Majority Press Releases
Brown, Colleagues Raise Flags Regarding Failed Bank Executives’ Stock Trades
Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, led eleven of his colleagues on the Banking and Housing Committee in a letter to Securities and Exchange Commission Chair Gary Gensler highlighting concerns with large stock trades made by Silicon Valley Bank (SVB) executives in the days and months before SVB’s collapse. At the Banking and Housing Committee hearing on Tuesday about SVB’s failur… Continue Reading
March 28, 2023
Brown, Colleagues Call for Review of Bank Regulators’ Supervisory Practices
Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, led his colleagues in a letter to Gene Dodaro, the Comptroller General of the United States, to re-examine the supervisory practices of bank regulators that are responsible for ensuring depository institutions operate in a safe and sound manner. In 2019, the Government Accountability Office (GAO) released a report that examined the supervisory activities of bank regulators. The Se… Continue Reading
March 28, 2023
Brown: Our Banking System Should Serve Working Families and Small Businesses
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, “Recent Bank Failures and the Federal Regulatory Response.” Sen. Brown’s remarks, as prepared for delivery, follow: Thanks to the New Deal and the hard work of our regulators today, most bank failures, while never a good thing, are generally not a big deal. But the q… Continue Reading
March 23, 2023
Brown Applauds Second Circuit Ruling on CFPB
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 Second Circuit ruled that the Consumer Financial Protection Bureau's (CFPB) funding structure is constitutional.“Today, in a step forward for consumers and working families, the Second Circuit unanimously ruled that the CFPB’s independent funding is constitutional, rejecting the Fifth Circuit’s deeply flawed ruling,” said Brow… Continue Reading
March 23, 2023
Brown, Scott to CEOs: You Must Answer for Your Banks' Downfalls
WASHINGTON, D.C. — Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Sen. Tim Scott (R-SC), Ranking Member of the Committee, sent letters to Gregory Becker, former CEO of Silicon Valley Bank, and Joseph DePaolo, former CEO of Signature Bank, to call on them to testify in front of the Committee to answer for the banks’ collapse.“Your testimony would provide substantial information relevant to SVB’s failure and could be provide… Continue Reading
March 22, 2023
Brown Remarks at American Bankers' Association Washington DC Summit
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 remarks at the American Bankers Association’s (ABA) Washington DC Summit. Sen. Brown’s remarks, as prepared for delivery, follow: This is the first time we’ve been able to be back in person in a while, but we’ve talked many times – the Ohio banks here today know how regularly they talk with me and with our o… Continue Reading
March 21, 2023
Brown Announces Hearing on Silicon Valley Bank Collapse
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, announced the first of several hearings on the collapse of Silicon Valley Bank and Signature Bank. “It is critical that we get to the bottom of how Silicon Valley Bank and Signature Bank collapsed so that we can maintain a strong banking system, protect Americans’ hard-earned money, and hold those responsible accountable, including the CEOs,” said Brown. “The American public… Continue Reading
March 17, 2023
Brown Pushes to Hold Wall Street & Silicon Valley Executives Accountable
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 Administration announced new accountability measures for executives of failed big banks:“Working people and small businesses have been forced to pay the price for executives’ arrogance and recklessness too many times before. We need stronger rules to rein in risky behavior and catch incompetence,” said Brown. “Our job on our committee… Continue Reading
March 16, 2023
Brown Presses Regulators to Conduct Full Review of Bank Failures
Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to the Treasury Department, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve requesting a comprehensive review of the failures of Silicon Valley Bank (SVB) and Signature Bank.“In the course of the reviews and resolutions of these bank failures, I urge you to: Consider the magnitude of the banks’ uninsured deposits and the role that social me… Continue Reading
March 12, 2023
Brown, Waters Statement on Federal Regulators’ Actions
Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, and Rep. Maxine Waters (CA-43), Ranking Member of the House Financial Services Committee, released the following statement after the Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation (FDIC) announced new actions regarding Silicon Valley Bank (SVB) and Signature Bank. “We appreciate the U.S. Department of the Treasury, Federal Reserve, and Federal Deposit Insurance… Continue Reading
March 9, 2023
Brown, Waters Blast House Republicans' Attempt to Destroy CFPB
WASHINGTON, D.C. - Today, Sen. Sherrod Brown, Chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Rep. Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement after House Republicans released a series of bills that would undermine the Consumer Financial Protection Bureau (CFPB), the only agency dedicated to protecting consumers and working families.“Make no mistake. This is about whose side you’re on: workers and consum… Continue Reading
March 8, 2023
Brown Statement on Silvergate Liquidation
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown, Chair of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement regarding reports that Silvergate Bank is liquidating.“As the impact of FTX’s collapse continues to ripple outward, today we are seeing what can happen when a bank is overreliant on a risky, volatile sector like cryptocurrencies,” said Brown. “I’ve been concerned that when banks get involved with crypto, it spreads risk across the financial syste… Continue Reading
March 8, 2023
Brown Applauds Biden Administration Action on Rental Junk Fees
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Biden Administration announced that it would work across agencies to encourage landlords to increase transparency and fairness in rents and limit junk fees.“Too often, renters are hit with unexpected junk fees on top of their rent that eat into seniors’ and working families’ monthly budgets,” said Brown. “I applaud the Administratio… Continue Reading
March 8, 2023
Brown, Cortez Masto, Warren Sound Alarm on Check Washing Fraud
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, along with Committee members Senators Catherine Cortez Masto (D-NV) and Elizabeth Warren (D-MA), sent a letter to the American Bankers Association (ABA) expressing concerns regarding increasing check fraud scams, which cost consumers over $800 million last year.“Check washing has become an elaborate and organized method of successfully scamming consumers and banks,” wrote th… Continue Reading
March 7, 2023
Brown to Powell: Put Workers First in the Fight Against Inflation
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, “The Semiannual Monetary Policy Reporter to the Congress.”Sen. Brown’s remarks, as prepared for delivery, follow:Today we examine the Fed’s actions to combat inflation and whether these actions are working - including how these actions affect Americans’ jobs and their paychecks.Prices are still too … Continue Reading
March 3, 2023
Senate Dems Urge Biden to Address Our Nation's Affordable Housing Crisis
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, led 17 Senate Committee Chairs and Majority Leader Chuck Schumer (D-NY) in a letter to President Biden requesting that the federal government utilize a “whole-of-government” approach to address our nation’s housing needs.“Our nation’s housing is an essential piece of our infrastructure, but it is a sector that remains in crisis,” wrote the Senators. “With the Bipartisan Infr… Continue Reading
March 2, 2023
To Help Americans Keep Their Money Safe, U.S. Senators Urge Regulators to Hold Zelle Accountable for Inadequate Protections to Stop Fraudulently Induced Payments to Crooks
WASHINGTON, DC - As scammers find new ways and employ sophisticated schemes to dupe customers using instant peer-to-peer payment systems like Zelle to send money on the platform under fraudulent pretenses, a leading group of U.S. Senators is seeking new ways to ensure financial institutions and regulators help people keep their hard-earned cash safe from fraud and scams. In an effort to protect consumers and hold banks accountable for fraudulent transactions conducted using the bank-owned instan… Continue Reading
March 2, 2023
Brown Presses OCC to Address Bank Mergers and Branch Closures in Low-Income, Rural, and Minority Communities
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Michael Hsu, Acting Comptroller of the Currency, expressing concerns about bank branch closures in low- to moderate-income communities. Brown’s letter follows news reports of bank closures in low-income communities and a report from Federal Reserve officials on the negative impact of banking deserts in rural, low-income, and minority communities.“I am concer… Continue Reading
February 28, 2023
Brown: Using Economic Tools Will Advance U.S. National Security
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, “Advancing National Security and Foreign Policy Through Sanctions, Export Controls, and Other Economic Tools.”Sen. Brown’s remarks, as prepared for delivery, follow:Last week marked one year since Vladimir Putin unleashed his brutal, criminal war on Ukraine. Putin wanted to jeopardize the future of … Continue Reading
February 27, 2023
Brown Statement on Supreme Court Decision to Hear CFPB Case
Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Supreme Court announced that it would reconsider the Fifth Circuit court’s decision in Community Financial Services Association of America v. Consumer Financial Protection Bureau next term: “Congress created the CFPB so that consumers could have an agency dedicated to one thing: fighting for their interests, not Wall Street’s. The CFPB’s funding struct… Continue Reading
