House Financial Services Committee advances six bills

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The House Committee on Financial Services passed six bills last week on various topics – from fighting credit discrimination to supporting LGBTQ-owned businesses.

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Among the bills that were advanced out of committee is the Fair Lending for All Act (H.R. 166), sponsored by Rep. Al Green (D-TX), which would update the Equal Credit Opportunity Act and Home Mortgage Data Collection Act to help combat discrimination in the consumer marketplace, which includes based on sexual orientation and gender identity. Further, the bill would establish the Office of Fair Lending Testing to ensure discrimination is identified and addressed. It passed 28-24.

Also passed is the LGBTQ Business Equal Credit Enforcement and Investment Act (H.R. 1443), introduced by Rep. Ritchie Torres (D-NY). This would clarify the Dodd-Frank Wall Street Reform and Consumer Protection Act to ensure financial institutions collect data on LGBTQ-owned businesses, including a business owner’s self-identified sexual orientation and gender identity. In addition, the legislation will define an LGBTQ-owned business in federal law, which will help support the development needs and opportunities for LGBTQ-owned businesses. It passed by a voice vote.

Another bill that passed is the Greater Accountability in Pay Act (H.R. 1188). This bill, sponsored by Rep. Nydia Velázquez (D-NY), would require public companies, except for emerging growth companies, to disclose certain executive and employee pay raise information. It was approved 29-23.

The committee also advanced the Climate Risk Disclosure Act (H.R. 2570), introduced by Rep. Sean Casten (D-IL). This legislation would require public companies to disclose the risks they face due to climate change. It passed 28-24. Also, the Disclosure of Tax Havens and Offshoring Act (H.R. 3007), sponsored by Rep. Cindy Axne (D-IA), was also approved. This would require public companies to disclose their total pre-tax profits and total amounts paid in state, federal, and foreign taxes. It was approved 28-23.

Finally, the committee signed off on the Improving Language Access in Mortgage Servicing Act (H.R. 3009), introduced by Rep. Sylvia Garcia (D-TX). This bill would amend the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA) to establish language access requirements for creditors and servicers to ensure consumers with limited English proficiency get fair and equal mortgage lending access. It was approved by a vote of 29-24.

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