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
WASHINGTON – Congressman Steve Cohen (TN-09) today announced that two Memphis community development financial institutions (CDFIs) will be receiving grants from the U.S. Treasury Department totaling $500,000. Tri-State Bank of Memphis will receive $275,000 and River City Capital Investment Corporation will receive $225,000. The funds are intended to expand economic opportunities in economically distressed area and are provided to CDFIs devoted to offering affordable financial products and services in economically underserved areas.
WASHINGTON -- Congressman Steve Cohen (TN-09), joined by Congresswomen Alexandria Ocasio-Cortez (NY-14) and Suzanne Bonamici (OR-01), 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.
WASHINGTON -- Congressman Steve Cohen (TN-09) and Congressman Robert “Bobby” Scott (VA-03) today reintroduced the Tax Return Preparer Accountability Act to protect consumers from unscrupulous tax preparation businesses. The legislation would give the Internal Revenue Service (IRS) explicit authority to ensure that paid tax preparers are adequately trained and maintain high standards of integrity.
WASHINGTON – Congressman Steve Cohen (TN-09) today hailed House passage of the National Guard and Reservists Debt Relief Extension Act that he introduced in June with Representatives Ben Cline (R-VA), Tim Burchett (R-TN) and Madeleine Dean (D-PA). The vote was 417 to 1.
The bill ensures that certain members of the National Guard and Reserves can obtain bankruptcy relief without the burden of the “means test” under Chapter 7 of the Bankruptcy Code.
WASHINGTON -- Congressman Steve Cohen (TN-09) today introduced the Equal Employment for All Act to protect job seekers from unfair discrimination from employers based on credit ratings. The legislation would protect prospective employees from being forced to disclose their credit history as part of an employer’s application process. Specifically, the bill would prohibit employers from using credit checks and bankruptcy filings in the hiring process unless the position requires national security clearance.
WASHINGTON – Congressman Steve Cohen’s amendment providing free credit scores to consumers passed the House today and was made a part of the Consumers First Act. The bill provides sweeping consumer protections eroded by the Trump Administration. It passed on a vote of 231 to 191.
WASHINGTON, DC – Congressman Steve Cohen (TN-09) today introduced the Fair Access to Credit Scores Act of 2019, 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.
WASHINGTON – Congressmen Steve Cohen (D-TN) and John Ratcliffe (R-TX) today introduced legislation to protect consumers from unfair taxes on digital goods and services like those purchased over the internet or on smartphones. The Digital Goods and Services Tax Fairness Act would ensure that digital goods and services are not taxed at a higher rate than their tangible counterparts.
“Digital goods and services have become a driving force in our national economy,” said Congressman Cohen. “We should make sure consumers are treated fairly and are not taxed unfairly.”
WASHINGTON – Congressmen Steve Cohen (TN-09), Danny 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.
Congressman Cohen made the following statement: