The House Financial Services Committee has advanced 10 bills to the full House of Representatives following a June markup hearing. Several of the measures focus on the Fair Credit Reporting Act (FCRA), credit reporting practices, and access to credit.
Committee members debated the legislation largely along party lines, with discussions focusing on balancing consumer protections, regulatory oversight, and access to financial services.
During the markup, CommitteeĀ ChairmanĀ French Hill, R-Ark.,Ā statedĀ that the legislation is intended to address consumer protection, strengthen the financial system, and improve regulatory accountability. He also emphasized the importance of safeguarding personal information, equipping financial institutions to combat fraud, andĀ maintainingĀ transparency among regulators.Ā
Among the measures approved was a resolution to reauthorize the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity. The bipartisan task force, chaired by Rep. Frank Lucas, R-Okla., will continue examining monetary policy, Treasury market stability, and policies related to long-term economic growth. The resolution passed by voice vote.Ā
Committee Ranking Member Maxine Waters, D-Calif., also expressed support for reauthorizing the bipartisan task force, citing its role in evaluating policies that affect the broader economy.
Review of Credit Reporting LegislationĀ
Several of theĀ billsĀ advanced during the markup had previously been reviewed during an April hearing before the House Subcommittee on Financial Institutions.Ā
The hearing examined the Fair Credit Reporting Act and the consumer credit reporting system, with discussions centered on the accuracy of credit reports, risk management practices within financial institutions, andĀ maintainingĀ consumer access to credit.Ā
Key Bills Advanced by the Committee:Ā
Expanding Credit Reporting DataĀ
H.R. 5402 ā Credit Access and Inclusion Act –Ā This bipartisan legislationĀ seeksĀ to expand credit opportunities for consumers with limited or no traditional credit history by allowing public housing authorities, utility providers, andĀ telecommunications companies to voluntarily report payment history to consumer reporting agencies.Ā
The bill alsoĀ establishesĀ a federal safe harbor for voluntary reporting and would preempt state and local restrictions that limit full-file reporting.Ā
Fair Credit Reporting Act LiabilityĀ
H.R. 5775 ā FCRA Liability Harmonization Act –Ā This bill proposes changes to the liability framework under the Fair Credit Reporting Act. It would limit certain legal liabilities for consumer reporting agencies and entities thatĀ furnish credit information withĀ the goal of encouraging greater participation within the credit reporting system.Ā
H.R. 8141 ā Fair Credit Reporting Reseller Accuracy Act –Ā This legislation provides clarification under the FCRA for mortgage credit resellers, which compile and merge consumer credit information from the major consumer reporting agencies for use by mortgage lenders.Ā
Earned Wage Access RegulationĀ
H.R. 9330 ā Earned Wage Access Consumer Protection Act –Ā The committee also approved legislationĀ establishingĀ a federal regulatory framework for Earned Wage Access (EWA) services. These services allow employees to access wages they have already earned before their scheduled payday.Ā
The bill passed on a narrow party-line vote andĀ representsĀ one of the first comprehensive federal proposals addressing Earned Wage Access products.Ā
What Comes Next?Ā
The approved legislation now moves to the full House of Representatives for consideration.Ā
Many of the measures related to the Fair Credit Reporting Act and Earned Wage Access received limited bipartisan support during committee consideration. If approved by the House, the bills would also require Senate approval before becoming law.Ā
In addition to legislative activity, the House Financial Services Committee is scheduled to hold a hearing in July 2026 on the Consumer Financial Protection Bureau’s semiannual report to Congress.Ā
Acting Director Russell Vought is currently leading the CFPB through Aug. 1, 2026. President Donald Trump has nominated Brian Johnson to serve as the bureau’s director,Ā and the nomination is under consideration by the Senate Committee on Banking, Housing and Urban Affairs.
Author:Ā Jennifer Evancic
Jennifer.Evancic@ResourceManagement.com
Jennifer Evancic is a third-party auditor valued by creditors and large organizations for her knowledge in call monitoring within the collections industry. With meticulous attention to detail and a firm grasp of regulatory requirements, she ensures compliance with clientsā criteria and state and federal regulations.
Jennifer audits collections calls, ensuring they meet client-specific criteria and comply with regulations, providing valuable insights and maintaining industry standards.
Beyond her auditing responsibilities, Jennifer takes the lead in organizing and facilitating monthly call calibrations. These sessions serve as a collaborative forum where clients and their vendors come together to discuss call monitoring results and address any findings or areas for improvement. Jenniferās guidance fosters open communication and ensures alignment between clients and vendors, driving continuous improvement in collections practices.
Jennifer stays up-to-date with compliance and industry best practices by participating regularly in peer meetings, regulatory updates and industry webinars. This keeps her informed about emerging issues and ensures she remains a knowledgeable leader in collections compliance.
