Current Consumer Protection Legislation
H.R. 1414 - Justice for Victims of Fraud Act of 2017 (PDF)
Social Media Postings
(1/3) CA assembly has passed a bill modeled after the Sherman-Brown bill to give fraud victims like #WellsFargo victims their day in court.— Rep. Brad Sherman (@BradSherman) September 6, 2017
(3/3) Now it’s time to pass the bill in Congress and provide fairness nationwide https://t.co/JfGHAbI6fs— Rep. Brad Sherman (@BradSherman) September 6, 2017
Americans’ #BroadbandPrivacy must be protected. I will be voting no on S.J. Res 34.— Rep. Brad Sherman (@BradSherman) March 28, 2017
More on Consumer Protection
The United States Postal Service has always stood as a pillar of our democracy, providing critical services for Valley Residents and Americans across the nation: delivering prescriptions, Social Security benefits, paychecks, tax returns and absentee ballots to millions of Americans. As we continue to grapple with an unprecedented pandemic, these services become even more critical now.
Washington, D.C. – Today, Congressman Brad Sherman (D-Sherman Oaks), who is also Chair of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, sent a letter to Robinhood Co-Founders and Co-CEOs, Vladimir Tenev and Baiju Bhatt, to raise a number of investor protection concerns regarding its trading platform. Congressman Sherman is joined by Reps. Bill Foster, Lauren Underwood, and Sean Casten as well as Senators Dick Durbin and Tammy Duckworth in sending this timely and important letter.
Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac, the country’s two largest housing market participants, have launched databases available online to allow renters to find out whether they are covered by federal eviction protections provided by the CARES Act.
Washington, D.C. – Congressman Brad Sherman (D-Sherman Oaks), who is also Chair of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, introduced legislation which directs the SEC to put in place new rules to require public companies to disclose their risks and exposures to pandemics at the outset of any new outbreak. This bill, the Pandemic Disclosure Act, contains disclosure requirements which would only be triggered when the World Health Organization declares that a health event has become a pandemic.
Washington, D.C. – Congressman Brad Sherman (D-Sherman Oaks), who is also Chair of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, has introduced legislation to temporarily waive certain mortgage underwriting requirements that call for a new in-home appraisal to be completed for a mortgage to be eligible for a federal program or to be guaranteed by Fannie Mae or Freddie Mac. The current coronavirus outbreak makes it imperative that individuals limit their contact with one another as much as possible.
Washington, D.C. – In the wake of the tragedy that claimed the life of Laker legend Kobe Bryant, his daughter Gianna and 7 others, Congressman Brad Sherman (D-Sherman Oaks) is introducing the Kobe Bryant and Gianna Bryant Helicopter Safety Act, which will require the Federal Aviation Administration (FAA) to strengthen federal safety standards for helicopters.
Washington, DC – Congressman Brad Sherman, CPA and former head of the nation’s second largest tax agency, today reintroduced the Tax Filing Simplification Act to ease the tax filing process for millions of American taxpayers and reduce their costs. Sherman’s bill is a companion to legislation reintroduced today by Senator Elizabeth Warren (D-MA).
Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced that financial institutions, such as Wells Fargo, will no longer be allowed to force consumers to use arbitration to settle group disputes. Currently, banks and credit card companies insert arbitration clauses in their contracts to prevent customers from filing class-action lawsuits in the case of wrongdoing. This practice often discourages consumers from filing lawsuits because of the necessary expense of time, money, and effort.
Washington, D.C. – Today, Congressman Brad Sherman, a senior member of the Financial Services Committee, joined Senator Tom Cotton (R-AR) and Congressman Ed Royce (R-CA) in introducing legislation to increase transparency for homeowners who take out loans to make environmentally-focused home improvements.
Legislation Allows Cheated Customers Their Day in Court
Sherman Oaks, CA – Today, Congressman Brad Sherman (D- Sherman Oaks) and Senator Sherrod Brown (D-Ohio) introduced the Justice for Victims of Fraud Act of 2016. The bill will close a Wells Fargo forced arbitration loophole by preventing Wells Fargo from applying its mandatory arbitration clauses to the millions of fake accounts created without customer consent.