Financial Services Committee

Referred to the House Committee on Financial Services.

This bill increases the mandatory financial contributions from Federal Home Loan Banks to the Affordable Housing Program by extending a 15 percent net income requirement through 2025 and establishing it as the permanent rate for 2026 and beyond. The legislation directly affects the Federal Home Loan Banks, which are government-sponsored enterprises that provide funding to member banks and credit unions. A key provision ensures that these annual contributions will not fall below $100 million in any given year, regardless of the banks' net income fluctuations.

The Janie Wynn Protecting Elders from Financial Exploitation Act requires the Bureau of Consumer Financial Protection to issue rules within 180 days that mandate fraud alerts and enhanced training for financial institutions serving senior citizens. Card issuers must send fraud alerts to both the senior cardholder and a designated adult contact, unless the cardholder signs a waiver acknowledging the increased risk of exploitation. Banks and credit unions are required to train employees on identifying specific account activities indicative of abuse and must notify seniors within 24 hours if such activity is detected. These provisions directly affect financial institutions by imposing new monitoring and communication duties aimed at protecting older adults from financial fraud.

The AIDA bill aims to support African and Caribbean diaspora communities in the U.S. who send remittances to their countries of origin. It would create tax deductions for remittances used for housing, education, healthcare, or small business support (up to $3,000 annually) and exclude income from certified diaspora investments from taxable income (up to $12,000 annually). The bill also establishes programs through the International Development Finance Corporation to support diaspora-led investments and reduce remittance costs by removing regulatory barriers for diaspora-owned remittance providers. It repeals a remittance excise tax and requires annual reports to measure the impact on development in Africa and the Caribbean.

The No Federal Taxpayer-Funded Housing for Illegal Aliens Act of 2026 prohibits the use of federal funds to provide housing assistance to individuals who are unlawfully present in the United States. The bill defines covered housing assistance broadly to include rental help, vouchers, mortgage support, utility bills, hotel stays, and various stabilization services aimed at securing or maintaining a home. Federal agency heads must enforce this ban by requiring fund recipients to certify compliance, monitoring their activities, and imposing civil penalties or periods of ineligibility for any violations. The prohibition does not apply to funds used specifically for enforcing immigration or criminal laws.