Last week the House Financial Services Committee passed a number of NAR-supported bills to expand access to credit.
H.R. 123, the "FHA Additional Credit Pilot Program Reauthorization Act", was introduced by Rep. Green (D-TX). This bill would create a pilot program for the Federal Housing Administration to include alternative credit data when evaluating prospective homebuyers. This program had been authorized in the immediate aftermath of the Great Recession, but had never been implemented.
Rep. Waters (D-CA) introduced legislation, H.R. 4328, which amends the Fair Credit Reporting Act to protect Federal and D.C. government employees and contractors from having their credit damaged as a result of a government shutdown.
Lastly, H.R. 4067, introduced by Rep, Scott (D-GA), directs the Consumer Financial Protection Bureau to direct research on those who don’t have bank accounts or other banking relationships. The bill encourages the development of strategies designed to increase financial education and participation in the banking system.
NAR sent a letter to the Committe, urging support of each of these bills. They now will move to the House Floor for consideration.