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House Passes Four Bipartisan Financial Services Bills

Washington, DC, March 3, 2020

Yesterday, the U.S. House of Representatives passed bipartisan financial services bills to protect servicemembers from predatory debt collectors, improve the availability of affordable housing and mortgage credit, and address concerns that China is trapping developing nations in a cycle of predatory debt. The bills passed include:

  • The Fair Debt Collection Practices for Servicemembers Act (H.R. 5003), a bill by Congresswoman Madeleine Dean (D-PA) that amends the FDCPA to prohibit debt collectors from threatening servicemembers or their families to have a servicemember’s rank reduced, have their security clearance revoked, or have them prosecuted under the Uniform Code of Military Justice. The bill passed by a unanimous vote of 355-0.

  • The Ensuring Chinese Debt Transparency Act (H.R. 5932), a bill introduced by Congressman French Hill (R-AR) which seeks to address concerns that China is trapping developing countries in a cycle of predatory debt. The bill passed by a unanimous vote of 356-0.

  • The Yes in My Backyard Act (H.R. 4351), a bill introduced by Congressman Denny Heck (D-WA), which would require localities that receive Community Development Block Grant funding to submit a plan to track and report on the implementation of certain land use policies that promote housing production. The bill was passed by voice vote.

  • The Improving FHA Support for Small Dollar Mortgages Act (H.R. 5931), a bipartisan bill introduced by Congressman Wm. Lacy Clay (D-MO), Chairman of the Subcommittee on Housing, Community Development and Insurance, and Congressman Steve Stivers (R-OH), Ranking Member of the Subcommittee on Housing, Community Development and Insurance, to require the Federal Housing Administration (FHA) to conduct a review of its policies to identify any barriers to supporting mortgages under $70,000 and report to Congress within a year with a plan for removing such barriers. The bill passed by a voice vote.

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