Legislation

The Fair Lending for All Act would provide strong criminal penalties for violating ECOA. National Fair Housing Alliance President and CEO Lisa Rice recently spoke in support of the bill before the House Financial Services Committee. Read on for details.

The National Association of Realtors (NAR) is supporting a proposed law that would remove barriers to first-time homeownership.

Earlier this month, Sens. Doug Jones (D-Ala.) and Cory Gardner (R-Colo.) introduced the American Dream Down Payment Act of 2020, a bipartisan bill that would create savings accounts to help prospective homebuyers more easily save for down payments and other eligible costs associated with buying a home.

Read on for details from NAR.

Bipartisan legislation has been proposed that would amend the Bank Service Company Act (BSCA) to allow federal and state banking agencies to coordinate examinations of technology service providers (TSPs) and share results.

The BSCA currently authorizes federal regulators to examine TSPs, but is silent about the authority and role of state regulators. 

Read on for more information about the proposed amendments from the Conference of State Banking Supervisors.

The National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) have asked Congress to support legislation to fund emergency mortgage and rental assistance.

In a letter to Sen. Jack Reed, House Financial Services Committee Chairwoman Maxine Waters and other legislators, the trade groups expressed gratitude for actions Congress has already taken to support pandemic relief, but said more needs to be done.

Read on for more from NAR and MBA.

Now that the Senate has unanimously approved adding $370 billion to the Paycheck Protection Plan (PPP) account, which ran out of $349 billion in 11 days, Congress must turn to comprehensive legislation to address other aspects of the economic crisis caused by the pandemic.

That’s according to House Financial Services Committee Chairwoman Maxine Waters, who is now asking legislators to provide additional assistance to struggling homeowners, renters, landlords and people experiencing homelessness.

Read on for more details from Waters.

The National Association of Federally-Insured Credit Unions (NAFCU) is the latest trade group to call for the single-director Consumer Financial Protection Bureau (CFPB) to switch to a bipartisan commission. 

Rep. Blaine Luetkemeyer (R-Mo.) previously introduced a bill in the House of Representatives to change the CFPB’s governance structure, and NAFCU is expected to advocate for its passage. 

Read on for details from NAFCU President and CEO Dan Berger.

The Consumer Bankers Association (CBA) made several legislative and regulatory recommendations to the House Financial Services Committee in advance of the Consumer Financial Protection Bureau’s (CFPB) semi-annual report to Congress.

CBA President and CEO Richard Hunt suggested Congress quickly pass a law changing the bureau’s structure to a bipartisan commission, citing concerns with the upcoming  Seila Law v. CFPB case, which will be argued before the U.S. Supreme Court March 3.

Read on to learn about additional recommendations.

Conference of State Bank Supervisors President and CEO John Ryan has announced this year’s legislative priorities for state regulators. 

The priorities include strengthening Bank Secrecy Act/Anti-Money Laundering (BSA/AML) reform proposals.   

Read on to learn more about Ryan’s legislative priorities.

House Financial Services Committee Chairwoman Maxine Waters and other Democrats are asking the Government Accountability Office (GAO) for information on the benefits and drawbacks of alternative data in mortgage lending.

The lawmakers recently sent a letter to GAO Comptroller General Gene Dodaro requesting details about the role of the federal government in overseeing the use of alternative data by credit reporting agencies and lenders.

Read on for more from the letter.

The House of Representatives has voted in favor of ratifying the United States-Mexico-Canada Trade Agreement (USMCA).

The National Association of Realtors (NAR) previously joined with the Canadian Real Estate Association and the Asociacion Mexicana de Profesionales Inmobiliarios  in support of the USMCA.

Read on for a statement from NAR.