Clarksville Times

The House Financial Services Committee has advanced a series of bills to the full House for consideration. These bills encompass a wide range of financial services issues, from promoting access to capital in underbanked communities to enhancing transparency within Community Development Financial Institutions (CDFIs).

Among the bills is H.R. 758, the “Promoting Access to Capital in Underbanked Communities Act,” sponsored by Rep. Andy Barr (KY-06). This bill aims to stimulate the creation of new banks by offering relief for de-novo banking organizations, including a three-year phase-in period to meet federal capital requirements.

Another significant piece of legislation is H.R. 3161, the “CDFI Fund Transparency Act,” sponsored by Rep. John Rose (TN-06). This bill seeks to increase transparency within CDFIs by mandating annual testimony from the director of the CDFI fund before this committee.

The “Bank Resilience and Regulatory Improvement Act,” H.R. 8337, sponsored by Rep. Barr, proposes regulatory tailoring for community financial institutions and advocates for more transparency and engagement regarding Federal Reserve stress testing.

H.R. 8338, known as the “Clarity in Lending Act,” is sponsored by Rep. Young Kim (CA-40). It provides a safe harbor for depository institutions offering responsible small-dollar credit products and requires the Consumer Financial Protection Bureau (CFPB) to clarify standards for enforcement actions related to unfair, deceptive, or abusive acts or practices.

Other bills include H.R. 8339, the “SEC Reform and Restructuring Act”; H.R. 4551, the “Protecting Investors’ Personally Identifiable Information Act”; H.J.Res. 100 relating to 'Cybersecurity Risk Management'; H.R. 8302, the “HUD Evaluation and Optimization Act of 2024”; H.R. 3507, the “Yes in My Backyard (YIMBY) Act”; H.R. 7480, the “Disabled Veterans Housing Support Act”; and H.R. 8340, the “Housing Unhoused Disabled Veterans Act.”

Each of these bills is designed to address specific challenges within the financial services sector and their advancement to the full House marks a significant step in the legislative process.