Majority Press Releases
Brown Blasts Trump Regulators For Rolling Back 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 - is blasting the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) for giving another gift to Wall Street megabanks by voting to rollback the Volcker Rule. Instead of guarding the taxpayer backstop that protects Americans’ savings, the banking regulators are undoing critical protections put in place after the… Continue Reading
August 14, 2019
Brown Demands Kraninger Protect Consumers and Implement Payment Provision of Payday 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 - is demanding that the Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger implement the payment provision of the Payday Rule that was issued by the CFPB in October 2017. The Payday Rule prohibits lenders from attempting to withdraw payments from consumers’ accounts for certain loans after two prior attempts to withdraw funds failed due … Continue Reading
August 5, 2019
Brown Applauds FED Plan for Real-Time Payments System
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 applauding the Federal Reserve for taking decisive action to develop a new real-time payment and settlement system, called the FedNow? Service, to support faster payments in the United States. “Hardworking American’s shouldn’t have to wait up to three days for a check to clear. Real-time payments will give American’s around the clock access to their mo… Continue Reading
August 2, 2019
Brown Blasts Trump Proposal That Would Weaken Protections for Victims of Housing Discrimination
WASHINGTON, DC - U.S. Senator Sherrod Brown (D-OH) today blasted the Trump administration’s reported proposal that would make it harder for victims of housing discrimination to bring lawsuits forward. The Department of Housing and Urban Development’s 2013 “disparate impact” rule formalized HUD's longstanding prohibition against practices with discriminatory effects under the Fair Housing Act and provided uniform guidance for applying standards across the country. The rule provides a fra… Continue Reading
July 30, 2019
Brown Opening Statement at Regulatory Frameworks For Digital Currencies and Blockchain Hearing
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 ‘Examining Regulatory Frameworks for Digital Currencies and Blockchain.’ Sen. Brown’s remarks, as prepared for delivery, follow: Thank you Chairman Crapo, and welcome to our witnesses. At this committee’s hearing earlier this month, many of us of both parties voiced serious concerns a… Continue Reading
July 29, 2019
Brown, Warren Demand Action Following "Damning' Blankenstein IG 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 - and Senator Elizabeth Warren (D-MA) - Ranking Member of the Banking Subcommittee on Financial Institutions and Consumer Protection - are demanding action from the Department of Housing and Urban Development (HUD), the Consumer Financial Protection Bureau (CFPB), and the CFPB Inspector General following what the Senators call ‘damning’ findings from an in… Continue Reading
July 23, 2019
Brown Opening Statement at Hearing on Cannabis Banking
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 ‘Challenges for Cannabis and Banking: Outside Perspectives’.Sen. Brown’s remarks, as prepared for delivery, follow: Thank you Chairman Crapo for holding this hearing, and welcome to our witnesses. Over the past several years, voters and legislatures in nearly every state have, to some… Continue Reading
July 16, 2019
Brown Opening Statement at Facebook Hearing
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 Facebook’s Digital Currency.Sen. Brown’s remarks, as prepared for delivery, follow: Facebook is dangerous.Now, Facebook might not intend to be dangerous - but they certainly don’t respect the power of the technologies they are playing with. Like a toddler who has gotten his hands on a book … Continue Reading
July 1, 2019
Senators Demand Answers from HUD for Hiring Eric Blankenstein
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs along with Sens. Bob Menendez (D-NJ), Elizabeth Warren (D-MA), Jack Reed (D-RI), Catherine Cortez Masto (D-NV), Chris Van Hollen (D-MD), are demanding answers on HUD’s hiring practices following press reports that disgraced former CFPB political appointee Eric Blankenstein was hired as Senior Counsel of HUD’s Office of General Counsel, just one month afte… Continue Reading
June 27, 2019
Brown Opening Statement at Banking Committee Hearing on the Reauthorization of the Export Import Bank
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 “Oversight and Reauthorization of the Export-Import Bank of the United States”. Sen. Brown’s remarks, as prepared for delivery, follow: Thank you, Mr. Chairman, for calling this important hearing to discuss the future of the Export-Import Bank. I also want to thank the Chairman fo… Continue Reading
June 26, 2019
Senators Demand HUD Maintain Homeownership Opportunities For Dreamers
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Bob Menendez (D-NJ), ranking member of the Senate Banking Committee’s Housing Subcommittee, Catherine Cortez Masto (D-NV) and Cory Booker (D-NJ) are demanding the Department of Housing and Urban Affairs (HUD) clarify that DACA recipients remain eligible for Federal Housing Administration (FHA)-insured loans, which has been a longstanding practice. This … Continue Reading
June 25, 2019
Brown and Rubio Re-introduce Legislation To Protect Small Business From Predatory Lenders
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, and Senator Marco Rubio (R-FL), Chair of the U.S. Senate Committee on Small Business and Entrepreneurship re-introduced legislation to protect small businesses from fly-by-night predatory lenders. “When we let financial predators harm hardworking Americans through scams like confessions of judgment, we undermine the dignity of work,” said Brown. … Continue Reading
June 25, 2019
Brown Opening Statement at Hearing on Fannie, Freddie 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 - delivered the following opening statement at today’s hearing entitled “Should Fannie Mae and Freddie Mac be Designated as Systemically Important Financial Institutions?”. Sen. Brown’s remarks, as prepared for delivery, follow: Thank you, Mr. Chairman, for holding this hearing and thank you to our witnesses for being here today. Home is at the center o… Continue Reading
June 24, 2019
Brown to NCUA: Unacceptable To Extend Delay On Capital Rules
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 National Credit Union Administration’s (NCUA) decision to delay the implementation of its risk-based capital rule that protects the credit union system and its members. The NCUA Board approved a proposal to extend the effective date of its risk-based capital rule to January 1, 2022, the second time it has delayed … Continue Reading
June 24, 2019
Brown Statement on Wall Street Stress Test Results
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 Dodd Frank Act Stress Test (DFAST) results. Stress tests are assessments performed by the Federal Reserve to ensure banks are strong enough to withstand a downturn in the economy without setting off another financial crisis. “Megabank CEOs aren’t playing T-ball, where everyone gets a… Continue Reading
June 18, 2019
BROWN: Financial Watchdogs Must Scrutinize Facebook Cryptocurrency Closely
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 Facebook unveiling details of its cryptocurrency Libra. This new cryptocurrency will give Facebook competitive advantages with regard to collecting data about financial transactions, as well as control over fees and functionality. “Facebook is already too big and too powerful, and it has used that power to exploit users… Continue Reading
June 18, 2019
Brown Opening Statement at TRIA Reauthorization Hearing
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 Reauthorization of the Terrorism Risk Insurance Act”. Sen. Brown’s remarks, as prepared for delivery, follow: Thank you Senator Crapo for holding the Committee’s first hearing on the reauthorization of the Terrorism Risk Insurance Program. While the Program expires at the end of … Continue Reading
June 14, 2019
Senators Demand HUD Continue To Protect Housing Rights For Transgender Individuals
WASHINGTON, D.C. — U.S. Sens. Patty Murray (D-WA) - ranking member of the Senate HELP Committee, Sherrod Brown (D-OH) - ranking member of the U.S. Senate Banking, Housing, and Urban Affairs Committee, Elizabeth Warren (D-MA) and Robert Menendez (D-NJ) along with 8 senators are demanding that the Department of Housing and Urban Development (HUD) rescind its proposal that would weaken discrimination protections in HUD-funded emergency and temporary homeless shelters based on sex, includin… Continue Reading
June 13, 2019
Senators to CFPB: Data Critical To Ensuring Housing Access For All Americans
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs along with 18 Senators are demanding the Consumer Financial Protection Bureau (CFPB) rescind its proposal to further reduce reporting under the Home Mortgage Disclosure Act (HMDA). In opposition to the proposal, the senators wrote, “We are extremely concerned that the Consumer Financial Protection Bureau has once again put the interests the financial indu… Continue Reading
June 11, 2019
Brown Opening Statement at Data Privacy Hearing
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 “Data Brokers and the Impact on Financial Data Privacy, Credit, Insurance, Employment and Housing”. Sen. Brown’s remarks, as prepared for delivery, follow: I appreciate Chairman Crapo continuing these important, bipartisan efforts to protect Americans’ sensitive personal information.… Continue Reading
