Financial Services and Banking

In light of the Great Recession of 2008, during which Memphis and the nation suffered an unprecedented foreclosure crisis in large part due to unfair, under-regulated and predatory mortgage lending practices, Congressman Cohen strongly supports efforts to prevent future foreclosure crises and dangerous housing market practices.

During the years preceding the mortgage crisis, too many mortgages were made to consumers without regard to the consumer’s ability to repay the loans. Loose underwriting practices by some creditors contributed to a mortgage crisis that led to the nation’s most serious recession since the Great Depression.

Congressman Cohen voted for the Dodd-Frank Act, signed into law in 2010 by President Barack Obama, to reform the U.S. financial industry in order to prevent a recurrence of the 2008 market crash, and continues to oppose efforts to reverse the protections put into the law as a result of the Dodd-Frank Act.

 

More on Financial Services and Banking

October 12, 2021 Press Release

MEMPHIS – Congressman Steve Cohen (TN-09) today voted for, and the House passed, a temporary increase to the debt limit so that the United States can meet its obligation to creditors through at least early December. The vote followed Senate action last week. The measure now goes to the president to be signed into law.

The party-line vote on passage was 219 to 206.

July 30, 2021 Press Release

WASHINGTON – Congressmen Steve Cohen (TN-09), Danny K. Davis (IL-07), and Eric Swalwell (CA-15) today introduced the Private Student Loan Bankruptcy Fairness Act. This legislation would restore fairness in student lending by treating privately issued student loans the same as other types of private debt are treated in bankruptcy. Until 2005, this type of student loan debt was dischargeable in bankruptcy, but a change to the bankruptcy code that year removed that consumer protection.

June 15, 2021 Press Release

WASHINGTON – Congressman Steve Cohen (TN-09) today announced that the U.S. Treasury Department has awarded three Memphis-based community development financial institutions $2,838,265 to address economic challenges created by the coronavirus pandemic. The funding is part of the $1.25 billion going to 863 community development financial institutions announced Tuesday by Treasury Secretary Janet Yellen.

May 13, 2021 Press Release

WASHINGTON, D.C. – Today, Congressman Steve Cohen (TN-09) voted for, and the House passed, the Comprehensive Debt Collection Improvement Act with amendments that the Congressman offered and cosponsored to extend the bill’s protections for consumers from predatory debt collection practices. One of the amendments added a bill Congressman Cohen introduced earlier this Congress with Representatives Ocasio-Cortez and Bonamici, the Fair Debt Collection Improvement Act, which prohibits debt collectors from collecting or attempting to collect debt from consumers after a statute of limitation has ex

April 20, 2021 Press Release

WASHINGTON – Congressman Steve Cohen (TN-09) joined a bipartisan, bicameral letter to Administrator Isabella Guzman encouraging the Small Business Administration (SBA) to implement the Shuttered Venue Operators Grant (SVOG) emergency relief program Congress established to keep small businesses such as local music venues, movie theaters, museums and zoos across the country open and operating.

The letter reads in part:

March 23, 2021 Press Release

WASHINGTON -- Congressman Steve Cohen (TN-09), joined by Congresswomen Suzanne Bonamici (OR-01) and Alexandria Ocasio-Cortez (NY-14), today introduced the Fair Debt Collection Improvement Act that would prohibit debt collectors from collecting or attempting to collect debt from consumers after a statute of limitation has expired. 

March 10, 2021 Press Release

MEMPHIS – Congressman Steve Cohen (TN-09) today voted for and the House passed the Senate amendment to the American Rescue Plan Act, a $1.9 trillion measure addressing the coronavirus pandemic and its unprecedented economic consequences. The measure now goes to President Biden who is expected to sign it into law. 

Today’s vote on passage was 220 to 211. 

Congressman Cohen made the following statement: 

February 3, 2021 Press Release

WASHINGTON – Congressman Steve Cohen (TN-09) today introduced the Fair Access to Credit Scores Act which would provide a free and accurate credit score with the free annual credit reports that are already available to consumers through the Fair Credit Reporting Act. Congressman Cohen introduced a similar bill and its provisions were included in the House-passed Consumers First Act in May 2019. 

Congressman Cohen made the following statement: 

December 4, 2020 Press Release

MEMPHIS – Congressman Steve Cohen (TN-09) today read with concern press accounts suggesting that Paycheck Protection Program (PPP) loans were directed to the tenants of properties owned by President Trump and his son-in-law Jared Kushner and renewed his request to Treasury Secretary Steven Mnuchin for details on PPP loans and loan forgiveness.

Twenty-five loans worth $3.65 million reportedly went to Trump or Kushner property tenants to pay for rent (to Trump and Kushner properties).

October 1, 2020 Press Release

WASHINGTON – Congressman Steve Cohen (TN-09) tonight voted for the updated Heroes Act, which contains many of the provisions he has fought hard to have included in the measure addressing our ongoing health and economic catastrophe to protect lives, livelihoods and the life of our democracy. The $2.2 trillion measure is a scaled down version of the Heroes Act the House passed on May 15 but which the Senate has so far failed to consider.

Tonight’s vote on passage was 214 to 207.

Congressman Cohen made the following statement: