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

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:

September 28, 2020 Press Release

 

MEMPHIS – Congressman Steve Cohen (TN-09) today wrote to Treasury Secretary Steven Mnuchin for the second time, asking for clarification of his plan to forgive Paycheck Protection Program (PPP) loans despite clear evidence that some were obtained by fraud. In today’s letter, Congressman Cohen also asked Mnuchin to review coronavirus-related loans to businesses associated with President Trump in light of recent revelations that several businesses with ties to the president received millions of dollars in loans.

His letter reads in part:

September 11, 2020 Press Release

MEMPHIS – Congressman Steve Cohen (TN-09) today wrote to Treasury Secretary Steven Mnuchin asking that he reconsider blanket loan forgiveness for recipients of assistance through the Paycheck Protection Program after both the Department of Justice and the Internal Revenue Service identified egregious instances of fraud. Congressman Cohen reminded Mnuchin of his public testimony on the issue of loan forgiveness and asked, in light of the fraud concerns, whether he has reversed his position.

The letter reads in part:

August 1, 2020 Press Release

WASHINGTON --  Monday, Congressman Steve Cohen (TN-09) sent a letter to House leadership saying that the next COVID-19 stimulus package should mandate that lenders participating in the Paycheck Protection Program (PPP) p

May 30, 2020 Press Release

MEMPHIS – Congressman Steve Cohen (TN-09) today cautioned those still awaiting an Economic Impact Payments from the Internal Revenue Service (IRS) that the payments may come in the mail in the form of debit cards. Some four million Americans who don’t receive the payments by direct deposit to their bank accounts or by checks in the mail will be receiving the payment in the form of a debit card.

Congressman Cohen made the following statement: