Committee Passes Legislation to Reform the Credit Reporting System, Increase Diversity, and Strengthen Housing Protections

Washington, DC, July 11, 2019

Today, the House Financial Services Committee, held a markup of ten bills to reform the broken credit reporting system, increase diversity and inclusion efforts in the financial services sector, improve the homebuying process and preserve the affordability of rural housing.

See the legislation below. 

• H.R. 281, the Ensuring Diverse Leadership Act of 2019, a bill that would require the Federal Reserve Bank to interview at least one individual reflective of gender diversity and one reflective of racial or ethnic diversity in making the appointment of a regional bank president.

  This legislation was introduced by Rep. Joyce Beatty (D-OH), Chairwoman of the Subcommittee on Diversity and Inclusion. It was passed by a bipartisan vote of 56-2.

• H.R. 1018, the Improving Corporate Governance through Diversity Act of 2019, a bill that would require companies to annually disclose the voluntarily self-identified gender, race, ethnicity & veteran status of their board directors, nominees, and senior executive officers.

  This legislation was introduced by Rep. Gregory Meeks (D-NY), Chairman of the Subcommittee on Consumer Protection and Financial Institutions. It was passed by a bipartisan vote of 53-5.

• H.R. 2852, the Homebuyer Assistance Act of 2019, a bill that would make it easier for homebuyers to buy a home with a Federal Housing Administration (FHA) mortgage by alleviating the current shortage of certified appraisers.

  This legislation was introduced by Rep. Brad Sherman (D-CA). It was passed by a voice vote.

• H.R. 3279, the Diversity in Corporate Leadership Act of 2019, a bill that would require companies to disclose the gender, racial and ethnic composition of their corporate boards and nominees for the board of directors.

  This legislation was introduced by Rep. Carolyn Maloney, Chair of the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets. It was passed by a bipartisan vote of 52-6.

• H.R. 3614, the Restricting Use of Credit Checks for Employment Decisions Act, a bill to ban the use of credit information for most employment decisions, except when required by law or for a national security clearance.

  This legislation was introduced by Rep. Al Lawson (D-FL). It was passed by a vote of 32-26.

• H.R. 3618, the Free Credit Scores for Consumers Act of 2019, a bill that would require consumer reporting agencies to give consumers free copies of their credit scores that are used by creditors.

  This legislation was introduced by Rep. Joyce Beatty (D-OH), Chairwoman of the Subcommittee on Diversity and Inclusion. It was passed by a vote of 32-26.

• H.R. 3619, the Appraisal Fee Transparency Act of 2019, a bill that would ensure compliance with federal appraisal standards, create a national registry of appraisers in training and provide consumers with greater transparency into the disclosure of fees paid for appraisals.

  This legislation was introduced by Rep. William Lacy Clay (D-MO), Chairman of the Subcommittee on Housing, Community Development and Insurance. It was passed by a voice vote.

• H.R. 3620, the Strategy and Investment in Rural Housing Preservation Act of 2019, a bill that would permanently authorize the U.S. Department of Agriculture’s (USDA) Multifamily Housing Preservation and Revitalization (MPR) Program, require USDA to come up with a plan for preservation of rural multifamily housing backed by USDA loans, and establish an advisory committee to advise USDA in implementing this plan.

  This legislation was introduced by Rep. William Lacy Clay (D-MO), Chairman of the Subcommittee on Housing, Community Development and Insurance. It was passed by a bipartisan and unanimous vote of 57-0.

• H.R. 3622, the Restoring Unfairly Impaired Credit and Protecting Consumers Act, a bill that would shorten the time period in which adverse information would stay on a consumer report from seven years to four years.

  This legislation was introduced by Rep. Rashida Tlaib (D-MI). It was passed by a vote of 32-26.

• H.R. 3642, the Improving Credit Reporting for All Consumers Act, a bill to improve the process for consumers to resolve inaccuracies on their credit reports, including by creating a new right to appeal credit reporting decisions, and direct the Consumer Financial Protection Bureau (CFPB) to develop minimum standards for the credit reporting agencies.

  This legislation was introduced by Rep. Alma Adams (D-NC). It was passed by a vote of 32-26.

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