House Financial Services Committee advances series of bills
The House Financial Services Committee advanced a series of bills this week, including one that is designed to enhance the coordination of state and federal banking agencies in regulating the activities of bank service companies.
The Bank Service Company Examination Act (H.R. 241) would amend the Bank Service Company Act (BSCA) to both enhance regulatory coordination and allow for the sharing of information related to examinations and regulations. It was introduced by Rep. Roger Williams (R-TX) with Rep. Greg Meeks (D-NY) as a cosponsor.
Additionally, the committee approved the Homebuyer Assistance Act of 2019 (H.R. 2852), a bill that would help alleviate the current shortage of certified appraisers. It was introduced by Rep. Brad Sherman (D-CA).
The committee also approved the Ensuring Diverse Leadership Act of 2019 (H.R. 281), which 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 bill was introduced by Rep. Joyce Beatty (D-OH).
Further, they approved the Strategy and Investment in Rural Housing Preservation Act of 2019 (H.R. 3620,), a bill that would permanently authorize the U.S. Department of Agriculture’s (USDA) Multifamily Housing Preservation and Revitalization (MPR) Program. Additionally, it authorizes $1 billion to carry out the program and establishes an advisory committee to advise USDA in implementing this plan. The measure was introduced by Rep. William Lacy Clay (D-MO).
Finally, the committee approved the Safe Housing for Families Act of 2019 (H.R. 1690), a bill that protects residents of public housing from carbon monoxide poisoning. It authorizes over $300 million over three years to fund the installation and maintenance of carbon monoxide detectors in certain Department of Housing and Urban Development-subsidized housing units. It was introduced by Rep. Chuy Garcia (D-IL).