Minority Press Releases

March 10, 2020

Brown Releases Report Outlining How CFPB Fails to Carry out Mission, Betrays Americans under Director Kraninger’s Leadership

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 Senate Democrats on the Committee released a report today ahead of Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger’s semi-annual report to Congress. The report details the ways the agency has failed to live up to its mission under Director Kraninger’s leadership, including failing to defend the constitutionality of the CFPB, ref… Continue Reading


March 5, 2020

Brown Stands Up Against Economic, National Security Threats Posed By State-Owned & State-Supported Chinese Rail and Bus Companies

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: “Threats Posed by State-Owned and State-Supported Enterprises to Public Transportation.” Sen. Brown’s remarks, as prepared for delivery, follow:Thank you, Mr. Chairman, for calling today’s hearing on a bipartisan bill that you and I, along with Senators Cornyn and Baldwin and 48 others, suc… Continue Reading


March 4, 2020

Brown, Senate Democrats to SEC: New Rules Harm Investors and Limit Corporate Accountability

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 a letter with Senators Jack Reed (D-RI), Brian Schatz (D-HI) and Dick Durbin (D-IL) today to the Securities and Exchange Commission (SEC) in response to proposed rules that will restrict shareholder rights and limit corporate accountability to shareholders. The Senators wrote that the proposed rules would limit the ability of small shareholders to … Continue Reading


March 4, 2020

Brown Calls for FSOC Briefing on Plans to Address Risks of Economic Downturn Due To Coronavirus

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs -called on Treasury Secretary Steven Mnuchin, Chair of the Financial Stability Oversight Council (FSOC), and FSOC member agencies to brief the Senate Committee on Banking, Housing and Urban Affairs on the Council’s plan to address the threat of an economic downturn due to coronoavirus.In the letter, the Senator highlighted FSOC’s lack of response to other… Continue Reading


March 3, 2020

Brown Statement on Fed Interest Rate Cut In Face of Coronavirus Concerns

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 released the following statement after Fed Chair Jerome Powell announced an interest rate cut amid concerns about the coronavirus.“Today, Federal Reserve Chairman Powell reminded us how our leaders should act when faced with a public health emergency and its potential economic impacts—with a steady hand, reliance on facts, and coordination with ou… Continue Reading


March 2, 2020

Brown Once Again Fights Trump Administration Efforts to Undermine Consumer Protection Agency

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 as the Supreme Court is set to hear oral arguments this week in Seila Law v. CFPB, a case to determine whether the Consumer Financial Protection Bureau (CFPB) is constitutionally structured. Brown has been a vocal champion of the CFPB since its inception and has led efforts by the Trump Administration to dismantle the co… Continue Reading


February 25, 2020

Brown Opening Statement at Banking Committee Hearing on Surface Transportation Reauthorization

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: "Surface Transportation Reauthorization: Public Transportation Stakeholders' Perspectives." Sen. Brown's remarks, as prepared for delivery, follow: Thank you, Mr. Chairman, for calling this hearing. I look forward to working with you to develop a bipartisan transit title for a surface transportati… Continue Reading


February 21, 2020

Brown Statement on Wells Fargo Settlement

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 after the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) announced the settlement with Wells Fargo following the company's failure to detect millions of fraudulent accounts opened in customers' names. "Today's announced settlement sends a clear message to Wall Street banks: you can defraud American… Continue Reading


February 21, 2020

Brown Statement on CRA Comment Period Extension

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 after the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) extended the comment period for their proposed rulemaking on the Community Reinvestment Act (CRA). "Comptroller Otting and Chair McWilliams have finally acknowledged what civil rights leaders and others have been sayin… Continue Reading


February 13, 2020

Brown Presses Nominees on Independence of the Federal Reserve

Senator's OPENING STATEMENT AT BANKING COMMITTEE HEARING ON NOMINATION 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 nominees to be a Member of the Board of Governors of the Federal Reserve System. Sen. Brown's remarks, as prepared for delivery, follow: Mr. Chairman, thank you. Ms. Shelton and Mr. Waller, I would like to extend my greeting… Continue Reading


February 13, 2020

Brown, Senate Democrats Press Upstart, Lenders for Answers Following Reports of Higher Interest Rates for Students of Minority-Serving Institutions

WASHINGTON -- Today, Senator Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, and Senators Elizabeth Warren (D-MA), Bob Menendez (D-NJ), Cory Booker (D-NJ) and Kamala Harris (D-CA) pressed Upstart and other lenders and service providers for answers following a report from the nonprofit Student Borrower Protection Center that lenders may be charging higher interest rates to students who graduated from Historically Black Colleges and Universities … Continue Reading


February 12, 2020

Brown Presses Republican Colleagues on Trump's 'Retribution Tour'

Senator's Opening Statement on the Semiannual Monetary Policy 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 Semiannual Monetary Policy Report to the Congress". Sen. Brown's remarks, as prepared for delivery, follow: Thank you, Chairman Crapo. Chair Powell, welcome back to the Committee. Before we start, I wan… Continue Reading


February 6, 2020

Brown, Senators Seek Answers On Federal Reserve Repurchase Activity Ahead of Hearing

 WASHINGTON, DC - U.S. Senators Sherrod Brown (D-OH), ranking member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, along with Sens. Reed (D-RI), Warren (D-MA) and Smith (D-MN), wrote to Federal Reserve Chairman Jerome Powell requesting answers regarding the Federal Reserve’s ongoing repurchase activity.“Though the Fed’s actions are consistent with its policy of maintaining the targeted interest rate range, we have not seen interventions of this size and persistence si… Continue Reading


February 5, 2020

Brown, Warren Request Answers From CFPB Director Regarding Federal Consumer Law Taskforce

WASHINGTON, DC - U.S. Senators Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, and Elizabeth Warren (D-MA), Ranking member of the Financial Institutions and Consumer Protection Subcommittee, wrote a letter to Consumer Financial Protection Bureau (CFPB) Director Kathleen Kraninger requesting answers regarding the Taskforce’s formation, composition, and the selected Taskforce members’ conflicts-of-interests. Instead of selecting a diverse gr… Continue Reading


February 3, 2020

Brown, Menendez Demand Answers From CFPB Director On Failure To Protect Student Loan Borrowers

WASHINGTON, DC - U.S. Senators Sherrod Brown (D-OH), ranking member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, and Bob Menendez (D-NJ) wrote a letter to Consumer Financial Protection Bureau (CFPB) Director Kathleen Kraninger demanding answers regarding the CFPB’s failure to conduct oversight of federal student loan servicers. “We are deeply disturbed by your lack of transparency with Congress. But we are even more disturbed by the way you have stood by—and continu… Continue Reading


January 30, 2020

Brown Leads Banking Dems In Questioning Homelessness Chief's Direction

WASHINGTON, DC - U.S. Senator Sherrod Brown (D-OH), ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, led all Committee Democrats in requesting answers from U.S. Interagency Council on Homelessness (USICH) Executive Director Robert Marbut regarding the policies and approach he may advance as the new leader of the USICH. USICH plays a critical role in the nation’s response to homelessness, coordinating the work of 19 federal agencies and building partners… Continue Reading


January 22, 2020

Brown Demands Information From Fannie And Freddie On Private Equity Investment In Manufactured Housing

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 government-sponsored enterprises (GSE’s) Fannie Mae and Freddie Mac, provide data on private equity-owned manufactured housing communities (MHC).“I am writing regarding the increase in private equity investment in and ownership of manufactured housing communities (MHC) and a troubling trend of rent increases and resident displacement in … Continue Reading


January 8, 2020

Brown to Sec. Carson: Stop Pretending Housing Segregation and Discrimination Don't Exist

WASHINGTON, DC - Today, U.S. Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee blasted the Trump administration’s proposal dismantling the Affirmatively Furthering Fair Housing (AFFH) rule. The Trump Administration’s proposal significantly weakens the existing rule and HUD’s oversight of communities’ efforts to affirmatively further fair housing as required under the Fair Housing Act of 1968. The proposal also attempts to redefine the… Continue Reading


December 20, 2019

Brown, Menendez Lead Letter Asking JPMorgan Chase To Remember Its Own History When Responding To "Abhorrent" Racial Discrimination

WASHINGTON, DC - U.S. Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, and Senator Bob Menendez (D-NJ), led a letter with Sens. Cortez-Masto (D-NV), Warren (D-MA), and Van Hollen (D-MD), demanding answers from JPMorgan Chase for their continued patterns of racial discrimination following an explosive, in-depth New York Times piece, which revealed documented accounts of JPMorgan Chase’s racist treatment of African American employees a… Continue Reading


December 19, 2019

Brown Applauds Reauthorization Of EXIM Bank, TRIA And Extension Of 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 statement on passage of the “Further Consolidated Appropriations Act 2020”, which provides a historic seven year authorization of the Export-Import Bank of the United States (EXIM), a seven year authorization of the Terrorism Risk Insurance Program (TRIA) and extends the National Flood Insurance Program (NFIP) through September 30, … Continue Reading

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