Washington ( CNN ) -- A House ethics investigative panel has charged a high-ranking Democratic congresswoman with violating House rules by seeking federal assistance for a bank with financial ties to her husband . According to the House ethics committee , California Rep. Maxine Waters helped arrange a meeting in September 2008 between Massachusetts-based OneUnited Bank and Treasury Department officials . OneUnited Bank ultimately received $ 12 million in bailout funds . Waters is a senior member of the House Financial Services Committee . Waters , according to a preliminary report , called then-Treasury Secretary Henry Paulson during the height of the financial crisis `` and requested that Treasury Department officials meet with representatives from the National Bankers Association , '' an organization representating over 100 minority-owned banks . `` A meeting was in fact granted , however , the discussion at the meeting focused on a single bank -- OneUnited . Rep . Waters ' husband had been a board member of the bank from 2004 to 2008 and , at the time of the meeting , was a stock holder of the bank . '' The report states that Waters approached Financial Services Committee Chairman Barney Frank , D-Massachusetts , to say that she was `` in a predicament because her husband had been involved in the bank , but 'OneUnited people ' were coming to her for help . '' Waters , `` according to ( Frank ) ... knew she should say no , but it bothered her . It was clear to ( Frank ) that this was a 'conflict of interest problem . ' '' Frank 's advice to Waters , the report states , was to 'stay out of it . ' '' According to Waters ' 2008 financial disclosure statement -- as mentioned in the report -- her husband had two investments in OneUnited at the time valued between $ 500,000 and $ 1 million . `` There is substantial reason to believe that Rep . Waters ' conduct may have violated '' House rules , the report concludes . Waters , a 71-year-old 10-term Democrat representing the Watts section of Los Angeles , insists she did nothing wrong . `` I have not violated any House rules , '' she said in a statement released Monday . `` I simply will not be forced to admit to something I did not do . '' Waters asserted that `` the record will clearly show that in advocating on behalf of minority banks neither my office nor I benefited in any way , engaged in improper action or influenced anyone . ... The case against me has no merit . '' Waters stressed that the meeting `` was requested and scheduled on behalf of the ( National Bankers Association ) , not on behalf of OneUnited Bank as has been suggested . '' The announcement by the ethics committee means Waters may now face a trial by committee members tasked with determining whether there is `` clear and convincing evidence '' she broke congressional rules . Also facing a possible ethics committee trial : Rep. Charlie Rangel , D-New York . Rangel , the former chairman of the tax-writing House Ways and Means Committee , has been accused of 13 violations of House rules involving alleged financial wrongdoing and harming the credibility of Congress . Both trials could take place in September -- only a few weeks before the midterm elections . The prospect of inquiries into two high-profile Democrats has compounded the fears of congressional Democrats nervous about their prospects in November . The growing likelihood of trials for Waters and Rangel also adds the explosive element of race to the political equation . Both representatives are leaders of the Congressional Black Caucus , and OneUnited Bank is one of the largest minority-owned banks in America . CNN 's Alan Silverleib , Craig Broffman and Deirdre Walsh contributed to this report .
Rep. Maxine Waters denies breaking any House rules . Waters joins Rep. Charlie Rangel in possibly facing trial by the House ethics committee . Waters is facing charges for violating House rules . Waters is charged with seeking federal aid in 2008 for a bank with ties to her husband .