U.S. Rep. Maxine Waters to CFPB Employees: Actions to Weaken the Bureau ‘Will not go Unchecked or Unnoticed’

Chairwoman of House Financial Services Committee also schedules semiannual CFPB review hearing March 7.

2/25/2019 4:00 PM

U.S. Rep. Maxine Waters to CFPB Employees: Actions to Weaken the Bureau ‘Will not go Unchecked or Unnoticed’

U.S. Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, in a letter to employees of the Consumer Financial Protection Bureau, said she would “address the challenges they have faced in the last two years” and provided assurance “that she will use the full range of the committee’s oversight authorities to prevent any efforts to weaken the consumer bureau,” according to a news release from the committee.

“Let me assure you that actions to weaken the consumer bureau from within as Director [Mick] Mulvaney attempted to do will not go unchecked or unnoticed,” Waters wrote in the letter. “As chairwoman of the House Financial Services Committee, I will fight against any and all efforts to weaken the consumer bureau and make sure that your important work to protect consumers, as Congress intended, can continue. As part of my duties as Chairwoman, I will also be conducting careful oversight of the agencies under the committee’s jurisdiction, including the consumer bureau.”

In the letter, Waters also commended the CFPB’s employees on their hard work to protect consumers from unfair, deceptive, or abusive acts and practices of bad actors, according to the news release.

“I have been concerned that actions taken, and changes made by Office of Management and Budget Director Mick Mulvaney were contrary to both the spirit and plain letter of the law and appear to be designed to frustrate the consumer bureau’s mission,” she wrote.

Waters also announced March hearings for the House Financial Services Committee including its Semiannual Review of the Consumer Financial Protection Bureau at 10 a.m. Eastern March 7. The director of the CFPB typically testifies at these hearings, which would mark Kathy Kraninger’s first appearance before the committee since the start of her term in December.

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