Description:
H.R. 3555 would direct the Consumer Financial Protection Bureau (CFPB) to develop a uniform statement, in consultation with the Election Assistance Commission, informing renters and homebuyers about their voting rights and how they can register to vote. The bill would require the CFPB to publish the statement in English and the 10 languages most commonly spoken by individuals with limited English proficiency. In addition, it would direct the CFPB to require creditors that receive an application for a residential mortgage loan to provide a copy of the uniform statement to the applicant. The bill also would require the Departments of Agriculture and Housing and Urban Development (HUD) along with Fannie Mae and Freddie Mac to provide the statement to lessees, mortgagees, and program participants. In cases where state, local, or private entities facilitate those programs, federal agencies would need to develop regulations that require those entities to provide the statement when the participant signs a lease, or in the case of a single-family mortgage, within five days of when the borrower signs the loan application. The bill would authorize the appropriation of $5 million in fiscal year 2022 to HUD to assist public and federal housing agencies with costs they incur to implement the bill. Assuming the appropriation of the specified amount, CBO estimates that implementing the bill would cost $5 million over the 2022-2026 period.
