investigations, and all Subcommittee Chairs, sent requests to the nation’s top ten U.S. , top five U.S. property and casualty companies, and top five U.S. life insurance companies to inquire about their involvement in the financing of chattel slavery in the U.S.

See more here:

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, Congressman Al Green (D-TX), Chair of the Subcommittee on Oversight and Investigations, and all Subcommittee Chairs, sent requests to the nation’s top ten U.S. banks, top five U.S. property and casu...

This week, marks the beginning of  and the House Committee on Financial Services is spotlighting our Committee member Re...
06/03/2022

This week, marks the beginning of and the House Committee on Financial Services is spotlighting our Committee member Rep. Ritchie Torres () the first openly LBGTQ person elected in the Bronx.

Rep. Torres a product of public housing serves on the Subcommittee on Housing, Community Development and Insurance and also serves on the Subcommittee on Consumer Protection and Financial Institutions.

Last year, the house passed, , the " Business Equal Credit Enforcement and Investment Act," a bill by Rep. Torres which would update the Equal Credit Opportunity Act to ensure financial institutions report the sexual orientation and gender identity of applicants for business loans.

There are approximately 1.4 million LGBTQ-owned businesses across our country. Rep. Torres’ bill will help to identify and prevent discrimination, and will enable communities, policymakers, and lenders to support the development and investment needs of LGBTQ-owned businesses.

House Committee on Financial Services Chairwoman Maxine Waters announced the schedule for the month of : | go.usa.gov/xJ...
05/31/2022

House Committee on Financial Services Chairwoman Maxine Waters announced the schedule for the month of : | go.usa.gov/xJTaX

Diversity Includes Disability: Exploring Inequities in Financial Services for Persons with Disabilities, Including Those...
05/24/2022
Diversity Includes Disability: Exploring Inequities in Financial Services for Persons with Disabilities, Including Those Newly Disabled Due to Long-Term COVID | U.S. House Committee on Financial Services

Diversity Includes Disability: Exploring Inequities in Financial Services for Persons with Disabilities, Including Those Newly Disabled Due to Long-Term COVID | U.S. House Committee on Financial Services

The full Committee will convene to continue the mark up the following measures, in an order to be determined by Chairwoman Maxine Waters, May 18, 2022, and subsequent days if neces...

05/18/2022
Part 2 - Hybrid Markup Continuation of H.R. 4395; H.R. 5912; H.R. 7003; H.R. 7022; H.R. 7196; H.R. 7716; H.R. 7732; H.R. 7733 and H.R. 7734

The full Committee will convene to continue the mark up the following measures, in an order to be determined by Chairwoman Maxine Waters, May 18, 2022, and subsequent days if necessary.
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Legislation

• H.R. 4395, the “Payment Choice Act of 2022.”

• H.R. 5912, the “Close the ILC Loophole Act.”

• H.R. 7003, the “Expanding Financial Access for Underserved Communities Act.”

• H.R. 7022, the “Strengthening Cyber-Security for the Financial Sector Act of 2022.”

• H.R. 7196, the “Flexibility in Addressing Rural Homelessness Act.”

• H.R. 7716, the “Coordinating Substance Use and Homelessness Care Act of 2022.”

• H.R. 7732, the “Strengthening the Office of Investor Advocate.”

• H.R. 7733, the “CDFI Bond Guarantee Program Improvement Act.”

• H.R. 7734, the “Timely Delivery of Bank Secrecy Acts Reports Act.”

05/17/2022
Hybrid Markup of H.R. 4395; H.R. 5912; H.R. 7003; H.R. 7022; H.R. 7196; H.R. 7716; H.R. 7732; H.R. 7733 and H.R. 7734

Today, the full Committee will convene to mark up the following measures, in an order to be determined by Chairwoman Maxine Waters, and subsequent days if necessary, in a hybrid format.

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Legislation

• H.R. 4395, the “Payment Choice Act of 2022.”

• H.R. 5912, the “Close the ILC Loophole Act.”

• H.R. 7003, the “Expanding Financial Access for Underserved Communities Act.”

• H.R. 7022, the “Strengthening Cyber-Security for the Financial Sector Act of 2022.”

• H.R. 7196, the “Flexibility in Addressing Rural Homelessness Act.”

• H.R. 7716, the “Coordinating Substance Use and Homelessness Care Act of 2022.”

• H.R. 7732, the “Strengthening the Office of Investor Advocate.”

• H.R. 7733, the “CDFI Bond Guarantee Program Improvement Act.”

• H.R. 7734, the “Timely Delivery of Bank Secrecy Acts Reports Act.”

05/14/2022

Earlier today I participated in a hearing held by the House Committee on Financial Services to receive a report from Secretary Janet Yellen of The U.S. Department of the Treasury on our nation's financial stability

05/13/2022
Keeping Up with the Codes – Using AI for Effective RegTech

The Task Force on Artificial Intelligence Chairman Bill Foster and Ranking Member Anthony Gonzalez host a hybrid hearing entitled, “Keeping Up with the Codes – Using for Effective RegTech."

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Witnesses for this one-panel hearing will be:

• Kevin Greenfield, Deputy Comptroller for Operational Risk Policy, Office of the Comptroller of the Currency (OCC)

• Melanie Hall, Commissioner, Division of Banking and Financial Institutions, State of Montana, and Chair, Board of Directors, Conference of State Bank Supervisors (CSBS)

• Kelly Lay, Director, Office of Examination and Insurance, National Credit Union Administration (NCUA)

• Jessica Rusu, Chief Data Information and Intelligence Officer, Financial Conduct Authority (FCA), United Kingdom

See more here 📺: https://go.usa.gov/xzAP2

05/12/2022
5/12/2022 - The Annual Report of the Financial Stability Oversight Council

Full Committee Chairwoman Maxine Waters and Ranking Member McHenry host a hybrid hearing entitled, “The Annual Report of the Financial Stability Oversight Council."

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Witness for this one-panel hearing will be:

• The Honorable Janet Yellen, Secretary, The U.S. Department of the Treasury, and Chairperson, Financial Stability Oversight Council (FSOC)

See more here 📺: https://go.usa.gov/xufuZ

Address

2129 Rayburn House Office Building
Washington D.C., DC
20515

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: Led by Chairwoman Maxine Waters, the full Committee convened for a historic hearing with CEOs. Check out her remarks and other Committee activities in our holiday roundup | go.usa.gov/xeJ3Z
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, sent a letter to Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation (FDIC), urging the FDIC Chairman to cite the legal authority she’s relying on in her attempt to block the FDIC Board Majority from seeking the public’s input on strengthening the bank merger review process. The letter also urges the FDIC Chairman to reconsider her position, and to instead collaborate with Board Members and other regulators to improve bank merger review procedures.

See more here: https://go.usa.gov/xeuCx
Full Committee Chairwoman Maxine Waters and Ranking Member McHenry will host a virtual hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response."

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Witnesses for this one-panel hearing will be:

• The Honorable Janet L. Yellen, The U.S. Department of the Treasury

• The Honorable Jerome Powell, Chair, Board of Governors of the Federal Reserve System

See more here: https://go.usa.gov/xeywx
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services and Congressman Bill Foster (D-IL), Chair of the Task Force on Artificial Intelligence, sent a letter to Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System; Todd Harper, Chairman of the National Credit Union Administration; Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB); Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation; and Michael Hsu, Acting Comptroller of the Currency of the U.S. Comptroller of the Currency, all members of Federal Financial Institutions Examination Council, urging them to keep up with the rapid development of technology and ensure algorithmic bias does not occur.

The letter highlights the need for Artificial Intelligence (AI) technologies, including machine learning (ML), to be used in an ethical manner, and help low- and moderate-income communities of color that have been underserved for far too long. Additionally, the letter highlights the risks and possible benefits that emerging technologies pose in the financial services and housing industry.

See more here: https://go.usa.gov/xemCU
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, applauds the House passage of H.R. 5376, the , a historic piece of legislation that will provide unprecedented and long overdue investments in our nation’s housing infrastructure. The legislation is estimated to create, preserve or retrofit at least 1️⃣,3️⃣9️⃣6️⃣,2️⃣0️⃣0️⃣ homes 🏘️ and assist 8️⃣6️⃣7️⃣,9️⃣1️⃣6️⃣ households 🏡. |

The more than $150 billion in funding provided in the Financial Services title of the Build Back Better Act represents the single largest investment in affordable housing in our nation’s history. These funds will expand access to affordable, accessible housing; help 294,000 households afford their rent; build, upgrade, and retrofit over 1.8 million affordable housing units; and help close the racial wealth gap through the first-ever national investments in homeownership for first-time, first-generation homebuyers. Additionally, the Build Back Better Act puts the National Flood Insurance Program on stable financial footing and helps close the racial wealth gap by expanding the Minority Business Development Agency and providing grants to our nation’s minority-owned
businesses.

Read the Chairwoman's statement: https://go.usa.gov/xe5ed

Summary of the Financial Services Committee provisions in the Build Back Better Act: https://go.usa.gov/xeNBA
The full Committee convenes to mark up the following measures, in an order to be determined by the Chairwoman at 10:00 am E.T. on Tuesday, November 16, 2021, and subsequent days if necessary, in a hybrid format in room 2128 of the Rayburn House Office Building as well as on the WebEx platform.

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Legislation

• H.R. 2311, the “Credit Union Governance Modernization Act of 202,” offered by Mr. Emmer.

• H.R. 2620, the “Investor Choice Act of 2021,” offered by Mr. Bill Foster.

• H.R. 5910, the “Holding SPACs Accountable Act of 2021,” offered by Congressman Michael F.Q. San Nicolas - Guam.

• H.R. 5911, the “Fair Hiring in Banking Act,” offered by Mrs. Joyce Beatty.

• H.R. 5913, the “Protecting Investors from Excessive SPACs Fees Act of 2021,” offered by Congressman Brad Sherman.

• H.R. 5914, the “Empowering States to Protect Seniors from Bad Actors,” offered by Rep Josh Gottheimer.

Listen to it here: https://twitter.com/i/spaces/1RDxlgjPenzJL?s=20 or Watch it LIVE here: https://go.usa.gov/xe8cy
Diversity and Inclusion Subcommittee Chairwoman Joyce Beatty and Ranking Member Wagner host a virtual hearing entitled, “There's No Pride in Prejudice: Eliminating Barriers to Full Economic Inclusion for the LGBTQ+ Community."

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Witnesses for this one-panel hearing will be:

• Mr. David Johns, Executive Director, National Black Justice Coalition (NBJC)

• Mx. Spencer Watson, President and Executive Director, Center for LGBTQ Economic Advancement and Research

• Ms. Tanya Asapansa-Johnson Walker, Co-founder New York Transgender Advocacy Group and Transgender Women's Support Group Facilitator, SAGE

• Mr. Todd Sears, Founder & CEO, Out Leadership, LLC

See more here: https://go.usa.gov/xejSq
National Security, International Development, and Monetary Policy Subcommittee Chairman Representative Jim Himes and Ranking Member Barr host a hybrid hearing entitled, “From Timber to Tungsten: How the Exploitation of Natural Resources Funds Rogue Organizations and Regimes."

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Witnesses for this one-panel hearing will be:

• Kidan Araya, Member, Illicit Trafficking Working Group, Women of Color Advancing Peace and Security; Board Member, Africa Policy Accelerator, CSIS

• Carla García Zendejas, Director, People, Land, and Resources, Center for International Environmental Law (CIEL)

• Channing Mavrellis, Illicit Trade Director, Global Financial Integrity

• Kathleen Miles, Director of Analysis, Center on Illicit Networks and Organized Crime (CINTOC)

• Joshua Fruth, Chief Strategy Officer, Section 2 Financial Intelligence Solutions

See more here: https://go.usa.gov/xe4fY
Consumer Protection and Financial Institutions Subcommittee Chairman Perlmutter and Ranking Member Luetkemeyer host a hybrid hearing entitled, “Cyber Threats, Consumer Data, and the Financial System."

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Witnesses for this one-panel hearing will be:

• Samir Jain, Director of Policy, Center for Center for Democracy & Technology

• Robert E. James, II, President & CEO, Carver Financial Corporation (Carver State Bank)

• Carlos Vazquez, Chief Information Security Officer, Canvas Credit Union

• Jeff Newgard, President and Chief Executive Officer, Bank of Idaho, on behalf of the Independent Community Bankers of America (ICBA)

See more here: https://go.usa.gov/xegvc
Task Force on Financial Technology Chairman Lynch and Ranking Member Emmer host a virtual hearing entitled, “Buy Now, Pay More Later? Investigating Risks and Benefits of BNPL and Other Emerging Fintech Cash Flow Products."

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Witnesses for this one-panel hearing will be:

• Dr. Kristen Broady, Fellow in the Brookings Metropolitan Policy Program, Brookings Institution

• Penny Lee, CEO, Financial Technology Association

• Lauren Saunders, Associate Director, National Consumer Law Center

• Marisabel Torres, Director of California Policy, Center for Responsible Lending

• Brian Tate, CEO and President, Innovative Payments Association
Full Committee Chairwoman Maxine Waters and Ranking Member McHenry host a virtual hearing entitled, “Bringing Consumer Protection Back: A Semi-Annual Review of the Consumer Financial Protection Bureau (CFPB)."

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Witness for this one-panel hearing will be:

• The Honorable Rohit Chopra, Director, Consumer Financial Protection Bureau

See more here: https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408560
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