House Financial Services Committee Chairwoman announces continued focus on “undoing damage” at bureau in policy speech.
1/16/2019 17:00
House Financial Services Committee Chairwoman U.S. Rep. Maxine Waters, D-Calif., has a close eye on the Consumer Financial Protection Bureau under its new leadership with Director Kathy Kraninger—and is paying as much attention to the work of Acting Director Mick Mulvaney in the last year.
“Now, Kathy Kraninger was confirmed as the new director in December, and we will see what she does. Mulvaney has since moved on to become this president’s acting chief of staff. But I’ve written to Mr. Mulvaney to inform him that while his time running the consumer bureau may be over, the time for accountability for his actions is about to begin,” Waters said in a policy speech before the Center for American Progress Jan. 16.
“An ongoing priority for me is ensuring that we have a strong Consumer Financial Protection Bureau and strong financial regulations that protect consumers, investors and our economy,” Waters said.
“This Congress, I am going to be working diligently to undo the damage that Mulvaney has wrought during his time at the consumer bureau. I have a bill, the Consumers First Act, that reverses many of his known harmful actions, which I will soon be reintroducing,” she said. “But it’s not just Mick Mulvaney who I will be paying attention to. I will be keeping a watchful eye on all of the financial regulators to make sure that they are carrying out their statutory duties, including holding bad actors accountable, and promoting financial stability.”
She added the committee will be monitoring the growth of financial technology and regulators
“need to address the evolving financial marketplace appropriately … As Americans are banking and accessing credit in new ways, it is important that we encourage responsible innovation with the appropriate safeguards in place to protect consumers and without displacing community banks and credit unions.”
Waters also presented the committee’s focus on housing, diversity and inclusion, international affairs and bipartisanship under her leadership in the 116th Congress.
Read the complete speech here.
If you are interested in sharing articles and analysis on legal cases, industry laws and regulations or other relevant topics for possible publication with ACA International, email our Communications Department at [email protected].