Ranking Member Maxine Waters Announces Committee Passage of Bipartisan Legislation to Address the Housing Crisis, Strengthen Competition in the Banking System, Protect Consumers, And Promote Financial Stability
Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, announced the following Democratic-led and bipartisan bills that passed during this week’s full Committee markup. The bills aim to tackle the ongoing housing crisis and address banking challenges by strengthening oversight, promoting competition, and curbing excessive consolidation that leaves communities with fewer options and greater risks. Together, they expand access to affordable and resilient housing, support community and rural financial institutions, and protect consumers while reinforcing financial stability.
H.R. 6644, the “Housing for the 21st Century Act” is a bill offered by Ranking Member Maxine Waters (D-CA), Chairman French Hill (R-AR), Representative Emanuel Cleaver (D-MO), and Representative Mike Flood (R-NE). This bill would streamline housing development and affordability by expanding local development opportunities and modernizing existing housing programs in communities across America. It also broadens access to homeownership, including for manufactured housing, and small-dollar mortgages, protects borrowers and assisted families, enhances federal oversight of housing providers, and strengthens the development of affordable homes for families in both rural to urban communities.
H.R. 6547, the “Least Cost Exception Act” is a bill offered by Representative Bill Foster (D-IL) and Representative Mike Flood (R-NE). This bill would allow the FDIC to waive the least cost resolution test when selecting a bid for a failed bank if the FDIC and Federal Reserve make a determination that any risks to the FDIC’s Deposit Insurance Fund are outweighed by limiting the concentration in Global Systemically Important Banks (G-SIBs) if the FDIC chooses a bid from a bank other than a G-SIB. The alternative bid will need to meet certain criteria, including agreeing to pay the difference of their bid and that of a G-SIB, subject to case-by-case discounts and other criteria established by the FDIC.
H.R. 6556, the “Failing Bank Acquisitions Fairness Act” is a bill offered by Representative Stephen Lynch (D-MA). This bill would narrow the exception that allows a megabank with more than 10% of U.S. total deposits or liabilities to bid to acquire a failing bank. Specifically, this bill would prevent such megabanks from bidding for a failed bank if there are other eligible bids from other well-capitalized and well-managed banks that meet FDIC’s requirements. Only when there are no such bids would these megabanks be permitted to acquire a failing bank.
H.R. 4646, the “Whistleblower Protection Act of 2025” is a bill offered by Representative Nikema Williams (D-GA) and Representative Monica De La Cruz (R-TX). This bill ensures that whistleblower protections apply to any contract and subcontract funded by HUD, regardless of when the contract was signed.
H.R. 6536, the “Rural Depositories Revitalization Study Act” is a bill offered by Representative Ralph Norman (R-SC). This bill would require the Fed, FDIC, and OCC to study ways to improve the growth, capital adequacy, and profitability of rural depository institutions, as well as the creation of de novo depository institutions in rural areas.
H.R. 6555, the “Enhancing Bank Resolution Participation Act” is a bill offered by Representative Bill Huizenga (R-MI). This bill requires a study by Federal banking regulators on the use of so-called “shelf charters” and modified bidder qualifications since 2008 to allow nonbank companies to buy a failing bank. Republicans agreed to expand the study to also consider safety and soundness, the availability of financial products and services provided to consumers, and the risks and benefits of private equity’s involvement in such acquisitions.
H.R. 6570, the “Merger Agreement Approvals Clarity and Predictability Act” is a bill offered by Representative Scott Fitzgerald (R-WI). This bill requires GAO to study the use of commitments and conditions by Federal prudential regulators in connection with bank merger applications, as well as other aspects of bank merger reviews and the impact mergers have had on affected communities, competition, and financial stability.
H.R. 6546, the “Merger Process Review Act” is a bill offered by Representative Roger Williams (R-TX). This bill requires the Inspectors General of Federal banking regulators to review every three years the regulator's handling of bank merger applications, including the impact bank mergers have had on affected communities, competition, and financial stability. It also requires the regulators to respond to the IG reports with a written plan on how they will improve the bank merger review process.
H.R. 6551, the “New Bank Application Numbers Knowledge Act (New BANK) Act” is a bill offered by Representative Barry Loudermilk (R-GA). This bill would require annual reports relating to applications for new Federal depository institution charters, bank holding companies, credit unions, Federal deposit insurance, and State depository institution charters. It would require the reporting of timelines and common reasons for denial of such applications.
H.R. 6552, the “Bank-Fintech Partnership Enhancement Act” is a bill offered by Representative Andy Barr (R-KY). This bill requires the Federal banking and credit union regulators to conduct a study of how fintech partnerships could help banks and credit unions better compete and serve their communities. Republicans added considerations for consumer protection as well as availability of financial products and services for consumers.
H.R. 5577, the “NFIP Extension Act of 2026” is a bill offered by Representative Andrew Garbarino (R-NY). This bill would extend the authorization of the National Flood Insurance Program through September 30, 2026.
