House Financial Services Committee advances 10 bills

The House Financial Services Committee advanced 10 bills last week that reduce housing costs, help small businesses, and protect whistleblowers, among others.

Among the legislation advanced is the Downpayment Toward Equity Act (H.R. 4495), sponsored by Committee Chair Maxine Waters (D-CA). This bill would authorize $100 billion for a new HUD grant program to provide financial assistance to first-time, first-generation homebuyers to put towards a downpayment.

Waters also sponsored H.R. 7977, the Promoting Opportunities for Non-Traditional Capital Formation Act, which would amend the Securities Exchange Act to require the Advocate for Small Business Capital Formation to provide educational resources and host events to promote capital raising options for traditionally underserved small businesses.

“My bill, H.R. 7977, “Promoting Opportunities for Non-Traditional Capital Formation Act,” aims to do just that by requiring the Advocate for Small Business Capital Formation at the SEC to assist traditionally underserved small businesses and those led by entrepreneurs of color on how to raise funding within our securities markets. And as the pandemic continues to harm small businesses around the country, Rep. Lawson’s bill, H.R. 6814, ‘Small Business Fair Debt Collection Protection Act’ would amend the Fair Debt Collection Practices Act to extend protections to small businesses that are currently in place for individual consumers to guard against predatory debt practices,” Waters said.

Also advanced by the committee was H.R. 7195, a bill that would provide for certain whistleblower incentives and protections. This bill offered by U.S. Rep. Alma Adams (D-NC) would modify the structure and function of the Financial Crimes Enforcement Network’s (FinCEN’s) recently mandated whistleblower program, ensuring that individuals who provide information that leads to successful enforcement are able to receive awards, as intended by the Anti-Money Laundering Act of 2020 (AMLA).

Also, the committee passed H.R. 68, the Housing Fairness Act of 2022 — a bill offered by U.S. Rep. Al Green (D-TX) that would authorize increased funding for the Department of Housing and Urban Development’s (HUD) Fair Housing Initiatives Program (FHIP) and make a number of reforms to FHIP.

In addition, the committee passed H.R. 5912, the Close the Loophole Act, offered by U.S. Rep. Jesus “Chuy” Garcia (D-IL). This bill would eliminate a regulatory exemption allowing commercial firms to operate FDIC-insured banks as industrial loan companies (ILCs) without being subject to the same consolidated supervision or other requirements to which traditional banks are subject.

Other bills advanced by the committee include the Public and Federally Assisted Housing Fire Safety Act of 2022 (H.R. 7981); the Housing Temperature Safety Act of 2022 (H.R. 6528); the Grandfamily Housing Act of 2021 (H.R. 3111); the Small Business Fair Debt Collection Protection Act (H.R. 6841); and the Risk-Based Credit Examination Act (H.R. 4586).