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) 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:
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:
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:
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
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:
WASHINGTON – Congressman Steve Cohen (TN-09) returned to Washington and voted this evening for a $3 trillion measure to address the ongoing coronavirus pandemic and its impact on the national economy. The measure contains funding for state and local governments, hospitals, first responders, our health care workers, testing, another round of $1,200 economic impact payments and increased spending for the Supplemental Nutrition Assistance Program (SNAP), among many other things.
WASHINGTON, DC – Today, Congresswoman Rosa DeLauro (CT-03) and Congressman Steve Cohen (TN-09) sent a letter to House and Senate leaders calling for the repeal of a $135 billion tax break in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) for hedge fund owners and real estate developers.
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.