July 12, 2019

HFSC begins markup of credit reporting, other bills

HFSC Markup

The House Financial Services Committee began a markup of 15 bills yesterday, tackling a pair of NAFCU-backed measures early on. Chairwoman Maxine Waters, D-Calif.,  noted NAFCU's support when discussing the Free Credit Scores for Consumers Act (H.R. 3618), which would provide consumers with free access to credit scores.

The markup, which includes a number of bills related to reforming credit score reporting, some of which were advanced yesterday, is expected to continue next Tuesday. 

Ahead of the markup,  Brad Thaler, NAFCU's vice president of legislative affairs, offered the association's support of three bills. One of them, the Homebuyer Assistance Act of 2019 (H.R. 2852), was advanced to the full House Thursday by voice vote. H.R. 2852 seeks to improve the process for getting appraisals for Federal Housing Administration-backed mortgages.

NAFCU also expressed concerns over a series of comprehensive reforms of the consumer credit reporting system that are being considered as part of the markup and urged the committee to further examine reforms to the consumer credit reporting system before advancing legislation in this area.

For more on NAFCU's position on the bills in the markup, click here. The association will continue to monitor the markup and keep credit unions updated on the committee's discussions.