Financial services

Financial services committee passes bills to protect consumers

Today, the House Financial Services Committee, led by Chair Maxine Waters (D-CA), passed eight bills aimed at strengthening oversight of our nation’s affordable housing and addressing housing crises and homelessness, putting consumers in the driving seat to shape their financial future and simplifying bureaucratic processes to improve communities here and around the world:

  • HR 6889, the “Credit Union Board Modernization Actis a bill proposed by Rep. Juan Vargas (D-CA) that would reduce the number of board meetings required of highly rated federal credit unions.
    • Passed the Committee by voice vote.
  • HR 2965, the “Naomi Schwartz Safe Parking Act of 2022is a bill proposed by Rep. Salud Carbajal (D-CA) and Rep. Juan Vargas (D-CA) that would allow communities to use HUD Emergency Solution Grant funding for safe parking facilities where homeless people can legally and safely park their cars overnight and be connected to support services and permanent housing.
    • Passed the Committee by 28-22.
  • HR 7123, the “Housing Barriers Study Actis a bill proposed by Rep. Sylvia Garcia (D-TX) that would require the U.S. Government Accountability Office (GAO) to conduct a study of the barriers that make it difficult for public housing authorities (PHAs) to serving homeless people through public housing and the Housing Choice Voucher program.
    • Passed the Committee by 27-23.
  • HR 8476, the “Housing Inspections Accountability Act of 2022is a bill proposed by Rep. Alexandria Ocasio-Cortez (D-NY) that would require the Department of Housing and Urban Development (HUD) and the Department of Agriculture (USDA) to submit annual reports to Congress regarding property inspection failures of housing projects, and to make these reports publicly available through an online searchable database.
    • Passed the Committee by 28-23.
  • HR 4277, the “Overdraft Protection Act of 2022is a bill proposed by Rep. Carolyn Maloney (D-NY) that would strengthen protections and disclosures under the Truth In Lending Act (TILA) for consumers regarding overdraft fees. Among other things , it would limit the number of overdraft fees a bank can charge on a monthly and annual basis, prevent financial institutions from re-arranging transactions to increase overdraft fees, and codify the rule requiring financial institutions to offer consumers the option of opt for overdraft cover for all transactions.
    • Passed the 27-22 Committee.
  • HR 8485, The Expanding Access to Credit through Consumer Authorization Data Actis a bill proposed by Rep. Nikema Williams (D-GA) that would codify a provision of CFPB regulations implementing the Equal Credit Opportunity Act (ECOA) to require lenders to take account additional credit information not typically included on a consumer’s credit report in the score. of a borrower for a mortgage, at the request of the consumer. It would also require lenders to provide each mortgage applicant with a disclosure explaining the applicant’s right to provide additional credit information to the lender for consideration and providing examples of additional information that might be considered.
    • Passed the Committee by 28-23.
  • HR 8478, the Credit Reporting Accuracy Act after a Legal Name Changeis a bill proposed by Rep. Ayanna Pressley (D-MA) that would require the display of only a consumer’s current legal name on consumer reports after the consumer asks the credit reporting agency. consumers to do so, which would respect transgender and non-binary consumers’ name changes and protect them from the potential discriminatory effects of having their old name reflected on their credit report. a person’s credit history is not lost after a name change.
    • Passed the Committee by 28-23.
  • HR 4865, the “Indexed Annuity Registration Actis a bill proposed by Rep. Alma Adams (D-NC) that would require the Securities and Exchange Commission (SEC) to create a new registration form for indexed annuities to ensure that a retiree or other purchaser can make an informed decision.
    • Passed the Committee by voice vote.