Majority Press Releases
Merkley, Brown Applaud SEC for Moving Towards Finalizing Conflicts of Interest Rule for Asset-Backed Securities
Washington D.C. - Today, Oregon’s U.S. Senator Jeff Merkley and Banking and Housing Committee Chairman Sherrod Brown (D-OH) applauded the Securities and Exchange Commission (SEC) for reintroducing proposed rulemaking to address conflicts of interests in the securitization market. “Conflicts of interest in the securitization market contributed to the 2008 economic collapse. Sadly, many of those same financial institutions are still able to sell investors asset-backed securities, bet against them,… Continue Reading
January 25, 2023
Brown Applauds Biden-Harris Administration's Actions to Protect Renters
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Biden-Harris Administration released a blueprint on enhancing protections for renters. “Too many renters in Ohio and around the country pay more than they can afford for homes that put their health at risk, or live in constant fear of losing their homes through eviction,” said Brown. “Home impacts everything in a person’s… Continue Reading
January 23, 2023
Brown, Van Hollen to Regulators: Don't Let Taxpayers Pay for Wall Street's Failures
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, and Sen. Chris Van Hollen (D-MD), a member of the Committee sent letters to the Federal Deposit Insurance Corporation (FDIC) and the Board of Governors of the Federal Reserve System in support of the agencies’ efforts to strengthen our banking system. In October, the regulators took the first steps to propose a rule that would protect consumers and taxpayers from footing the… Continue Reading
January 19, 2023
Brown Applauds HUD Proposal of Important Fair Housing Rule
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement on the Department of Housing and Urban Development’s (HUD) release of its Affirmatively Furthering Fair Housing proposed rule implementing a requirement under the Fair Housing Act.“Today’s proposed rule is an important step to ensure that we are fulfilling our nation’s commitment to fair housing in all of our communities,” Brown sa… Continue Reading
December 22, 2022
Brown Introduces Bill to Mitigate Urban Heat, Protect Communities from Climate Change
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, introduced the Excess Urban Heat Mitigation Act, legislation to create a grant program through the Department of Housing and Urban Development (HUD) that would provide funding to local governments and nonprofit organizations for heat mitigation efforts.“As climate change worsens, so will the health and safety risks of excess heat and rising surface temperatures,” said Brown.… Continue Reading
December 21, 2022
Brown, Colleagues Call for Review of MV Realty's Deceptive Listing Agreements
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, along with Sen. Tina Smith (D-MN), Chair of the Senate Subcommittee on Housing, Transportation, and Urban Development, and Sen. Ron Wyden (D-OR), sent a letter to the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) requesting a review of real estate brokerage firms’ use of exclusive listing agreements. The letter follows several reports of … Continue Reading
December 20, 2022
Brown Applauds CFPB Actions Against Wells Fargo
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the CFPB announced new enforcement actions against Wells Fargo. The CFPB order requires Wells Fargo to pay $3.7 billion for mismanagement and hurting consumers.“This is what happens when you have an agency on the side of working families - not Wall Street and big corporations,” said Brown. “It is critical we protect the CFPB from … Continue Reading
December 20, 2022
Brown Presses Manufactured Housing Investors to Halt Rent Increases and Protect Ohio Seniors
Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Legacy Communities LLC, a real-estate company that owns multiple manufactured housing communities in Ohio. The letter follows several complaints from Ohioans regarding drastic rent increases and service reductions in Elyria and Navarre. Brown also wrote to Freddie Mac to request a review of their financing practices for manufactured housing communities owned by Legacy Communit… Continue Reading
December 19, 2022
Ahead of Confirmation Vote, Brown Urges Colleagues to Support Marty Gruenberg's Nomination For FDIC Chair
Today on the Senate Floor, U.S. Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, called on his colleagues to support the nomination of the Honorable Martin J. Gruenberg to be a Member and Chair of the Federal Deposit Insurance Corporation (FDIC). Gruenberg has served as Acting Chair of the FDIC since February.Sen. Brown’s remarks, as prepared for delivery, follow:Mr./Madame President,I urge my colleagues to join me in supporting the nomi… Continue Reading
December 15, 2022
Brown: Democrats Will Always Defend the CFPB and Fight for Consumers
U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s hearing entitled, “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”Sen. Brown’s remarks, as prepared for delivery, follow:Let me start by talking about two of our colleagues who are retiring at the end of this Congress.Senator Toomey sat by my side for 87 of the 89 hearings the Committee held this Congress. W… Continue Reading
December 14, 2022
Brown on FTX: Crypto Puts Consumers and Our National Security at Risk
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s hearing entitled, “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers.”Sen. Brown’s remarks, as prepared for delivery, follow:First, I want to express my gratitude to the Department of Justice, the SEC, the CFTC, and the Bahamian authorities for taking this critical step to hold Sam Bankman-Fried accoun… Continue Reading
December 13, 2022
Brown Advances FDIC and HUD Nominees
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs held an executive session to vote on the nominations of: The Honorable Martin Gruenberg to be a Member and Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC); Mr. Travis Hill to be a Member and Vice Chairperson of the Board of Directors of the FDIC, Mr. Jonathan McKernan to be a Member of the Board of Directors of the FDIC,… Continue Reading
December 12, 2022
Brown, Toomey Statement on Bankman-Fried's Refusal to Testify
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Sen. Pat Toomey (R-PA), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement regarding the Committee’s request that Sam Bankman-Fried testify on FTX’s collapse this week or December 20th, 2022. “Virtually every CEO, financial regulator, and administration official for Republicans and Democrats has… Continue Reading
December 9, 2022
Brown, Toomey Update on Sam Bankman-Fried Testimony
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Sen. Pat Toomey (R-PA), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement regarding the Committee’s request that Sam Bankman-Fried testify on FTX’s collapse. “Sam Bankman-Fried’s counsel did not respond by the stated deadline. We believe it’s important that Bankman-Fried show he is willing to prov… Continue Reading
December 8, 2022
Brown, Toomey Statement on Sam Bankman-Fried Testimony
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Sen. Pat Toomey (R-PA), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement regarding the Committee’s request that Sam Bankman-Fried testify on FTX’s collapse.“FTX’s collapse has caused real financial harm to consumers, and effects have spilled over into other parts of the crypto industry. The Ameri… Continue Reading
December 8, 2022
Banking and Housing Committee Democrats Year-End Recap and Next-Year Outlook
Date: December 8, 2022To: Reporters and EditorsFrom: Committee on Banking, Housing, and Urban Affairs Majority StaffRe: Banking and Housing Committee Democrats Year-End Recap and Next-Year Outlook Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement and memo on the Committee’s accomplishments of the past year, as well as priorities for the 118th Congress.“The Banking, Housing, and Urban Affairs Co… Continue Reading
December 6, 2022
Brown, Casey, Colleagues Introduce Bill to Ensure a Fair Banking System
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, along with Sen. Bob Casey (D-PA) and Sen. Chris Van Hollen (D-MD), introduced the Close the Shadow Banking Loophole Act, legislation to require companies that own an industrial loan company (ILC) to be subject to the same rules and consumer protections as traditional banks.“Letting Big Tech and commercial companies operate banks without proper oversight will only open doors … Continue Reading
December 1, 2022
Brown: We Must End Discrimination in Banking
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s hearing entitled, “Fairness in Financial Services: Racism and Discrimination in Banking.”Sen. Brown’s remarks, as prepared for delivery, follow:When work has dignity, every American can fully participate in and receive the benefits of our dynamic economy.Financial services and products have played a critical role in … Continue Reading
November 30, 2022
Brown Calls for Action to Protect Homeowners from Zombie Mortgages
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), to urge the CFPB to review second mortgage servicing practices of the servicers and debt collectors it supervises. The letter follows reports that mortgage servicers are attempting to collect or foreclose on second mortgages borrowers did not know they had, which could put homeownersh… Continue Reading
November 30, 2022
Brown Opening Statement at Nomination Hearing
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s nomination hearing for The Honorable Martin Gruenberg, nominee to be a Member and Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC), Mr. Travis Hill, nominee to be a Member and Vice Chairperson of the Board of Directors of the FDIC, Mr. Jonathan McKernan, nominee to be a Member… Continue Reading
