House Passes Three Bipartisan Financial Services Bills

January 30, 2023 –

Today, the U.S. House of Representatives passed several pieces of bipartisan financial services legislation. Among the bipartisan bills passed are initiatives to combat the financial exploitation of our seniors and other vulnerable adults, streamline federal credit union board meeting requirements, and increase access to capital for rural small businesses.

The financial services bills passed by the House include:

H.R. 500, the Financial Exploitation Prevention Act, sponsored by Capital Markets Subcommittee Chairwoman Ann Wagner (MO-02), will help combat financial exploitation of seniors and vulnerable adults by providing at-risk investors with the protection they need to make sure they can receive the hard-earned savings that they have built up over the years.

“Right now, roughly 1 in 5 senior investors already fall prey to fraudsters, losing an estimated $2.9 billion annually… This bill provides a tool to fight against this type of elder abuse,” said Chairman Patrick McHenry (NC-10).

Watch Chairman McHenry’s remarks in support of H.R. 500 here.

H.R. 582, the Credit Union Board Modernization Act, co-sponsored by Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04), will reduce the frequency of required board meetings for federal credit unions with demonstrated strong risk management practices. 

Watch Chairman McHenry’s remarks in support of H.R. 582 here.

As reported by FinancialRegNews.com’s Dave Kovaleski:

The bill, H.R. 582, would update the Federal Credit Union Act to modify current federal requirements for federal credit union board meetings. Specifically, it would alter the requirements for how often boards are supposed to meet – changing it from once per month to once every other month.

“I’m proud that the House passed the Credit Union Board Modernization Act, which I introduced, along with Rep. Bill Huizenga, to change the outdated requirement and allow credit unions and their board members more flexibility,” Rep. Juan Vargas (D-CA) said. “This bipartisan legislation would give credit unions the ability to better dedicate their time and more effectively serve their members and communities.”

The bill would continue to allow credit union boards to meet as frequently as needed. In addition, there is still a requirement for monthly meetings for credit unions that exhibit unsound practices. It has the support of several organizations, including the Credit Union National Association (CUNA).

The legislation now moves to the Senate for consideration.

H.R. 298, the Expanding Access to Capital for Rural Job Creators Act, sponsored by Rep. Alex Mooney (WV-02), will help increase access to capital for rural entrepreneurs and small businesses. 

“In rural areas, every small business and entrepreneur counts. They are the lifeblood of the local economy, and their success is critical to the success of their community,” said Chairman McHenry.

Watch Chairman Patrick McHenry’s (NC-10) remarks in support of H.R. 298 here.