Financial Services and Banking
Congressman Cohen is dedicated to strengthening consumer protections, safeguarding personal data, and ensuring that credit scores are not used as a weapon in hiring decisions.
Many companies use credit scores to eliminate job candidates from consideration, even when the job has little or no interaction with money. Congressman Cohen has introduced bills like the Equal Employment for All Act with Sen. Elizabeth Warren which prohibits employers from requesting an applicant's credit history, obtaining a consumer or investigative report, and disqualifying applicants based on a poor credit rating. It also prohibits credit reporting agencies from providing credit reports to employers for use in employment decisions.
To protect people from being targeted for collection on old debts, Congressman Cohen has also introduced the Fair Debt Collection Improvement Act which would prohibit debt collectors from bringing legal action on consumer debt where the statute of limitations has expired. It would clarify that lawsuits collecting on time-barred debt constitute a violation of the Fair Debt Collection Practices Act (FDCPA). The bill would also ensure that any debt collector that purchases time-barred debt on the secondary market informs the debtor that: (1) the new debt collector now holds the debt, not the original creditor; (2) because the debt falls outside the statute of limitations, the debt collector may not sue to collect the debt; and (3) if applicable under state law, any payment towards the debt may revive the entire debt.
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WASHINGTON – Congressman Steve Cohen (TN-9) today announced that Le Bonheur Community Health and Well-Being will receive grant of $730,000 and Agape Child and Family Services will receive a grant of $1,250,000 from the Office of Family Assistance Healthy Marriage and Responsible Fatherhood (HMRF) initiative. The program is operated by the Administration for Children and Families at the U.S. Department of Health and Human Services.
WASHINGTON – Congressmen Steve Cohen (TN-9) and Don Beyer (VA-8) and Senator Ron Wyden of Oregon today introduced bicameral Billionaire Income Tax Act bills in an effort to establish a level of fairness in federal taxation and prevent millionaires and billionaires (and one prospective trillionaire) from avoiding significant liability. The measure would tax wealth gains as they occur.
Congressman Cohen made the following statement:
WASHINGTON – Congressmen Steve Cohen (TN-9) and Don Beyer (VA-8) and Senator Ron Wyden of Oregon will hold a press availability on Wednesday to discuss the bicameral Billionaire Income Tax Act. The news media are invited to attend.
What: A press conference with Congressmen Cohen and Beyer and Senator Wyden
When: Wednesday, September 17, at 2:30 p.m. Eastern
Where: The Senate Finance Committee Room, Dirksen Senate Office Building 215
WASHINGTON – Congressman Steve Cohen (TN-9) and Senator Elizabeth Warren of Massachusetts are bringing back the Equal Employment for All Act to protect job seekers from unfair discrimination based on their credit ratings. The bill would ensure that job applicants are not forced to disclose their credit history as part of an employer's application process.
WASHINGTON -- Congressman Steve Cohen (TN-9) today reintroduced the Fair Debt Collection Improvement Act that would bar debt collectors from bringing legal actions involving a consumer debt for which the statute of limitations has expired.
Congressman Cohen made the following statement:
WASHINGTON – Congressman Steve Cohen (TN-9) today introduced the Reward Each American’s Labor and Make Every Rich Individual Contribute Again (REAL AMERICA) Act, a bold tax reform bill that helps everyday working people while addressing Republican plans to sneak through a $2 trillion tax cut for millionaires and billionaires.
Congressman Cohen made the following statement:
WASHINGTON – Congressman Steve Cohen (TN-9) today wrote to Russell Vought, the acting director of the Consumer Financial Protection Bureau (CFPB), with concern at the damage done by Elon Musk’s Department of Government Efficiency (DOGE) after mass dismissals of the bureau’s personnel.
The letter seeks answers to a series of questions, including “When do you anticipate CFPB investigations resuming?”
The letter reads in part:
WASHINGTON – Congressman Steve Cohen (TN-9) today re-introduced the Tax Return Preparer Accountability Act to provide the Internal Revenue Service with the explicit authority to regulate tax preparation services by enacting training and integrity requirements.
Congressman Cohen made the following statement:
MEMPHIS – Congressman Steve Cohen (TN-9) today announced that the Memphis-based River City Capital Investment Corporation will receive $619,000 from the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Program.
WASHINGTON -- Congressman Steve Cohen (TN-09) today re-introduced legislation that would help put an end to the for-profit college industry’s aggressive recruiting of veterans, service members, and their families.