The House Financial Services Committee announces today they passed legislation to help combat lending discrimination and support LGBTQ-Owned Businesses.
The bills passed by the Committee included:
The Fair Lending for All Act (H.R. 166), a bill by Representative Al Green (D-TX), which would update the Equal Credit Opportunity Act and Home Mortgage Data Collection Act to help combat discrimination in the consumer marketplace, including on the basis of sexual orientation and gender identity. The legislation would also establish the Office of Fair Lending Testing to ensure discrimination is identified and addressed.
LGBTQ Business Equal Credit Enforcement and Investment Act (H.R. 1443), a bill by Representative Ritchie Torres (D-NY), which would clarify the Dodd-Frank Wall Street Reform and Consumer Protection Act to ensure financial institutions are collecting data on LGBTQ-owned businesses, including a business owner’s self-identified sexual orientation and gender identity. The legislation will also define a LGBTQ-owned business in federal law, which will help support the development needs and opportunities for LGBTQ-owned businesses.
The full press release from the House Financial Services committee on all the new fair lending legislation is available online.