Majority Press Releases
Brown, Schumer, And Cardin Call On SBA Inspector General To Investigate Reports That Some Paycheck Protection Program Lenders Have Prioritized Larger, Wealthier Clients Over Hard-Hit Small Businesses In Urgent Need
Washington, D.C.— U.S. Sen. Sherrod Brown (D-OH), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Senate Democratic Leader Chuck Schumer (D-NY), and Ben Cardin (D-MD), Ranking Member of U.S. Senate Committee on Small Business and Entrepreneurship, yesterday sent a letter to U.S. Small Business Administration (SBA) Inspector General Mike Ware, calling for the immediate investigation of reports that some lenders participating in the SBA’s Paycheck Protect… Continue Reading
April 23, 2020
BROWN URGES FINANCIAL REGULATORS TO ENSURE THAT TEMPORARY SUSPENSIONS OF IMPORTANT FINANCIAL PROTECTIONS DO NOT TURN INTO PERMANENT ROLLBACKS
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 sent a letter to the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA) urging regulators that temporary changes to financial safeguards that have long-been on industry wish lists should not become permanent. Senator Brown in his l… Continue Reading
April 21, 2020
BROWN SUPPORTS INTERIM CORONAVIRUS SPENDING PACKAGE TO BOOST FUNDING FOR SMALL BUSINESSES, HOSPITALS AND TESTING CAPACITY
WASHINGTON, DC - U.S. Senator Sherrod Brown (D-OH) today supported the Senate bill to provide additional funding for small businesses, hospitals and increased testing capacity. The bill was passed by unanimous consent and is expected to pass the House of Representatives this week. The bill provides $470 billion, including:- $310 billion for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) o This includes $60 billion for smaller lenders, including $30 … Continue Reading
April 21, 2020
Brown, Warren Proposal to Provide Immediate Relief for Consumers Amid COVID-19
Washington, D.C. - Today, United States Senators Sherrod Brown (D-Ohio), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Elizabeth Warren (D-Mass.) Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Consumer Protection and Financial Institutions, published a Medium post on their proposal to provide immediate relief to consumers amid the COVID-19 pandemic. They call for the next coronavirus aid package to i… Continue Reading
April 20, 2020
BROWN, SENATORS DEMAND TRANSPARENCY IN FEDERAL RESERVE’S CORPORATE DEBT PURCHASES
WASHINGTON, D.C. - U.S. Senator Sherrod Brown (D-OH) today joined Senate colleagues in calling for transparency in the Federal Reserve’s (“Fed”) efforts to sustain our financial markets during the coronavirus pandemic. Specifically, the Senators urged the Fed to disclose the terms and criteria guiding corporate debt purchases, which will be executed by BlackRock, the world’s largest asset manager, and detailed transaction information. The Senators also called on Fed Chair Jerome H. Powell… Continue Reading
April 20, 2020
Brown, Senate Dems Push Trump Administration To Prioritize Workers In CARES Act Funding Allocations
U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Banking Committee members Sen. Jack Reed (D-RI), Sen. Elizabeth Warren (D-MA), Sen. Brian Schatz (D-HI), and Sen. Tina Smith (D-MN) today sent a letter to Treasury Secretary Steven Mnuchin urging the Trump Administration to prioritize workers in CARES Act stimulus lending. Specifically, the lawmakers are calling for Secretary Mnuchin to use his authority to require all t… Continue Reading
April 18, 2020
Brown, Van Hollen, Warren, Schumer Urge Fed to Fix Rules That Block City, County Governments from Receiving DIRECT COVID-19 Relief
WASHINGTON - U.S. Senators Sherrod Brown (D-Ohio), Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass), and Chuck Schumer (D-N.Y.) have sent a letter to Federal Reserve (Fed) Chairman Jerome Powell expressing serious concern with the arbitrary population thresholds used to determine eligibility for cities and counties to receive relief under the newly created Municipal Liquidity Facility program. The Senators urged Chairman Powell to expand eligibility for the program, which was authorize… Continue Reading
April 17, 2020
Brown, Booker Urge Banks to Temporarily Ban Burdensome Overdraft Fees
WASHINGTON, D.C. - U.S. Senators Sherrod Brown (D-OH) and Cory Booker (D-NJ) today urged more than a dozen bank CEOs to temporarily ban charging customers burdensome bank overdraft fees during the coronavirus emergency. Banks charge such fees to consumers when they make a purchase or pay a bill but don’t have sufficient funds in their account; typically the charge is $35. Such fees fall disproportionately on those who are least able to afford them.“We are writing to urge [you] to take step… Continue Reading
April 17, 2020
Brown, Senate Dems Push For Increased Transparency And Oversight Of CARES Act Funding
U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Senate Democratic Leader Charles Schumer (D-NY), Sen. Chris Van Hollen (D-MD), Sen. Elizabeth Warren (D-MA), Sen. Catherine Cortez-Masto (D-NV), Sen. Brian Schatz (D-HI), and Sen. Tina Smith (D-MN) today sent a letter to Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell calling for increased oversight and transparency into how the Administration i… Continue Reading
April 16, 2020
Pressley, Harris, Meeks and Brown Lead Democratic Lawmakers In Calling For Trump Administration To Ensure That Minority-Owned Small Businesses Are Not Shut Out Of Funding From Paycheck Protection Program
Representatives Ayanna Pressley (D-MA-07) and Gregory Meeks (D-NY-05) and Senators Kamala D. Harris (D-CA) and Sherrod Brown (D-OH) today led Democratic lawmakers in calling for the Small Business Administration (SBA) and Treasury Department to ensure that minority-owned businesses are not shut out of the Paycheck Protection Program (PPP). The lawmakers also called for the Administration to amend guidance on PPP, to reaffirm lending institutions’ obligation to comply with fair lending law… Continue Reading
April 16, 2020
Brown Blasts CFPB For Finalizing Rule That Will Make Homeowners More Vulnerable to Discrimination
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 news that the Consumer Financial Protection Bureau (CFPB) issued a final rule that will give lenders a pass on reporting mortgage data this is critical to protecting all borrowers, especially borrowers of color, from discrimination in the mortgage market:“At a time when millions of people are facing job losses a… Continue Reading
April 15, 2020
Brown, Warren Call On Banks To End The Seizure Of Stimulus Checks
U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Sen. Elizabeth Warren (D-MA), today sent letters to banks and credit unions, through their trade organizations the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Independent Community Bankers of America, National Association of Federally-Insured Credit Unions, and the Credit Union National Association, urging them to cease the seizure o… Continue Reading
April 15, 2020
Ranking Member Brown, Chairwoman Waters Call on Administration to Stabilize the Housing Market During the Coronavirus pandemic
Today, Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, and Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin urging them to ensure the stability of the housing market in the face of the Coronavirus pandemic. The lawmakers called on the Federal Reserve and Treasury to use the authority provided to them… Continue Reading
April 10, 2020
Brown, Schatz, Warren Urge Fed To End Capital Distributions Like Stock Buybacks, Dividends, And Executive Bonuses
U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Sen. Brian Schatz (D-HI), and Sen. Elizabeth Warren (D-MA) yesterday sent a letter to Jerome Powell, Chairman of the Federal Reserve, calling for the Fed to end capital distributions like stock buybacks, dividends, and executive bonuses as the economy recovers from the Coronavirus pandemic. The Senators urged the Fed to do more to help small business owners and hardworking f… Continue Reading
April 9, 2020
Brown, Hawley Call On Mnuchin To Ensure That Direct Payments Go To Hardworking Americans Not To Predatory Debt Collectors
U.S. Sen. Sherrod Brown (D-OH), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Senator Josh Hawley (R-MO) today sent a letter to Secretary Mnuchin urging him to act immediately to ensure that Americans receive the full amount of their direct payments, provided for by Congress in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Senators in their letter made clear that Treasury must use every available tool to ensure that hardworki… Continue Reading
April 9, 2020
ICYMI: Brown, Reed Seek to Create $75 Billion Housing Assistance Fund
WASHINGTON, DC - In an effort to prevent the novel coronavirus (COVID-19) pandemic from sparking a full-blown housing, eviction, and foreclosure crisis, U.S. Senators Sherrod Brown (D-OH), ranking member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, and Jack Reed (D-RI), are offering legislation to provide a new $75 billion Housing Assistance Fund to help households struggling to make ends meet.The Housing Assistance Fund would build off of the success of the Hardest … Continue Reading
April 9, 2020
RANKING MEMBER BROWN, CHAIRWOMAN WATERS CALL ON ADMINISTRATION OFFICIALS TO STEP UP EFFORTS TO IMPLEMENT DEFENSE PRODUCTION ACT
WASHINGTON, D.C. - Today, Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, and Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to Mark Esper, Secretary of Defense, and Alex Azar, Secretary of Health and Human Services, urging them to focus the use of resources provided by Congress in H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to bolster the prod… Continue Reading
April 9, 2020
Brown, Senate Dems Urge Regulators to End Attempts to Weaken the Community Reinvestment Act
U.S. Sen. Sherrod Brown (D-OH), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs today led 42 Senate Democrats in calling for the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) to rescind their Community Reinvestment Act (CRA) proposed rule, which would weaken this critical civil rights law. In their letter to regulators, the Senators called for the FDIC and OCC to listen to the input of community organ… Continue Reading
April 9, 2020
Brown, Senate Dems Urge Regulators to End Attempts to Weaken the Community Reinvestment Act
U.S. Sen. Sherrod Brown (D-OH), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs today led 42 Senate Democrats in calling for the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) to rescind their Community Reinvestment Act (CRA) proposed rule, which would weaken this critical civil rights law. In their letter to regulators, the Senators called for the FDIC and OCC to listen to the input of community organ… Continue Reading
April 8, 2020
Brown Statement Regarding The Fed’s Decision To Lift Wells Fargo’s Asset Cap
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 the news that the Federal Reserve intends to lift the cap on growth placed on Wells Fargo after their fake account scandal:“The Federal Reserve’s decision to lift Wells Fargo’s asset cap is troubling. Wells Fargo has demonstrated it is too large to manage, and time and time again that it can’t be trusted to do right by their custom… Continue Reading
