Home / Daily Dose / Financial Services Committee Passes Bills to Protect Consumers
Print This Post Print This Post

Financial Services Committee Passes Bills to Protect Consumers

Today, the House Financial Services Committee, led by Chairwoman Maxine Waters (D-CA), passed eight bills to strengthen oversight of our nation’s affordable housing and address the housing and homeless crises, put consumers in the driver’s seat to shape their financial futures and simplify bureaucratic processes to improve communities, here and around the world:

  • H.R. 6889, the "Credit Union Board Modernization Act" is a bill offered by Representative Juan Vargas (D-CA) that would reduce the required number of meetings for the board of directors of highly rated federal credit unions.
    • Passed the Committee by a voice vote.
  • H.R. 2965, the "Naomi Schwartz Safe Parking Act of 2022" is a bill offered by Representatives Salud Carbajal (D-CA) and Juan Vargas (D-CA) that would allow communities to use HUD Emergency Solution Grant funding for safe parking facilities where individuals experiencing homelessness can legally and safely park their cars overnight and be connected to supportive services and permanent housing.
    • Passed the Committee by 28-22.
  • H.R. 7123, the "Studying Barriers to Housing Act" is a bill offered by Representative Sylvia Garcia (D-TX) that would require the U.S. Government Accountability Office (GAO) to conduct a study on barriers that make it difficult for public housing authorities (PHAs) to serve people experiencing homelessness through public housing and the Housing Choice Voucher program.
    • Passed the Committee by 27-23.
  • H.R. 8476, the "Housing Inspections Accountability Act of 2022" is a bill offered by Representative 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 failed property inspections of federally assisted housing projects, and to make such reports publicly available through a searchable online database.
    • Passed the Committee by 28-23.
  • H.R. 4277, the "Overdraft Protection Act of 2022" is a bill offered by Representative Carolyn Maloney (D-NY) that would strengthen protections and disclosures under the Truth In Lending Act (TILA) for consumers with respect to overdraft fees. Among other things, it would limit the number of overdraft fees a bank may charge on a monthly and annual basis, prevent financial institutions from re-ordering transactions to increase overdraft fees, and codify the rule requiring financial institutions to provide consumers with the opportunity to opt-in to overdraft coverage for all transactions.
    • Passed the Committee 27-22.
  • H.R. 8485, the "Expanding Access to Credit through Consumer-Permissioned Data Act” is a bill offered by Representative Nikema Williams (D-GA) that would codify a provision in CFPB’s regulations implementing the Equal Credit Opportunity Act (ECOA) to require lenders to consider additional credit information not typically included on a consumer’s credit report in the evaluation of a borrower for a mortgage, upon the request of the consumer. It would also require lenders to provide each mortgage applicant a disclosure that explains the applicant’s right to provide additional credit information to the lender for consideration and provides examples of additional information that may be considered.
    • Passed the Committee by 28-23.
  • H.R. 8478, the “Credit Reporting Accuracy After a Legal Name Change Act” is a bill offered by Representative Ayanna Pressley (D-MA) that would require the display only of a consumer's current legal name on consumer reports after the consumer requests the consumer reporting agency to do so, which would respect transgender and non-binary consumers' decisions to change their names and protect them from facing potential discriminatory effects from having their former name reflected on their credit report. The bill would also help ensure that an individual's credit history is not lost after a name change.
    • Passed the Committee by 28-23.
  • H.R. 4865, the "Registration for Index-Linked Annuities Act" is a bill offered by Representative Alma Adams (D-NC) that would require the Securities and Exchange Commission (SEC) to create a new registration form for index-linked annuities to ensure that a retiree or other purchaser can make an informed decision.
    • Passed the Committee by a voice vote.

About Author: Demetria Lester

Demetria C. Lester is a reporter for DS News and MReport, with more than six years of writing experience. She has served as Editor-in-Chief at Northlake College and staff writer at her alma mater, the University of Texas at Arlington. She has covered events such as the Byron Nelson, Pac-12 Conferences, the Women in Dallas Film Festival, to freelance work with the Dallas Wings and D Magazine. Currently located in Dallas, Texas, she is an avid jazz lover and reader. She can be reached at [email protected]
x

Check Also

Priscilla Almodovar to Serve as Fannie Mae CEO

A financial services veteran, Almodovar brings more than 30 years of finance, real estate, and community development expertise and a strong commitment to affordable housing.