HFSC Chair Waters Announces Fall Priorities

House Financial Service Chair Maxine Waters (D-CA) has announced the Committee's priorities for the fall indicating it will "continue its work to ensure fairness, competition, and transparency."

Included in the committee's priorities are hearings examining the state of minority depository institutions, reviewing stock buybacks, and analyzing innovations in loan instruments. The committee also plans to review housing finance reform and the Federal Housing Administration (FHFA). The White House, in conjunction with the FHFA and the Treasury Department, is expected to release a final plan to reform the government-sponsored enterprises after Labor Day.

The committee plans to "encourage and regulate innovation" through the use of its two task forces - one on fintech and one on artificial intelligence - exploring data privacy, the use of artificial intelligence in financial services, and the evolution of payments and cash.

CUNA and the state leagues acknowledge the benefits of fintech and are advocating for a regulatory framework that does not limit innovation but ensures a level playing field for all financial services providers.

The committee will also hear from top government officials and regulators, including Treasury Secretary Steven Mnuchin, CFPB Director Kathy Kraninger, FHFA Director Dr. Mark Calabria, and Federal Reserve Vice Chairman Randal Quarles.