The committee met Friday and found no violations in their investigation of allegations that Waters steered a $12 million federal bailout to a bank where her husband owns stock.
Waters, a senior Democrat on the Financial Services Committee, has denied any wrongdoing.
However, the committee said Waters' chief of staff Mikael Moore did take actions in Congress attempting to help the bank and violated standards of conduct. Moore will likely receive a letter admonishing his conduct, but will not be receive any severe punishment by the full house.
These are tentative findings. The committee has yet to issue a final report.
Virginia Republican Rep. Bob Goodlatte, who is acting chairman of the panel, said the committee was convinced that when Waters asked for a meeting at the Treasury Department to discuss financial help for minority banks, she believed she did so on behalf of all minority banks - not just OneUnited, where her husband owns stock. Goodlatte said the committee agreed with Waters' assertion.
Goodlatte said when Waters realized OneUnited was in trouble, she told then-chairman of the House Financial Services Committee, Rep. Barney Frank, D-Mass., to handle the case. Goodlatte said, however, that Moore continued efforts in Congress to get committee help for OneUnited, even sending the committee staff an email saying, "OneUnited is in trouble."
Moore defended his actions, saying he violated no House rules.
The Associated Press contributed to this report.