Chairwoman Waters Presses Financial Institutions to Protect Americans and Financial System from COVID-19 Impact

Mar 19, 2020Congressional Legislation, News

Last week, Congresswoman Maxine Waters (D-Calif.), Chairwoman of the House Financial Services Committee, led colleagues on the committee in sending six letters expressing concern about the safety of Americans and the U.S. financial system amidst the rapidly growing coronavirus (COVID-19) pandemic.

The letters ask their recipients “to ensure that Americans are protected from the potential negative financial impacts of the coronavirus pandemic,” Congresswoman Waters said in a statement issued along with the letters’ release. “We will convene a full Committee hearing this month on the readiness of our financial system to weather a pandemic.”

Congresswoman Waters was joined by  Subcommittee and Task Force Chairs on the letters.

Among the groups receiving letters were the Department of the Treasury, Department of Housing and Urban Development, Department of Justice, the Federal Bureau of Investigation (FBI), the Securities and Exchange Commission (SEC), the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB), a number of financial industry trade associations, and the major consumer credit reporting bureaus.

“While our federal regulators, agencies and financial institutions must take action to protect consumers and our economy, I must emphasize that it is unacceptable to use this crisis as an excuse to justify rollbacks of important financial regulations that are in place to protect our financial system and economy,” Congresswoman Waters said.

For access to all six letters, click here.


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