Consumer Protection

Washington, D.C. – Congressman Brad Sherman (D-Sherman Oaks), who is also Chair of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, introduced legislation which directs the SEC to put in place new rules to require public companies to disclose their risks and exposures to pandemics at the outset of any new outbreak. This bill, the Pandemic Disclosure Act, contains disclosure requirements which would only be triggered when the World Health Organization declares that a health event has become a pandemic.

Washington, D.C. – Congressman Brad Sherman (D-Sherman Oaks), who is also Chair of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, has introduced legislation to temporarily waive certain mortgage underwriting requirements that call for a new in-home appraisal to be completed for a mortgage to be eligible for a federal program or to be guaranteed by Fannie Mae or Freddie Mac. The current coronavirus outbreak makes it imperative that individuals limit their contact with one another as much as possible.

Washington, D.C. – Today, Congressman Brad Sherman (D-Sherman Oaks) introduced legislation to ensure that individuals' credit scores are not negatively impacted as a result of the coronavirus outbreak. For those who rely on steady paychecks to make rent, utility, credit card or mortgage payments, the months ahead will be difficult, and there will be missed payments. And that means lower credit scores. Lower credit scores will result in higher interest rates and reduced opportunities for homeownership.

Washington, D.C. – In the wake of the tragedy that claimed the life of Laker legend Kobe Bryant, his daughter Gianna and 7 others, Congressman Brad Sherman (D-Sherman Oaks) is introducing the Kobe Bryant and Gianna Bryant Helicopter Safety Act, which will require the Federal Aviation Administration (FAA) to strengthen federal safety standards for helicopters.

Less than 48 hours after Congresswoman Carolyn B. Maloney was elected Chair of the House Oversight and Reform Committee, Congressman Brad Sherman sent a letter to his colleagues on the Financial Services Committee, seeking their support for his bid to Chair the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets.

Washington, D.C. – Congressman Brad Sherman (D-CA), joined by nine of his colleagues, sent a letter to the Honorable Mark Green, Administrator of the U.S. Agency for International Development (USAID). The letter urges the Agency to complete its procurement reform process in a manner that ensures a fair and substantial proportion of awards and contracts made by USAID are awarded to small, U.S.-based, not-for-profit, and civil-society based organizations, including credit unions.

Washington, D.C. – Today, Congressman Brad Sherman (D-CA) and Congressman Lee Zeldin (R-NY), members of the House Financial Services Committee, introduced legislation that would permanently prohibit the use of guarantee fees or "g-fees" as a budget offset. The bipartisan Homebuyer Protection Act of 2019 would add a section to the Budget Act of 1974 permanently prohibiting the use of g-fees to offset unrelated spending.

Washington, DC – On Thursday July 11, the House Financial Services Committee passed by a unanimous vote, legislation led by Congressman Brad Sherman and Congressman Sean Duffy to make it easier for homebuyers to buy a home with a Federal Housing Administration (FHA) mortgage by addressing the current shortage of certified appraisers. H.R. 2852, the Homebuyer Assistance Act of 2019 would do this by reducing a number of hurdles that appraisers currently face before they are allowed to perform appraisals for home purchases financed by an FHA mortgage.