To: Members of the House Committee on Financial Services
From: National Taxpayers Union
Date: June 30, 2026
Subject: NTU’s Views on June 30 Committee Markup
I. Introduction and Key Taxpayer Considerations
On behalf of National Taxpayers Union (NTU), the nation’s oldest taxpayer advocacy organization, we write to express our views on two measures slated for consideration before the House Committee on Financial Services. NTU applauds the Committee for its continued efforts to advance legislation that democratizes investing options, improves government efficiency, cuts red tape, and protects taxpayer interests. As such, NTU strongly urges Committee members to support H.R. 5402 and oppose H.R. 1640.
II. NTU Views on Legislation at June 30 Markup
H.R. 5402, Credit Access and Inclusion Act – Support. This bipartisan legislation, authored by Reps. Kim (R-CA) and Bynum (D-OR), would help working class Americans build credit by allowing property owners and utility and telecom providers to report payments data to credit reporting agencies. Specifically, it provides a safe harbor for the voluntary reporting of this information that might run afoul of a handful of overzealous jurisdictions. Incorporation of this data in individuals’ credit reports has long been a priority for NTU. Incorporating more data into the credit reporting system is a net positive that helps both lenders and borrowers. For borrowers, more information can help them receive a higher loan limit or a loan under better terms, or perhaps both. On the lender side, more data and history provides a clearer financial picture of a customer, which can help reduce the likelihood of default by a potential borrower.
Research also indicates that allowing consumers to demonstrate their regular rent payments is a predictive indicator of a borrower’s ability to repay financial obligations. Ultimately, taxpayers benefit when more data informs and stabilizes the housing market, within which several entities implicitly or explicitly backed by the government participate.
Perhaps most importantly, this legislation retains full-file reporting of payments because it ensures credit bureaus receive a comprehensive, ongoing history of both positive (on-time) and negative (missed) payment behaviors across all accounts. If only positive payments are reported, it would distort the creditworthiness of borrowers and undermine accurate credit reporting, which is the bedrock of America’s consumer credit system. NTU Supports H.R. 5402.
H.R. 1640, Heirs Estate Inheritance Resolution and Succession Act – Oppose. This bipartisan legislation, authored by Reps. Williams (D-GA) and Donalds (R-FL) would help property owners receive assistance with disaster relief and estate planning. While NTU has no issues with the goals of this legislation, it unfortunately authorizes $300 million in new grant programs at HUD over a ten year period. This new authorization is not offset with reductions at HUD or elsewhere in the federal budget. One of the biggest challenges facing this Congress is how to resolve our growing spending crisis. According to the Congressional Budget Office, our annual deficit is nearing $2 trillion, interest payments on our debt have become the fastest-growing part of the federal budget, and the national debt is approaching $40 trillion. For those reasons, it’s essential that funding—even “only” $300 million—is offset with commensurate cuts or budgetary shifts elsewhere. NTU Opposes H.R. 1640.
III. Contact Information
Should you have any questions about the recommendations in this memo, please do not hesitate to reach out to Thomas Aiello at taiello@ntu.org.