The National Fair Housing Alliance, numerous civil rights groups and consumer advocates are urging the House Financial Services Committee, the Senate Banking Committee, and the Biden administration to support appraisal-reform legislation.
The groups allege that the systemic failure of the nation’s property valuation system stifles wealth creation for too many people and communities and undermine the nation’s economy.
Read on to learn more.
The chairwoman of the House Committee on Financial Services introduced legislation aimed at rooting out discrimination in banking and closing the racial wealth and homeownership gap.
Rep. Maxine Waters (D-CA) called H.R. 8833 (Making Communities Stronger through the Community Reinvestment Act) a ‘transformative’ piece of legislation.
A group of Democrats and one Independent have reintroduced a bill prohibiting banks and other financial institutions from discrimination in providing goods or services based on race, color, religion, national origin, sex, gender identity or sexual orientation.
The legislation would ensure that all people receive equal treatment when trying to access services at financial institutions and hold institutions accountable for discriminatory practices.
By a vote of 215-207, the House recently passed the Financial Services Racial Equity, Inclusion, and Economic Justice Act (HR 2543) which seeks to hold banks, corporations, and financial institutions accountable for denying access to capital to millions.
Maxine Waters (D-Calif.), chairwoman of the House Committee on Financial Services, called the legislation historic.
New Jersey Gov. Phil Murphy signed legislation repealing a law which limited the amount of revenue a title agency or company can receive from or be referred to by an entity that “controls” the agency, or an affiliate of that entity. Read on for reaction from Saul Ewing Arnstein & Lehr Partner Francis X. “Trip” Riley III and RESPRO President and Executive Director Ken Trepeta.
The House of Representatives has passed President Joe Biden’s Build Back Better bill, which includes unprecedented housing spending priorities. H.R. 5376, which was approved on a 220-213 vote, now goes to the Senate.
The National Association of Realtors, American Bankers Association, American Land Title Association and the National Association of Federally-Insured Credit Unions are among more than 100 trade associations who called on Congress to reject the proposed IRS reporting requirement under consideration in the budget reconciliation package.
The House Financial Services Committee has passed a bill to support manufactured housing communities. The bill would provide up to $2 million in grants to help state and local government agencies, Native American tribes and other groups prevent their local mobile home parks from being sold to big developers.
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