The U.S. House Financial Services Committee reported 10 bills to the full House of Representatives and approved a resolution reauthorizing its bipartisan Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity. The legislative package spans securities regulation, consumer reporting, fraud controls, financial technology and housing, while the task force will continue examining monetary policy, Treasury market resilience and policies aimed at long-term economic prosperity. The measures include legislation to limit the collection and disclosure of investors' personally identifiable information in the consolidated audit trail, restructure the Securities and Exchange Commission and tighten its rulemaking and accountability arrangements, and clarify compensation arrangements by professional service entities. Other bills would revise Fair Credit Reporting Act civil liability standards, clarify liability for credit report resellers, allow certain recurring payment data such as rent and utilities to be reported to consumer reporting agencies, give financial institutions more flexibility to hold payments when fraud is suspected including on wire transfers, establish a federal framework for earned wage access services, and allow HUD to create a grant program in jurisdictions that adopt heirs property best-practices laws so owners can document property rights and cover legal costs. The bills now move to the full House. The reauthorized task force, chaired by Rep. Frank Lucas, will continue its work under the committee.

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