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Cmte Financial Services (R)
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Committee Advances Seven Bills

Washington, Jul 24 -

Today, the Financial Services Committee approved seven important pieces of legislation to safeguard our financial system and improve access for all Americans to financial services and products.

“Today, we meet to consider seven important bills… to help the lives of every day Americans and help protect our financial system,” said Committee Chairman Jeb Hensarling (R-TX) in his opening statement. “Indeed we are one of the hardest working committees on this Hill, and this could not be done without the dedication and commitment of Members on both sides of the aisle, and your efforts are appreciated to make us clearly one of the most productive committees in Congress.”

Below is a list of the bills the committee reported favorably to the House for further consideration:

H.R. 1511, the “Homeless Children and Youth Act of 2017”

Introduced by Representative Steve Stivers (R-OH), the “Homeless Children and Youth Act of 2017”, as amended, amends the McKinney-Vento Homeless Assistance Act to modify the definitions relating to homeless individuals and homeless children or youth as used by the Department of Housing and Urban Development.  The bill aligns the definitions with the definitions of "homeless" used to verify eligibility for other federal assistance programs to meet the needs of homeless children, youth, and families, and honor the assessments and priorities of local communities.

This bill passed by a vote 39-18.

H.R. 2069, the “Fostering Stable Housing Opportunities Act of 2017”

Introduced by Representative Mike Turner (R-OH), the “Fostering Stable Housing Opportunities Act of 2017,” as amended, updates the definition of “families” to include minors who are aging out of foster care so they are eligible to receive Section 8 housing assistance as a distinct group under the U.S. Housing Act of 1937.

This bill passed by a vote 34-23.

H.R. 2570, the “Mortgage Fairness Act of 2017”

Introduced by Representative Bill Posey (R-FL), the “Mortgage Fairness Act of 2017” amends the Truth in Lending Act to clarify that the points and fees in connection with a mortgage loan do not include certain compensation amounts already taken into account in setting the interest rate on such loan.

This bill passed by a vote 34-22.

H.R. 3626, the “Bank Service Company Examination Coordination Act of 2017”

Introduced by Representative Roger Williams (R-TX), the “Bank Service Company Examination Coordination Act of 2017”, as amended, enhances state and federal regulators’ ability to coordinate examinations and share information on bank’s technology vendors and partners.  The legislation does not grant the authority to a state banking agency to examine a bank service company unless that authority exists under state law.

This bill passed by a vote 56-0.

H.R. 5036, the “Financial Technology Protection Act”              

Introduced by Representative Ted Budd (R-NC), the “Financial Technology Protection Act,” as amended, establishes an Independent Financial Technology Task Force (Task Force) to improve coordination between the private and public sectors to research and develop legislative and regulatory proposals to decrease terrorist and illicit use of new financial technologies, including digital currencies.

This bill passed by a vote 57-0.

H.R. 5059, the “State Insurance Regulation Preservation Act”

Introduced by Representative Keith Rothfus (R-PA), the “State Insurance Regulation Preservation Act,” as amended, creates a definition of an Insurance Savings and Loan Holding Companies (ISLHC) and creates a regulatory framework that would limit the Federal Reserve’s oversight of ISLHCs.

This bill passed by voice vote.

H.R. 6332, the “Improving Strategies to Counter Weapons Proliferation Act”

Introduced by Representative Scott Tipton (R-CO), the “Improving Strategies to Counter Weapons Proliferation Act” requires Treasury’s Financial Crime Enforcement Network (FinCEN) to report  to Congress annually for five years  on the intelligence products it generates from Bank Secrecy Act (BSA) filings on proliferation finance transactions moving through the U.S. financial system; on its collaboration with law enforcement agencies, the Intelligence Community, and foreign financial intelligence units; and on its advisories issued to financial institutions on proliferation finance activity to maximize  the use of BSA data.

This bill passed by a vote 56-0.