H.R. 4173, which would implement significant reforms and improve consumer protection significantly, is on the floor of the House as we speak. Others will comment on the bill as a whole, but I want to draw attention to what is now one tiny little piece of that bill.
Congresswoman Niki Tsongas and her staff introduced a series of amendments related to credit scoring practices and the impact of asset limits in federal means-tested programs on the banking behavior of consumers. All three amendments have been included in the "Manager's Amendment" and are part of the legislation that the House will vote on (and likely pass) in the coming days. The assets limit amendment is a simple one, it directs a research unit within the new consumer protection agency to:
"research, analyze and report on: experiences of traditionally underserved consumers, including un-banked and under-banked consumers, regarding consumer financial products or services, and the impact of Federal policies, including resource limits in means-tested Federal benefit programs, on such consumers in influencing banking behavior."