Yesterday, the House Financial Services Committee passed eight bills to protect student borrowers, enhance consumer credit reporting, ensure that regulators are working to preserve and promote Minority Depository Institutions (MDIs), and improve cybersecurity.
The bills passed by the Committee included.
Protecting Your Credit Score Act of 2019 (H.R. 5332), a bipartisan bill by Representative Josh Gottheimer (D-NJ), which would direct the nationwide consumer reporting agencies to create a single online portal for consumers to access free credit reports, free credit scores, dispute errors and place or lift security freezes.
The bill passed the Committee by a vote of 31-24.
Consumer Protections for Medical Debt Collections Act (H.R. 5330), a bill by Representative Rashida Tlaib (D-MI), which would provide relief to those struggling with health problems and medical debt by preventing collection of medical debt for two years from the date of the medical billing. The bill includes a one-year delay before adverse information is reported to a consumer reporting agency, and it would ban the reporting of debt arising out of medically necessary procedures.
The bill passed the Committee by a vote of 31-24.
Ensuring Diversity in Community Banking Act of 2019 (H.R. 5322), a bill by Representative Gregory Meeks (D-NY), Chair of the Subcommittee on Consumer Protection and Financial Institutions, which would support minority depository institutions (MDIs) and small banks that serve low-income communities by providing flexibility under banking laws to encourage investments in these institutions and strengthening the Minority Bank Deposit Program to provide MDIs with more funds to lend.
The bill passed the Committee by a bipartisan vote of 52-0.
Expanding Opportunities for Minority Depository Institutions (MDIs) Act (H.R. 5315), a bill by Representative Joyce Beatty (D-OH), Chairwoman of the Subcommittee on Diversity and Inclusion, that would codify the U.S. Department of Treasury’s mentor-protégé program to encourage collaboration and partnerships between MDIs and large financial institutions.
The bill passed the Committee by a bipartisan vote of 57-0.
Student Borrower Protections Act (H.R. 5294), a bill by Representative Alma Adams (D-NC), which would provide student loan borrowers with greater protections, including with respect to credit reporting, and enhance oversight of student loan servicing.
The bill passed the Committee by a vote of 32-26.
Fair Student Loan Debt Collection Practices Act (H.R. 5287), a bill by Representative Al Lawson (D-FL), which would amend the Fair Debt Collection Practices Act to prohibit debt collectors from collecting on certain Federal student loan debt when the borrower would not be required to make payments under an income-driven repayment plan.
The bill passed the Committee by a vote of 32-24.
Private Loan Disability Discharge Act of 2019 (H.R. 4545), a bill by Representative Madeleine Dean (D-PA), which would amend the Truth in Lending Act (TILA) to include a required discharge of private student loans in the case of permanent disability of the borrower, similar to how federal student loans are treated in these circumstances.
The bill passed the Committee by a vote of 32-25.
Cybersecurity Disclosure Act of 2019 (H.R. 1731), a bill by Representative Jim Himes (D-CT), which would require the Securities and Exchange Commission (SEC) to issue rules to require companies in their annual reports to the SEC or in their annual proxy statements to disclose whether any member of their board of directors, or similar governing body, has expertise or experience in cybersecurity and the nature of such expertise or experience.
The bill passed the Committee by a vote of 32-24.
The Committee also passed three resolutions by unanimous consent. This included:
A resolution electing Representative Brad Sherman (D-CA) as the new chair of the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets along with adding Representative Carolyn Maloney (D-NY) as its most senior member. For purposes of clarity, the resolution also appointed the Chair and all majority Members of the subcommittee.
A resolution establishing the House Committee on Financial Services Task Force on Financial Technology for six months effective January 7, 2020. The Task Force on Financial Technology has the same scope that it had during the six months ending in December. The Chair of the Task Force will continue to be Representative Stephen Lynch (D-MA) and the Ranking Member will be Representative Tom Emmer (D-MN).
A resolution establishing the House Committee on Financial Services Task Force on Artificial Intelligence for six months effective January 7, 2020. The Task Force on Artificial Intelligence has the same scope that it had during the six months ending in December. The Chair of the Task Force will continue to be Representative Bill Foster (D-IL) and the Ranking Member will be Representative Barry Loudermilk (D-GA).
