U.S. House Financial Services Committee bills on veterans housing, China currency oversight and reporting relief pass the House

The U.S. House of Representatives overwhelmingly passed six bipartisan bills advanced by the U.S. House Financial Services Committee, spanning veterans housing eligibility rules, Treasury Department actions at the International Monetary Fund related to China’s currency practices, a delay to beneficial ownership reporting, and changes to credit union board meeting requirements. Two measures target how U.S. Department of Housing and Urban Development income is calculated for veterans housing: H.R. 224 would stop counting service-connected disability compensation as income in the Community Development Block Grant income calculation formula, and H.R. 965 would revise the HUD-VASH income calculation so disability payments do not exclude low-income veterans. On China-related IMF engagement, H.R. 386 would direct the U.S. Secretary of the Treasury to oppose any further increase in the renminbi’s weight in the IMF currency basket unless specified conditions are met, while H.R. 692 passed 388-7 and would require Treasury to press for stronger IMF surveillance of Chinese currency practices and for members to consider China’s lack of transparency when assessing China’s shareholding. On domestic regulatory requirements, H.R. 736 passed 408-0 and would extend the beneficial ownership reporting deadline by one year to allow the Financial Crimes Enforcement Network to address gaps in its education and outreach, and H.R. 975 would allow certain well-functioning credit unions to opt to meet at least six times per year with at least one meeting per fiscal quarter.