The House Committee on Financial Services passed six bills to help combat credit discrimination, ensure fair lending testing, support LGBTQ-owned businesses, improve language access in mortgage servicing, and hold public companies accountable for disclosing pay raise information, climate change risks, and total amounts paid in taxes to better inform investors.
The bills passed by the Committee include:
The Fair Lending for All Act (H.R. 166), a bill by Representative 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, including on the basis of sexual orientation and gender identity. The legislation would also establish the Office of Fair Lending Testing to ensure discrimination is identified and addressed.
The bill passed the Committee by a vote of 28-24.
LGBTQ Business Equal Credit Enforcement and Investment Act (H.R. 1443), a bill by Representative Ritchie Torres (D-NY), which would clarify the Dodd-Frank Wall Street Reform and Consumer Protection Act to ensure financial institutions are collecting data on LGBTQ-owned businesses, including a business owner’s self-identified sexual orientation and gender identity. The legislation will also define a LGBTQ-owned business in federal law, which will help support the development needs and opportunities for LGBTQ-owned businesses.
The bill passed the Committee by a voice vote.
Greater Accountability in Pay Act (H.R. 1188), a bill by Representative Nydia Velázquez (D-NY), which would require public companies with the exception of emerging growth companies to disclose certain executive and employee pay raise information.
The bill passed the Committee by a vote of 29-23.
Climate Risk Disclosure Act (H.R. 2570), a bill by Representative Sean Casten (D-IL), which would require public companies to disclose the risks they face due to climate change.
The bill passed the Committee by a vote of 28-24.
Disclosure of Tax Havens and Offshoring Act (H.R. 3007), a bill by Representative Cindy Axne (D-IA), which would require public companies to disclose their total pre-tax profits, and total amounts paid in State, Federal, and foreign taxes.
The bill passed the Committee by a vote of 28-23.
Improving Language Access in Mortgage Servicing Act (H.R. 3009), a bill by Representative Sylvia Garcia (D-TX), 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 enjoy fair and equal mortgage lending access.
