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Waters is Likely Financial Services Chair as Dems Win House, Republicans Retain Senate
Wednesday, November 7, 2018 6:50 AM

The Democratic takeover of the U.S. House of Representatives likely means that Rep. Maxine Waters (D-Calif.) will become chair of the House Financial Services Committee. Waters is an outspoken critic of Mick Mulvaney, the acting director of the CFPB, and has called for breaking up the big banks.

Republicans also will have a new ranking member on the Financial Services Committee. Chairman Jeb Hensarling (R-Texas) is retiring at the end of the year. Rep. Patrick McHenry (R-N.C.) is the vice chairman of the panel.

CUNA said it would spend some $7 million in campaign contributions and independent expenditures in support of House and Senate candidates they believe are friendly to credit unions.

“Credit unions invested a record $7 million into this election to help continue the positive momentum we’ve seen for credit union priorities in Congress,” CUNA President/CEO Jim Nussle said. “We’re pleased that we’ll have many friendly faces in the next Congress, and we’ll be working hard from now until then to connect with new members and engage with returning members to advance credit union priorities.

In a closely-watched gubernatorial contest, in Ohio, Democrat Richard Cordray, former director of the CFPB, lost to Republican Mike DeWine, the state’s attorney general and a former senator.

For specific results of House and Senate races of significance to credit unions, visit CU Times.