Washington Report

Advocacy Updates from Washington D.C.

NAR Supports Group of Credit Scoring and Student Loan Bills

NAR sent a letter of support to the House Financial Services Committee (HFSC) Chairwoman Maxine Waters (D-CA) and Ranking Member Patrick McHenry (R-NC) for a group of bills, to be marked by the committee, impacting federal policy in credit policy and student loan debt.

H.R. 2445 would promote flexibility within the qualified mortgage (QM) rule on verifying sources of incomes and debt used to estimate a borrowers' ability to repay.

The "Protect Your Credit Score Act of 2019" would increase consumer credit information, create higher standards for vetting credit information, and institute a reliable method for contesting and correcting inaccurate information.

H.R. 5294 would require schools to confirm student loan needs, counseling students on private student loan debt, and inform students on unused federal student aid eligibility. It would also require servicers to provide borrowers with more accurate repayment options, set minimum standards for loan transactions, and establish standards for reporting credit information.  Finally, it would give consumers  more power to enforce these credit reporting and loan servicing standards.

H.R. 4545 would extend certain federal student loan protections to private student loans, namely require discharge of private student loans in the case of permanent disability and exempt any tax liability accrued from discharge.

H.R. 5287 would bar debt collectors from collecting on certain Federal student loan debt when the borrower would not be required to make payments under an income-driven repayment plan.

NAR's Letter to Congress