Minority Press Releases
Brown: Full FDIC Board Must Consider Impact of BB&T and SunTrust Merger
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 calling on FDIC Chair Jelena McWilliams to ensure that the full FDIC Board considers the proposed merger of BB&T and SunTrust thoroughly, with the utmost transparency and accountability. The proposed merger would be the largest since the financial crisis, potentially signaling the beginning of a surge in consolidation and would create the largest entity … Continue Reading
April 15, 2019
Brown Announces More Than $6,000,000 In Affordable Housing Funds For Ohio
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 - announced that Ohio will receive $6,190,138 from the U.S. Department of Housing and Urban Development (HUD) to create and preserve affordable housing. The funds were awarded through the national Housing Trust Fund, which aims to create and preserve safe affordable housing for low-income households and families experiencing homelessness.“Stable hou… Continue Reading
April 11, 2019
Brown: Mnuchin Must Take Action To Address Emerging Threats To The Economy
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 calling on the Financial Stability Oversight Council (FSOC) to take decisive action to address heightened risk in the leveraged loan market. Despite growing concern from analysts and international regulators, FSOC members have weakened guidance that would protect Americans and their communities from a future downturn. “FSOC must consider whether this … Continue Reading
April 10, 2019
Brown Calls on Chairman Crapo to Hold Hearing on Megabank Misconduct and Enforcement Actions
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 calling on Chairman Crapo to hold a hearing on megabank misconduct following the release of “Misconduct By The Numbers” snapshots of the largest consumer facing domestic megabanks. The snapshots demonstrate that large Wall Street banks are too big to manage and are consistently violating multiple laws. “A decade after the financial crisis, Wall Stre… Continue Reading
April 5, 2019
Following Demands By Brown, FHFA Authorizes Funds for Housing Trust Fund and Capital Magnet Fund
Washington, D.C. - U.S. Senator Sherrod Brown - ranking member of the Senate Committee on Banking, Housing and Urban Affairs - released the following statement on FHFA’s decision to authorize payments to the Housing Trust Fund and the Capital Magnet Trust Fund. Last week, during hearings on Chairman Crapo’s Housing Finance Reform Outline, Sen. Brown questioned why FHFA inexplicably delayed the release of these critical affordable housing funds.“There is an affordable housing crisis in Ame… Continue Reading
April 4, 2019
Brown, Wyden Demand Answers From Stephen Moore on Unpaid Taxes
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 Sen. Ron Wyden (D-OR), Ranking Member of the U.S. Senate Committee on Finance, are seeking additional information from Stephen Moore, a possible nominee to the Federal Reserve Board of Governors, on his unpaid federal taxes, interest and penalties. Following President Trump’s indication that he would nominate Moore to the Board of Governors of the Fede… Continue Reading
April 2, 2019
Brown Opening Statement On Environmental, Social, and Governance Investing Principles
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 “The Application of Environmental, Social, and Governance Principles in Investing and the Role of Asset Managers, Proxy Advisors, and Other Intermediaries”. Sen. Brown’s remarks, as prepared for delivery, follow: Thank you Chairman Crapo and welcome to our witnesses. I hope today’s … Continue Reading
March 28, 2019
Brown Statement on the Retirement of Wells Fargo CEO and President Tim Sloan
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 retirement of Wells Fargo CEO and President Tim Sloan.“Tim Sloan needed to go, and he should not take a huge payout with him. But Wells Fargo’s mismanagement is about more than one CEO - this bank needs a complete culture shift. Watchdogs cannot afford to let up on Wells Fargo and whoever is tapped as the new CEO … Continue Reading
March 28, 2019
Brown Calls on HUD to Fully Combat Housing Discrimination Following Facebook Charges
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 Department of Housing and Urban Development’s (HUD) decision to file charges against Facebook for violating the Fair Housing Act by encouraging, enabling and causing housing discrimination through the company’s advertising platform. “Facebook’s actions demonstrate that housing discrimination - even literal redlining - is… Continue Reading
March 28, 2019
Brown Demands BB&T and Suntrust Answer Merger Impact on Employees, Consumers and Communities
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 calling on BB&T Corporation and Suntrust Banks, Inc. to provide information on the impact the banks’ proposed merger will have on the employees, customers and communities the banks serve. BB&T Corporation and SunTrust Banks, Inc. filed a merger application with the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC). “… Continue Reading
March 28, 2019
Brown Demands BB&T and Suntrust Answer Merger Impact on Employees, Consumers and Communities
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 calling on BB&T Corporation and Suntrust Banks, Inc. to provide information on the impact the banks’ proposed merger will have on the employees, customers and communities the banks serve. BB&T Corporation and SunTrust Banks, Inc. filed a merger application with the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC). “… Continue Reading
March 28, 2019
Brown Statement on President Trump's Housing Finance Executive Order
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 following President Trump’s Executive Order on Housing Finance. “The President says that he will make ‘sustainable home ownership for American families our benchmark of success,’ and I hope he means it. But this White House has a history of saying the right things and then taking actions that hurt workers and fam… Continue Reading
March 27, 2019
Brown Opening Statement at Hearing on the Chairman's Housing Reform Outline: Part Two
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 “Chairman’s Housing Reform Outline: Part 2”. Thank you, Mr. Chairman, and thank you to all of our witnesses for being here today. As I said yesterday, housing is simply unaffordable for far too many Americans. They can’t make rent without working two jobs, let alone save enough to ge… Continue Reading
March 26, 2019
Brown Opening Statement at Hearing on the Chairman's Housing Reform Outline: Part One
Thank you, Chairman Crapo, and thank you to all of the witnesses for being here today. I have long said that the “housing” part of this Committee’s name doesn’t get enough attention, and I look forward to the next two days of discussions and to working with the Chairman to address our nation’s housing needs. Whether you rent it or own it, a house isn’t just where you live. One of the best books about housing is Matthew Desmond’s book Evicted, and couple of years ago, he wr… Continue Reading
March 25, 2019
Senators Warren and Brown Call on OCC, CFPB to Fire Wells Fargo CEO Tim Sloan, Renew Call for Fed Action
In Case You Missed It:Senators Warren and Brown Call on OCC, CFPB to Fire Wells Fargo CEO Tim Sloan, Renew Call for Fed ActionSenators' Letters to Fed, OCC, and CFPB Follow Two More Scandals at Bank Under Sloan's LeadershipLetter to Fed Board (PDF) | Letter to OCC and CFPB (PDF)Washington, DC - Last week, United States Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection, and U… Continue Reading
March 12, 2019
Brown Opening Statement at Banking Committee Hearing on The CFPB's Semi-Annual 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 - 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: We created the Consumer Financial Protection Bureau to crack down on Wall Street predators and shady lenders that prey on hardworking families. Wall Str… Continue Reading
March 12, 2019
Brown Opening Statement at Banking Committee Executive Session
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 Executive Session.Sen. Brown’s remarks, as prepared for delivery, follow: Thank you Chairman Crapo, and welcome to our witnesses. Thank you, Mr. Chairman. This morning the Committee will vote on three nominations that were reported favorably last Congress. I plan to support each of the nominees again… Continue Reading
March 8, 2019
Brown Statement on Federal Reserve's Vote Against Big Bank Safeguards
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 Reserve’s decision to keep the countercyclical capital buffer at its current level of zero. The countercyclical capital buffer requires big banks to set aside extra capital to absorb potential loan losses in the event of an economic downturn.“I’m disappointed with the Fed’s decision to not raise the counter… Continue Reading
March 8, 2019
Brown Slams Trump Regulators Attemps To Weaken the 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 - released the following statement on federal bank regulator’s decisions to potentially redo a rewrite of the Volcker Rule.“It’s no surprise that when Wall Street banks complained that the proposed rewrite of the Volcker Rule wasn’t weak enough, Trump regulators went to work watering it down further,” said Brown. “It is sad to see critical Wall Street Refo… Continue Reading
March 8, 2019
Brown Statement on FSOC's Proposed Changes to Nonbank SIFI Designation
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 Financial Stability Oversight Council’s (FSOC) proposed interpretive guidance for nonbank SIFI designations.“The steps taken by Secretary Mnuchin and the Financial Stability Oversight Council undermine important post-crisis financial safeguards,” said Brown. “The new proposal ignores the damage done to our financia… Continue Reading
