House Financial Services Committee Advances Slate of Bills to Full House for Consideration

Cmte Financial Services (R)
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House Financial Services Committee Advances Slate of Bills to Full House for Consideration

Today, the House Financial Services Committee, led by Chairman Patrick McHenry (NC-10), reported eleven pieces of legislation out of Committee favorably to the full House for consideration. These include a slate of financial institutions, capital markets, and housing legislation to improve efficiency and accountability at federal agencies, as well as expand economic opportunity.

More information on all eleven bills reported out of the Financial Services Committee can be found below including Member remarks in support of their legislation:

H.R. 758, the “Promoting Access to Capital in Underbanked Communities Act,” sponsored by Rep. Andy Barr (KY-06). H.R. 758 would promote the formation of new banks by providing much needed relief for de-novo banking organizations including a 3-year phase-in period to meet federal capital requirements.

H.R. 3161, the “CDFI Fund Transparency Act,” sponsored by Rep. John Rose (TN-06). H.R. 3161 would add an additional level of transparency for Community Development Financial Institutions, or CDFIs, by requiring the director of the CDFI fund to testify before this committee annually.

H.R. 8337, the “Bank Resilience and Regulatory Improvement Act,” sponsored by Rep. Barr. H.R. 8337 would promote regulatory tailoring for community financial institutions, provide for a more transparent and timely bank merger review process, require more engagement and transparency in regards to Federal Reserve stress testing, improve the bank supervisory appeals process, require the Federal Reserve to fix deficiencies in the discount window, and give small bank holding companies additional relief.

H.R. 8338, the “Clarity in Lending Act,” sponsored by Rep. Young Kim (CA-40). H.R. 8338 would provide a safe harbor for depository institutions to offer responsible small-dollar credit products; require the CFPB to clarify standards for unfair, deceptive, or abusive acts or practices (UDAAP) enforcement actions; provide small financial institutions with relief from CFPB’s small business data collection rule; and require the CFPB to establish a process to safeguard small business data.

H.R. 8339, the “SEC Reform and Restructuring Act,” sponsored by Rep. Ann Wagner (MO-02). H.R. 8339 would establish needed guardrails to prevent abuse of the SEC rulemaking process, enhance the SEC’s cost benefit analysis, and require the SEC Chair and Commissioners to regularly testify before Congress. H.R. 8338 also guarantees stakeholders have enough time to comment on SEC rules, streamlines the SEC’s oversight of auditors, and provides transparency regarding the SEC’s information technology infrastructure.

H.R. 4551, the “Protecting Investors’ Personally Identifiable Information Act,” sponsored by Rep. Barry Loudermilk (GA-11). H.R. 4551 would protect Americans’ privacy rights by prohibiting the SEC from collecting personally identifiable information through the consolidated audit trail (CAT).

H.J.Res. 100, “Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to ‘Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure,’” sponsored by Rep. Andrew Garbarino (NY-02). H.J.Res. 100 would nullify the Cybersecurity Rule, firmly condemning the SEC for adopting rules that impede, rather than support, issuers dealing with a cyber-attack.

H.R. 8302, the “HUD Evaluation and Optimization Act of 2024,” sponsored by Rep. Warren Davidson (OH-08). H.R. 8302 would establish an independent, bipartisan Commission to review the structure and programs of HUD and issue a report, on which Congress will vote, with recommendations on how to optimize this troubled agency.

H.R. 3507, the “Yes in My Backyard (YIMBY) Act,” led by Rep. Mike Flood (NE-01). H.R. 3507 would require communities that get CDBG funds to submit information to HUD regarding efforts to get rid of restrictive local land use policies that inhibit new housing construction.

H.R. 7480, the “Disabled Veterans Housing Support Act,” sponsored by Rep. Monica De La Cruz (TX-15). H.R. 7480 would require HUD to exclude any service-connected disability compensation received by a veteran from the income eligibility formula HUD uses to determine if a veteran qualifies for the CDBG program.

H.R. 8340, the “Housing Unhoused Disabled Veterans Act,” sponsored by Rep. Brad Sherman (CA-32). H.R. 8340 would combat veteran homelessness by requiring HUD to exclude VA disability benefits received by a veteran from the income eligibility formula HUD uses to determine if a veteran qualifies for the HUD-VASH homelessness program.