House passes five bipartisan financial services bills

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WASHINGTON — The House passed five bipartisan financial services bills aimed at issues ranging from rural housing assistance to the backlog of appraisals for Federal Housing Administration loans.

The bills, approved by the Financial Services Committee, passed late Tuesday with overwhelming support in the full chamber. After Democrats retook the House in 2018, Chairwoman Maxine Waters, D-Calif., said she would pursue legislation where there was broad bipartisan support.

Among the bills passed was HR 241, sponsored by Rep. Roger Williams, R-Texas, which requires state and federal agencies to coordinate their examinations of third-party bank service vendors and facilitates the sharing of information between state and federal agencies. It passed on a voice vote.

A bill sponsored by Rep. Lacy Clay, D-Mo., HR 3620 — known as the Strategy and Investment in Rural Housing Act — was also passed by voice vote. The bill would extend and expand federal rental assistance programs to low-income residents in rural communities.

The House also passed the Homebuyer Assistance Act, which is meant to reduce the backlog of appraisals for FHA loans. The bill would require FHA-approved appraisers to be licensed by relevant state agencies only and specifies the educational training necessary for appraisers to appraise properties for FHA loans. The bill passed 419-5.

HR 1690, the CO Alerts Coordination Act, also passed on a voice vote. The bill, sponsored by Rep. Jesus “Chuy” Garcia, D-Ill., would require at least one carbon monoxide detector to be installed per floor of Section 8 housing for low-income families.

The House also passed HR 281, known as the Ensuring Diverse Leadership Act, which would require Federal Reserve regional bank boards to consider at least one candidate of color when filling a vacancy for bank president. The bill’s sponsor, Rep. Jeanne Beatty, D-Ohio, has been a vocal advocate for increased diversity in the Federal Reserve system for many years

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Finance, investment and tax-related legislation Appraisals Farm and rural mortgages Affordable housing Diversity and equality Maxine Waters House Financial Services Committee FHA Federal Reserve