Congressman Steve Cohen

Representing the 9th District of Tennessee

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

May 22, 2019 Press Release

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.

May 17, 2019 Press Release

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.

March 13, 2019 Press Release

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.” 

January 30, 2019 Press Release

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:

October 27, 2017 Enewsletters

Dear Friend,

October 13, 2017 Enewsletters

Dear Friend,

September 29, 2017 Enewsletters

Dear Friend,

September 22, 2017 Enewsletters

Dear Friend,

September 20, 2017 Enewsletters

Dear Constituent,

On September 7, the consumer credit reporting agency Equifax disclosed a data breach from earlier this year that compromised the personal information of 143 million Americans. All 9th District residents should take precautionary measures to ensure their financial security. 

September 20, 2017 Press Release

WASHINGTON – U.S. Senators Dick Durbin (D-IL) and Jeff Merkley (D-OR) were joined by U.S. Representatives Matt Cartwright (D-PA-17) and Steve Cohen (D-TN-09) in introducing the bicameral Protecting Consumers from Unreasonable Credit Rates Act, legislation that would eliminate the excessive rates and fees that many consumers are charged for payday loans, car title loans, and other types of credit.