Speaking at NAFCU's Congressional Caucus, Waters said if Cordray did not do it on his own, she would sponsor legislation to do it.

Nothing ever came of that legislation, but Waters will be in a position to push it next year if she chooses to do so.

"I want you to have everything you need," Waters said, during that speech.

During the same speech, she made it clear she would oppose any effort to touch the credit union tax exemption.

"We're never going to do that," she said. "That's never going to happen."

She added, "That's like motherhood and apple pie and we're never going to take away motherhood and apple pie."

Waters also has bristled at a policy that current Chairman Jeb Hensarling (R-TX) has followed—that all communication between a federal agency and the chairman remain confidential. Waters has made it clear that all federal agencies needed to consider all communication subject to the Freedom of Information Act.

Meanwhile, Waters this week outlined her priorities if she is selected by her colleagues to chair the Financial Services Committee.

"For the last two years, Republicans in Congress have served as accomplices to Trump and have completely neglected Congress' oversight responsibilities, enabling corruption and destructive policies to run rampant," she said

And she singled out the CFPB as an agency that needs that oversight, saying that the agency must be able to "resume its essential role of protecting consumers from harmful practices without interference from the Trump Administration."

Waters introduced legislation this Congress seeking to undo many of the changes that Acting Director Mick Mulvaney has instituted at the agency. The legislation includes provisions ranging from ensuring that the name of the agency remains the CFPB to reestablishing a separate fair lending office.

The legislation won't pass this year and even if it passes the House in a Democratic House, it might not pass the Republican controlled Senate.

Waters also outlined other priorities she wants to tackle, including efforts to:

• Protect consumers from abusive financial practices
• Ensure that there are strong safeguards to prevent another financial crisis.
• Expand affordable housing opportunities and alleviate homelessness
• Encourage responsible fintech innovation
• Promote diversity in financial services
• Ensure that people have fair access to the financial system.

The picture on the Republican side of the Financial Services Committee is not so clear. Republican Reps. Patrick McHenry of North Carolina and Blaine Luetkemeyer of Missouri may vie for that seat.

However, others may enter the contest as well. Republican Reps. Frank Lucas of Oklahoma, Bill Huizenga of Michigan and Sean Duffy have been mentioned as candidates.

A GOP steering committee will make its choice, which then will be presented to the House Republican conference for ratification.

On the tax-writing House Ways and Means Committee, Rep. Richard Neal (D-Mass.), the current ranking Democrat, is expected to become chair, and current Chair Rep. Kevin Brady (R-Tx.) may become ranking member.

On the Senate side, Banking Chairman Mike Crapo (R-Id.) may remain as chair and newly re-elected Sen. Sherrod Brown (D-Ohio) may stay as ranking Democrat.

It becomes less clear when it comes to the Senate's tax-writing committee.

Sen. Charles Grassley (R-Iowa) said he is considering whether to remain as chair of the Senate Judiciary Committee or move to the chairmanship of the Senate Finance Committee. Grassley has seniority on the tax-writing committee and could become chairman since current chair Sen. Orrin Hatch (R-Utah) is retiring this year.

While Waters has made it clear she would oppose any effort to revoke the credit union tax exemption, Grassley has left the option open.

Appearing at TS Bank in Treynor last year, Grassley said that credit union and bank taxation, as well as changes to Dodd-Frank needed to be examined, according to a report in the Daily Nonpareil, the area's newspaper.

And appearing at the 2015 CUNA Government Affairs Conference, Grassley said that when Congress considers tax reform, "everything is on the table."

He added, "the tax status of every interest group is something to be looked at."