MBA Advocacy Update Oct. 18, 2021

Bill Killmer bkillmer@mba.org; Pete Mills pmills@mba.org.

Last Tuesday, the House passed a short-term debt ceiling extension, and President Biden signed the bill into law Thursday. The temporary increase in the debt limit will allow the U.S. Treasury Department to continue funding the government’s financial obligations through December 3.

1. House Passes and President Biden Signs a Short-Term Debt Limit Increase

Last Tuesday evening, the House passed a short-term $480 billion debt ceiling extension that President Joe Biden signed into law on Wednesday. The temporary increase will allow the U.S. Treasury Department to continue funding the government’s financial obligations through December 3. 

• Why it matters: A default in U.S. debt has never occurred, and would create immediate national and global economic uncertainty.
• What’s next: Republicans and Democrats in both chambers remain far apart on a long-term solution for the debt ceiling as December’s list of pressing fiscal priorities continues to pile up. MBA will provide members with relevant updates as necessary

For more information, contact Borden Hoskins at (202) 557-2712 or Alden Knowlton at (202) 557-2741.

2. PAVE Interagency Task Force Seeks to Address Misvaluation of Properties in Communities of Color 

Last Wednesday, the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) began seeking input on key appraisal-related topics in an effort to confront the misvaluation of property assets owned by families of color or in communities of color. The Task Force is comprised of 15 different agencies across the federal government, and has subgroups investigating policy solutions, educational opportunities, research and data, and compliance. MBA staff participated in multiple break-out sessions this week and will remain engaged in the PAVE Task Force process.

• Why it matters: MBA strongly supports seeking policy solutions for appraisal bias, as studies show undervaluation of properties for families of color and in communities of color leads to large losses in overall accumulation of wealth.
• What’s next: The PAVE Task Force will be seeking feedback from a wide variety of stakeholders to investigate further how policy, enforcement, opportunities within the appraiser workforce, the Reconsideration of Value process, and use of technology and data can root out bias and improve the quality of appraisals and valuations in the housing finance market. The Task Force is hoping to produce a “Final Action Report” early next year, to be presented with an implementation roadmap to the White House.

For more information, contact Hanna Pitz at (202) 557-2796.

3. Upcoming MBA Education Webinars on Critical Industry Issues

MBA Education continues to deliver timely programming that covers the spectrum of challenges, obstacles and solutions pertaining to our industry. Below, a list of upcoming webinars – which are complimentary to MBA members:

• CFPB’s New AVM Guidelines – How to Be Prepared – November 3
• Are We There Yet? CRE and LIBOR Transition Check-Up – November 4
• Understanding the Surge in Single-Family Rentals – November 4
• The Impact of Increased Enforcement on Marketing Compliance – November 18
• Rental Housing Perspectives: Low-Income Housing Tax Credit Landscape – November 30

MBA members can register for any of the above events and view recent webinar recordings.

For more information, contact David Upbin at (202) 557-2890.