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Committee Passes Legislation Strengthening Protections for Consumers, Minority Owned Businesses, and Credit Unions

This week, the House Financial Services Committee passed four bills focused on establishing protections across the financial system, including codifying the Minority Development Agency to ensure minority-owned companies have the necessary resources, requiring reporting from U.S. Global Systemically Important Banks (G-SIBs) to the Federal Reserve, extending enhancements to the National Credit Union Administration, and updating the Customer Identification Program to accept the municipal IDs to benefit the unbanked and underbanked.

The Committee passed the following bills:

  • The Minority Business Resiliency Act (H.R. 2689), a bill by Representative Al Green (D-TX), would supersede Executive Order 11625, which created the original Minority Business Development Agency (MBDA), and codify the agency into law to assist the development and resiliency of minority business enterprises (MBEs). MBEs are defined as firms that are at least 51 percent owned by one or more socially disadvantaged individuals and whose management and daily business operations are controlled by one or more socially disadvantaged individuals.  Additionally, this bill establishes business centers in areas that primarily serve rural minority business enterprises. 

    The bill passed the Committee by a vote of 28-23.

  • The Greater Supervision In Banking (G-SIB) Act  (H.R. 3948), a bill by Representative Ayanna Pressley (D-MA), would require U.S. Global Systemically Important Banks (G-SIBs) to present detailed annual reports to the Federal Reserve and have them published on its website. The reports will provide details about the G-SIBs’ size and complexity, enforcement actions taken against the G-SIB, executive and worker compensation, support for MDIs and CDFIs, steps being taken to reach climate emissions reduction targets, diversity of the GSIBs’ board, and more.

    The bill passed the Committee by a vote of 28-22.

  • The Central Liquidity Facility Enhancement Act (H.R. 3958), a bill by Representative Maxine Waters (D-CA), would permanently extend enhancements for the National Credit Union Administration’s (NCUA) Central Liquidity Facility (CLF) made in the CARES Act that expanded access to liquidity support for more credit unions, especially small credit unions. The bill would also require a GAO study to analyze the impact of the enhancements.

    The bill passed the Committee by a vote of 28-22.

  • The Municipal I.D.'s Acceptance Act  (H.R. 3968), a bill by Representative Ritchie Torres (D-NY), would direct the federal financial regulators and the Financial Crime Enforcement Network (FinCEN) to update the guidance on the Customer Identification Program (CIP) to clarify that banks may incorporate municipal-issued identification (ID) into the financial institution’s risk-based approach.

    The bill passed the Committee by a vote of 27-23.


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