Majority Press Releases
Brown Statement on CFPB Action Against Ohio Auto Lender Over Debt Collection Tactics
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the Senate Banking, Housing, and Urban Affairs Committee - issued the following statement regarding the Consumer Financial Protection Bureau's action today against an Ohio-based auto lender for failing to pay restitution it owed to military servicemembers who were allegedly harmed by illegal debt collection tactics. The CFPB fined the Security National Automotive Acceptance Company (SNAAC), based in Mason, OH, $1.25 million f… Continue Reading
April 25, 2017
Brown Statement on Wells Fargo's Board of Directors
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the Senate Banking, Housing, and Urban Affairs Committee - issued the following statement regarding the decision by Wells Fargo's shareholders to retain the bank's board of directors in the aftermath of the company's unauthorized accounts scandal. "Wells Fargo's board failed to look out for shareholders' interests as the bank defrauded thousands of its customers over many years. The board members need to bear responsibility, … Continue Reading
April 21, 2017
Brown Slams Trump Plans to Undermine Key Wall Street Reforms
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the Senate Banking, Housing, and Urban Affairs Committee, and a member of the Finance Committee - issued the following statement today after news reports that President Trump plans to issue executive orders aimed at dismantling key Wall Street reforms enacted after the 2008 financial crisis, and take steps toward rolling back crackdowns on corporate tax loopholes. "After the 2008 financial crisis almost destroyed our economy,… Continue Reading
April 20, 2017
Brown Statement on CFPB Action Against Ocwen Financial for Failing Homeowners
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the Senate Banking, Housing, and Urban Affairs Committee - issued the following statement regarding today's action by the Consumer Financial Protection Bureau and state regulators against Ocwen Financial Corp. The CFPB alleges that Ocwen, one of the nation's largest nonbank mortgage servicers, for years "engaged in significant and systemic misconduct at nearly every stage of the mortgage servicing process," according to the bu… Continue Reading
April 20, 2017
Brown Statement on Plan to Roll Back Wall Street Reform
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the Senate Banking, Housing, and Urban Affairs Committee - today issued the following statement regarding House Financial Services Chairman Jeb Hensarling's (R-TX) bill to undo the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation would gut the Consumer Financial Protection Bureau, which has returned almost $12 billion to 29 million Americans who have been cheated by shadowy debt collectors, for-profit… Continue Reading
April 4, 2017
Brown Statement at Committee Vote on SEC Nominee Clayton
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - issued the following statement at today's Executive Session on the nomination of Jay Clayton for Chairman of the Securities and Exchange Commission. Brown voted against Clayton's nomination. Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening Statement:Executive SessionApril 4, 2017 Two weeks ago this Committee heard from Jay C… Continue Reading
March 31, 2017
Brown Urges Court to Preserve Consumer Watchdog's Independence
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - helped lead an amicus brief filed today with a federal appeals court in support of the Consumer Financial Protection Bureau's current structure as an independent agency. The brief outlines how Congress decided after the 2008 financial crisis to design the CFPB as an independent agency with a single director to protect consumers' interests and respond quickly t… Continue Reading
March 30, 2017
Senators Call for Investigation of Trump's Dealings with Corrupt Oligarch Linked to Iran
WASHINGTON, D.C. - A group of leading Senate Democrats today called for a federal investigation into whether President Trump's business dealings in Azerbaijan may have violated anti-corruption and sanctions laws, and may have served as a channel for money-laundering and other illicit activities tied to Iran's Islamic Revolutionary Guard Corps (IRGC). Sens. Sherrod Brown (D-OH), Ben Cardin (D-MD), and Dianne Feinstein (D-CA) outlined their concerns in a letter to Treasury Secretary Steven Mnuchi… Continue Reading
March 28, 2017
Brown Opening Statement at Hearing on Economic Growth
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 entitled, "Fostering Economic Growth: The Role of Financial Companies." Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening StatementHearing: "Fostering Economic Growth: The Role of Financial Companies" March 28, 2017 Thank you, Chairman Crapo for holding this hearing… Continue Reading
March 27, 2017
Brown, Reed to Senators: Back CFPB to Protect Military Families, Veterans
WASHINGTON, D.C. - U.S. Sens. Sherrod Brown (D-OH) and Jack Reed (D-RI) today urged their fellow Senators to ensure that the Consumer Financial Protection Bureau remains a strong, independent agency so it can continue to safeguard military families and veterans from financial abuse. Brown and Reed released a brief video highlighting Congressional testimony from the senior enlisted advisors from the Army, Navy, Marine Corps, and Air Force praising the CFPB's work on behalf of servicemembers a… Continue Reading
March 23, 2017
Brown Opening Statement at Hearing on SEC Nominee Jay Clayton
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 the nomination of Jay Clayton for Chairman of the Securities and Exchange Commission. Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening Statement:Nomination HearingMarch 23, 2017 Mr. Clayton - congratulations on your nomination to be Chair of the U.S. Securities a… Continue Reading
March 16, 2017
Brown Blasts Trump Plan to Slash Housing Assistance for Low-Income Urban and Rural Communities
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the Senate Committee on Banking, Housing and Urban Affairs - today blasted President Trump's proposal to cut the U.S. Department of Housing and Urban Development's budget by more than $6 billion and eliminate programs critical to maintaining the nation's supply of affordable housing. The budget plan also would cut funding for public transit programs and community development grants. "The Trump Administration's proposal to gut… Continue Reading
March 15, 2017
Brown Opening Statement at Hearing to Assess U.S. Sanctions on Russia
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 entitled, "Assessing U.S. Sanctions on Russia: Next Steps." Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening StatementHearing: "Assessing U.S. Sanctions on Russia: Next Steps" March 15, 2017 Mr. Chairman, thank you for calling this important hearing, and for your… Continue Reading
March 14, 2017
Brown Opening Statement on Reauthorization of the National Flood Insurance Program
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, as prepared for delivery, at today's hearing entitled, "Reauthorization of the National Flood Insurance Program, Part I." Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening Statement Hearing: "Reauthorization of the National Flood Insurance Program, Part I" March 14, 2017 Thank… Continue Reading
March 13, 2017
Brown Commends Raphael Bostic's Appointment as Atlanta Fed President
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - today commended the appointment of Raphael Bostic to serve as President of the Federal Reserve Bank of Atlanta. Bostic is the first African-American chosen to lead one of the 12 regional Fed banks in the central bank's history. "Mr. Bostic is a well-qualified economist and public servant who has devoted his career to studying and fighting inequality. His appoi… Continue Reading
March 10, 2017
Banking Committee Democrats Question Carson on Plans to Slash HUD Budget
WASHINGTON, D.C. - A group of Democrats on the U.S. Senate Committee on Banking, Housing, and Urban Affairs today questioned Housing and Urban Development Secretary Ben Carson on a report that the Trump Administration has considered slashing the department's fiscal 2018 budget by more than $6 billion. The lawmakers stressed that cuts of this magnitude would be devastating for children and families nationwide, and would contradict Carson's testimony to the Banking Committee during his Jan. 12 con… Continue Reading
March 9, 2017
Brown Opening Statement at Markup of Bipartisan Securities Bills
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, as prepared for delivery, at today's markup of a slate of bipartisan securities bills. The bills address access to securities research (S. 327, Heller-Peters), capital formation for small businesses (S. 444, Heitkamp-Heller), refunding overpayment of Securities and Exchange Commission fees (S. 462, Heller-Heitkamp-Toom… Continue Reading
March 2, 2017
Brown Asks Treasury to Assess if President Trump's Global Business Ties Could Violate Sanctions, Anti-Terrorism Laws
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) today asked the U.S. Treasury Department to assess whether President Trump and his family's investment partners and business associates from Russia and other countries have violated U.S. anti-terrorist financing, sanctions, and money laundering laws. In a letter to Treasury Secretary Steven Mnuchin, Brown said that Trump's refusal to divest from investments that pose potential conflicts of interest raises concerns about his and his family's exte… Continue Reading
February 14, 2017
Brown Opening Statement at Hearing on Semiannual Monetary Policy 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 - released the following opening statement, as prepared for delivery, at today's hearing on "The Semiannual Monetary Policy Report to the Congress." Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening Statement:Hearing on "The Semiannual Monetary Policy Report to the Congress"Feb. 14, 2017 Thank you, Chairman Crapo. Chair Yell… Continue Reading
February 14, 2017
Brown Statement on Plan to Gut Wall Street Reform
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the Senate Banking, Housing, and Urban Affairs Committee - today issued the following statement regarding House Financial Services Chairman Jeb Hensarling's (R-TX) proposal to undo the Dodd-Frank Wall Street Reform and Consumer Protection Act. "It took less than three weeks for House Republicans to show their hand on how they will renege on candidate Trump's campaign promises to hold Wall Street accountable and help working A… Continue Reading
