Majority Press Releases
Brown Warns Against Divisive Changes to the Community Reinvestment Act
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following statement on the Office of the Comptroller of the Currency's (OCC) Advance Notice of Proposed Rulemaking (ANPR) seeking comment on ways to overhaul the Community Reinvestment Act (CRA). The CRA - meant to address generations of segregation and discrimination in bank lending - is one of the most important accomplishments of the Civil Right… Continue Reading
August 27, 2018
Brown Statement On Resignation of CFPB Student Loan Watchdog
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following statement on the resignation of the Consumer Financial Protection Bureau's (CFPB) Student Loan Ombudsman and Assistant Director for the Office for Students and Young Consumers, Mr. Seth Frotman. Mr. Frotman and his office were in charge of protecting student borrowers from predatory lending practices and financial schemes in the $1.5 tril… Continue Reading
August 23, 2018
Brown Statement On Bank Profits Breaking Quarterly Records
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following statement on the Federal Deposit Insurance Corporation (FDIC) Quarterly Banking Profile. FDIC insured institutions reported $60.2 billion in the second quarter of 2018, smashing previous quarterly records. "While Wall Street is taking another victory lap with record profits, workers' real hourly wages have declined in the last year. The … Continue Reading
August 23, 2018
Brown Opening Statement at Banking Committee Executive Session on Nominees
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following opening statement at today's Executive Session to consider the nominations of Kathleen Kraninger, Kimberly Reed, Elad Roisman, Michael Bright, Rae Oliver and Dino Falaschetti. Sen. Brown's remarks, as prepared for delivery, follow: Thank you Mr. Chairman. Today's nominees, if confirmed, will have a real impact on the lives and financ… Continue Reading
August 21, 2018
Brown Opening Statement at Banking Committee Hearing on Russia Sanctions
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following opening statement at today's hearing titled 'Russia Sanctions: Current Effectiveness and Potential for Next Steps'. Sen. Brown's remarks, as prepared for delivery, follow: Mr. Chairman, thank you for agreeing to this important hearing, the first in the coming weeks on sanctions and other measures to more forcefully counter Russia's c… Continue Reading
July 31, 2018
Brown: Administration Gives Two Thumbs Up to Predatory Payday Lenders
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following statement on the Treasury Department's fintech report and the Office of the Controller of the Currency's (OCC) announcement that it will grant national charters to online lenders. The Treasury report recommends repealing the CFPB's federal payday-lending protections; while the national preemption afforded by the OCC charters will effectiv… Continue Reading
July 30, 2018
Brown, Merkley, Warren Press Regulators for Greater Transparency on Volcker Rule Enforcement
United States Senate Brown, Merkley, Warren Press Regulators for Greater Transparency on Volcker Rule Enforcement Senators' push comes as Trump regulators attempt to rewrite and weaken the rule WASHINGTON, D.C. - Oregon's Senator Jeff Merkley, a co-author of the Volcker Rule, today joined with Banking Committee Ranking Member Sherrod Brown (D-OH) and Sen. Elizabeth Warren (D-MA) to urgently press federal financial regulators for more transparency about how the Volcker Rule is currently bein… Continue Reading
July 24, 2018
Brown Keynote Speech at Americans For Financial Reform Forum on the Financial Crisis Ten Years Later
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 keynote speech today at the Americans for Financial Reform's event titled "Regulating Wall Street --10 Years Later". Sen. Brown's remarks, as prepared for delivery, follow: Thank you Lisa Donner and Marcus Stanley for organizing the panel and for the work of Americans for Financial Reform. You are one of the main reasons we secured… Continue Reading
July 24, 2018
Brown Opening Statement at Banking Committee Hearing on Nominations to the SEC, Ginnie Mae, HUD and OFR
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following opening statement at today's hearing on nominations to the Securities and Exchange Commission, Government National Mortgage Association, Department of Housing and Urban Development and Office of Financial Research. Sen. Brown's remarks, as prepared for delivery, follow: Thank you, Chairman Crapo, for holding today's hearing on the no… Continue Reading
July 19, 2018
Brown Statement On President Trump Criticizing The Federal Reserve For Raising Interest Rates
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following statement in response to President Trump's harsh criticism of the Federal Reserve for raising interest rates in an interview today with CNBC. "Presidents should respect the independence of the Federal Reserve," said Brown. "I asked Chair Powell under oath at his nomination hearing if he would maintain that independence and he assured th… Continue Reading
July 19, 2018
Brown opening Statement at Banking Committee Hearing on Nominations to the Consumer Financial Protection Bureau and the Export-Import Bank
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following opening statement at today's hearing on nominations to the Consumer Financial Protection Bureau and the Export-Import Bank of the United States. Sen. Brown's remarks, as prepared for delivery, follow: Thank you, Mr. Chairman, and welcome to our nominees, their family, and friends. The financial crisis started when greedy lenders … Continue Reading
July 17, 2018
Committee Members Call on Banking Committee to Postpone CFPB Hearing Until Requested Documents are Provided
WASHINGTON, D.C. - Today, Senate Banking Committee Democrats wrote to Chairman Crapo urging him to postpone Thursday's Consumer Financial Protection Bureau nomination hearing of Ms. Kathy Kraninger until committee members' outstanding requests for information have been fulfilled. Members of the Committee have requested relevant documents and other information in advance of Thursday's nominations hearing, including: Letter From Senators Brown and Warren Letter From Senators Menendez, Brown, … Continue Reading
July 17, 2018
Brown Opening Statement at Banking Committee Hearing on Federal Reserve's Monetary Report to Congress
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following opening statement at today's hearing titled 'The Semiannual Monetary Report to Congress'. Sen. Brown's remarks, as prepared for delivery, follow: Thank you, Mr. Chairman. This week, the President went overseas, and sided with President Putin while denigrating critical American institutions, including the press, the intelligence comm… Continue Reading
July 12, 2018
Brown Opening Statement at Banking Committee Hearing on Credit Bureaus and the Fair Credit Reporting Act
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following opening statement at today's hearing titled 'An Overview of the Credit Bureaus and the Fair Credit Reporting Act'. Sen. Brown's remarks, as prepared for delivery, follow: Thank you, Mr. Chairman. And thanks to our witnesses for joining us today. I hope I can be excused to particularly welcome Ms. Twohig from the Consumer Protection Bur… Continue Reading
July 9, 2018
Brown Floor Speech On Federal Reserve 2018 Stress Test Results
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 speech on the Senate floor today on the Federal Reserve's Comprehensive Capital Analysis and Review (CCAR) Stress Test results. The CCAR Stress Test is an annual exercise by the Federal Reserve to assess whether the largest banks operating in the United States have sufficient capital to weather downturns in the economy. Brown's remarks,… Continue Reading
June 26, 2018
Brown Opening Statement at Hearing on Proposals to Increase Access to Capital
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following opening statement at today's hearing titled 'Legislative Proposals to Increase Access to Capital'. Sen. Brown's remarks, as prepared for delivery, follow: Thank you, Mr. Chairman, and welcome to our witnesses. I want to thank Senator Crapo for holding today's hearing and providing Members of this Committee the opportunity to discuss… Continue Reading
June 19, 2018
Warren, Brown Call for CFPB Director Nominee to Turn Over Documents on Involvement in Trump Administration's Separation of Children from Their Families
Warren, Brown Call for CFPB Director Nominee to Turn Over Documents on Involvement in Trump Administration's Separation of Children from Their Families Kathy Kraninger is Top Budget Official Overseeing New Policies Implemented by DHS and DOJ, Including "Zero-Tolerance Policy" Text of letter (PDF) Washington, DC - United States Senators Sherrod Brown (D-Ohio), Ranking Member of the Senate Banking, Housing, & Urban Affairs Committee and Elizabeth Warren (D-Mass.), Ranking Member of the Sena… Continue Reading
June 18, 2018
Brown Statement On Nomination Of CFPB Director
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following statement on the White House's intent to nominate Ms. Kathy Kraninger as Director of the Consumer Financial Protection Bureau (CFPB). "Working families need a CFPB Director who will fight for them. For months I have called for a CFPB Director with a track record of holding Wall Street and payday lenders accountable. The White House shoul… Continue Reading
June 7, 2018
Brown Statement On Agreement Between The Trump Administration And ZTE
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following statement on the new settlement agreement between the Trump administration and Chinese telecom giant ZTE. ZTE was penalized for persistently violating US sanctions against Iran and North Korea and lying about it on multiple occasions. The Senate Banking Committee recently voted overwhelmingly to block such a deal, and the House of Represe… Continue Reading
June 6, 2018
Brown Slams Mulvaney For Disbanding CFPB's Consumer Advisory Board
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs slammed Acting Director Mick Mulvaney's reported decision to disband the CFPB's Consumer Advisory Board. The advisory board is a statutorily required panel of 25 consumer advocates and experts that help inform the CFPB about emerging consumer practices, products and trends as well as share consumer focused analysis and recommendations. "Mulvaney has proven on… Continue Reading
