Financial Services Committee Passes Bills to Protect Consumers

"The House Financial Services Committee, led by Chairwoman Maxine Waters (D-CA), passed eight bills to strengthen oversight of our nation’s affordable housing and address the housing and homeless crises, put consumers in the driver’s seat to shape their financial futures and simplify bureaucratic processes to improve communities, here and around the world."

Why this is important: The legislation passed the Committee either by voice vote or a majority of its members voting to approve. The legislation includes: (1) The "Credit Union Board Modernization Act" that would reduce the required number of meetings for the board of directors of highly rated federal credit unions; (2) The "Naomi Schwartz Safe Parking Act of 2022" would allow communities to use HUD Emergency Solution Grant funding for safe parking facilities where individuals experiencing homelessness can legally and safely park their cars overnight and be connected to supportive services and permanent housing; (3) The "Studying Barriers to Housing Act" would require the U.S. Government Accountability Office to conduct a study on barriers that make it difficult for public housing authorities to serve people experiencing homelessness through public housing and the Housing Choice Voucher program...