Majority Press Releases
Brown and Murray Lay Out Expectations For New CFPB Student Loan Ombudsman
Washington, D.C. -U.S. Senator Sherrod Brown (D-OH), ranking member of the Senate Banking, Housing, and Urban Affairs Committee, and Senator Patty Murray (D-WA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, sent a letter to the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman Mr. Robert Cameron laying out guiding principles and expectations for the Student Loan Ombudsman's Office“As you know, the Consumer Financial Protection Act … Continue Reading
October 9, 2019
Brown, Schatz Warn Payments Providers Of Risks With Libra Association
WASHINGTON - Today, U.S. Senator Sherrod Brown (D-Ohio), Ranking Member of the Senate Banking Committee and U.S. Senator Brian Schatz (D-Hawai‘i), a member of the Senate Banking Committee, sent letters to the CEOs of Visa, MasterCard, and Stripe to express deep concerns over Facebook’s Libra Association and to urge potential member companies to proceed with caution until Facebook is able to provide real answers. PayPal left the Libra Association on Friday. “We are concerned because key que… Continue Reading
September 27, 2019
Brown and Waters Call On Appraisal Subcommittee To Provide Answers On Unprecedented Appraisal Waiver
Washington, D.C. - U.S. Senator Sherrod Brown (D-OH), ranking member of the Senate Banking, Housing, and Urban Affairs Committee and Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to the Appraisal Subcommittee (ASC) Chairman Arthur Lindo requesting answers about ASC’s decision to grant a waiver of appraiser certification and licensing to the state of North Dakota. Created in 1989 by Congress, ASC strengthened federal oversight of t… Continue Reading
September 26, 2019
Brown Demands Answers From CFPB On Why Funds Were Not Returned To Harmed Consumers
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - is demanding that the Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger stop protecting bad actors at the expense of harmed consumers. In his letter, Brown criticized the CFPB enforcement actions under Director Kraninger that have provided little and in some cases zero monetary relief for consumers. “This is a critical function of the B… Continue Reading
September 17, 2019
Banking Committee Senators Urge CFPB to Protect Consumers' Access to Safe, Affordable Mortgages
BANKING COMMITTEE SENATORS URGE CFPB TO PROTECT CONSUMERS’ ACCESS TO SAFE, AFFORDABLE MORTGAGES WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - led Senate Banking Committee Democrats in urging that the Consumer Financial Protection Bureau (CFPB) maintain strong consumer protections and access to credit as it revises the Qualified Mortgage (QM) and Ability to Repay (ATR) rules under the Truth in Lendi… Continue Reading
September 13, 2019
ICYMI: WaPo –‘ TRUMP’S HOUSING FINANCE PLAN WILL MAKE MORTGAGES MORE EXPENSIVE, ESPECIALLY FOR BLACK BORROWERS, HOUSING GROUPS SAY’
WASHINGTON, D.C. - In case you missed it, the Washington Post reported that fair housing and lending groups say that the Trump Administration’s proposed housing finance plan will make mortgages more expensive for black borrowers in the South, Midwest and rural communities. The administration proposed a plan last week that will make mortgages more expensive and harder to get.During a Senate Banking Committee hearing on Tuesday, entitled ‘Housing Finance Reform: Next Steps,’ U.S. Senator S… Continue Reading
September 12, 2019
Senate Banking Committee Democrats Demand Capital One Protect Consumers Impacted By Data Breach
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - led Senate Banking Committee Democrats in demanding that Capital One take action to protect the more than 100 million consumers impacted by the March 2019 data breach. In response to the data breach, Capital One promised to provide free credit monitoring and identity protection services to its consumers. As the Senators describe in the letter, Capital On… Continue Reading
September 10, 2019
Brown Opening Statement at Hearing on Housing Finance Reform
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - delivered the following opening statement at today’s hearing entitled ‘Housing Finance Reform: Next Steps’. Sen. Brown’s remarks, as prepared for delivery, follow: Thank you, Mr. Chairman, and thank you to all of our witnesses for being here today. We’re going to hear from the Trump Administration about the “next steps” on housing finance reform, but it’… Continue Reading
September 5, 2019
BROWN TO TRUMP: DO NOT RAISE MORTAGE RATES FOR WORKING FAMILIES
WASHINGTON, D.C. — Today, U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - slammed President Trump’s housing finance reform proposal as another industry giveaway that would destabilize the economy, raise mortgage and rent costs and limit access to mortgages for working people across the country.“President Trump’s housing plan will make mortgages more expensive and harder to get. I’m urging the President: Make it easier f… Continue Reading
September 4, 2019
Brown Commends Civil Rights Community's Housing Finance Reform Proposals
WASHINGTON, D.C. — Today, following the release of a letter from civil rights and advocacy organizations on guiding principles of housing finance reform, U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs -applauded their work to ensure access to sustainable, affordable rental and homeownership opportunities throughout the housing market. “Civil Rights organizations have laid out a strong plan for an equitable housing market… Continue Reading
September 3, 2019
Brown and Murray Demand Answers From New CFPB Student Loan Ombudsman
Washington, D.C. -U.S. Senator Sherrod Brown (D-OH), ranking member of the Senate Banking, Housing, and Urban Affairs Committee and Senator Patty Murray (D-WA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, sent a letter to the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman Robert Cameron demanding answers as to how he will carry his duties in his new role given his potential conflicts of interest from working for the federal s… Continue Reading
August 22, 2019
Brown to White House: Do Not Put Housing Market and Taxpayers At Risk
WASHINGTON, D.C. — Today, following news reports that the Treasury Department has submitted its housing finance reform plan to the White House for the final signoff, U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - warned the Trump Administration that if its housing reform plan fails to protect the housing market and working families it could risk destabilizing the economy. “In March, stakeholders told us what it takes to… Continue Reading
August 20, 2019
Brown Blasts Trump Regulators For Rolling Back Volcker Rule
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - is blasting the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) for giving another gift to Wall Street megabanks by voting to rollback the Volcker Rule. Instead of guarding the taxpayer backstop that protects Americans’ savings, the banking regulators are undoing critical protections put in place after the… Continue Reading
August 14, 2019
Brown Demands Kraninger Protect Consumers and Implement Payment Provision of Payday Rule
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - is demanding that the Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger implement the payment provision of the Payday Rule that was issued by the CFPB in October 2017. The Payday Rule prohibits lenders from attempting to withdraw payments from consumers’ accounts for certain loans after two prior attempts to withdraw funds failed due … Continue Reading
August 5, 2019
Brown Applauds FED Plan for Real-Time Payments System
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - is applauding the Federal Reserve for taking decisive action to develop a new real-time payment and settlement system, called the FedNow? Service, to support faster payments in the United States. “Hardworking American’s shouldn’t have to wait up to three days for a check to clear. Real-time payments will give American’s around the clock access to their mo… Continue Reading
August 2, 2019
Brown Blasts Trump Proposal That Would Weaken Protections for Victims of Housing Discrimination
WASHINGTON, DC - U.S. Senator Sherrod Brown (D-OH) today blasted the Trump administration’s reported proposal that would make it harder for victims of housing discrimination to bring lawsuits forward. The Department of Housing and Urban Development’s 2013 “disparate impact” rule formalized HUD's longstanding prohibition against practices with discriminatory effects under the Fair Housing Act and provided uniform guidance for applying standards across the country. The rule provides a fra… Continue Reading
July 30, 2019
Brown Opening Statement at Regulatory Frameworks For Digital Currencies and Blockchain Hearing
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - delivered the following opening statement at today’s hearing entitled ‘Examining Regulatory Frameworks for Digital Currencies and Blockchain.’ Sen. Brown’s remarks, as prepared for delivery, follow: Thank you Chairman Crapo, and welcome to our witnesses. At this committee’s hearing earlier this month, many of us of both parties voiced serious concerns a… Continue Reading
July 29, 2019
Brown, Warren Demand Action Following "Damning' Blankenstein IG Report
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - and Senator Elizabeth Warren (D-MA) - Ranking Member of the Banking Subcommittee on Financial Institutions and Consumer Protection - are demanding action from the Department of Housing and Urban Development (HUD), the Consumer Financial Protection Bureau (CFPB), and the CFPB Inspector General following what the Senators call ‘damning’ findings from an in… Continue Reading
July 23, 2019
Brown Opening Statement at Hearing on Cannabis Banking
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - delivered the following opening statement at today’s hearing entitled ‘Challenges for Cannabis and Banking: Outside Perspectives’.Sen. Brown’s remarks, as prepared for delivery, follow: Thank you Chairman Crapo for holding this hearing, and welcome to our witnesses. Over the past several years, voters and legislatures in nearly every state have, to some… Continue Reading
July 16, 2019
Brown Opening Statement at Facebook Hearing
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - delivered the following opening statement at today’s hearing on Facebook’s Digital Currency.Sen. Brown’s remarks, as prepared for delivery, follow: Facebook is dangerous.Now, Facebook might not intend to be dangerous - but they certainly don’t respect the power of the technologies they are playing with. Like a toddler who has gotten his hands on a book … Continue Reading
