[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8480 Introduced in House (IH)]

<DOC>






118th CONGRESS
  2d Session
                                H. R. 8480

     To require agencies to update mortgage underwriting programs, 
 guidelines, standards, and systems to require lenders to consider, in 
 the mortgage credit evaluation process, any amounts a borrower has in 
    any brokerage account associated with a cryptocurrency exchange.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 21, 2024

 Ms. Mace (for herself and Mr. Khanna) introduced the following bill; 
   which was referred to the Committee on Financial Services, and in 
  addition to the Committee on Veterans' Affairs, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
     To require agencies to update mortgage underwriting programs, 
 guidelines, standards, and systems to require lenders to consider, in 
 the mortgage credit evaluation process, any amounts a borrower has in 
    any brokerage account associated with a cryptocurrency exchange.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Homeowner Crypto 
Modernization Act of 2024''.

SEC. 2. CONSIDERATION OF CRYPTOCURRENCY EXCHANGE BROKERAGE ACCOUNT 
              AMOUNTS.

    (a) In General.--Not later than the expiration of the 24-month 
period beginning on the date of the enactment of this Act, each head of 
a covered agency shall, update the automated mortgage underwriting 
programs, guidelines, standards, and systems of such covered agency in 
a manner to require participating mortgage lenders to consider, in the 
mortgage credit evaluation process, any amounts in United States 
dollars a borrower has in any brokerage account associated with a 
cryptocurrency exchange.
    (b) Covered Agency.--The term ``covered agency'' means--
            (1) the Department of Housing and Urban Development;
            (2) the Department of Agriculture;
            (3) the Department of Veterans Affairs; and
            (4) the Federal Housing Finance Agency, except that any 
        requirement imposed by this section on such Agency or the 
        Director of such Agency shall be treated as a requirement with 
        respect to the mortgage underwriting programs or systems of the 
        Federal National Mortgage Association and the Federal Home Loan 
        Mortgage Corporation, to be imposed and enforced pursuant to 
        the authority of such Director and Agency to supervise and 
        regulate such enterprises.
                                 <all>