Clarity in Credit Score Formation Act of 2019
USA116th CongressHR-3629| House
| Updated: 11/21/2019
Stephen F. Lynch
Democratic Representative
Massachusetts
Cosponsors (1)
Financial Services Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Clarity in Credit Score Formation Act of 2019 This bill provides that the Consumer Financial Protection Bureau (CFPB) must regulate credit score models by establishing standards for validating the accuracy and predictive value of these models. The bill also gives the CFPB the authority to prohibit the use of certain factors in credit score models. The CFPB must report on the impact of the inclusion of nontraditional data in these models.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 25.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 248.
Reported (Amended) by the Committee on Financial Services. H. Rept. 116-307.
Finance and Financial Sector
Administrative law and regulatory proceduresBanking and financial institutions regulationBusiness recordsComputer security and identity theftCongressional oversightConsumer creditConsumer Financial Protection BureauCredit and credit marketsGovernment information and archivesGovernment studies and investigationsImmigration status and proceduresLow- and moderate-income housingMinority and disadvantaged businessesRacial and ethnic relationsRefugees, asylum, displaced personsRight of privacyRural conditions and developmentSex, gender, sexual orientation discriminationUrban and suburban affairs and developmentWages and earnings
Clarity in Credit Score Formation Act of 2019
USA116th CongressHR-3629| House
| Updated: 11/21/2019
Clarity in Credit Score Formation Act of 2019 This bill provides that the Consumer Financial Protection Bureau (CFPB) must regulate credit score models by establishing standards for validating the accuracy and predictive value of these models. The bill also gives the CFPB the authority to prohibit the use of certain factors in credit score models. The CFPB must report on the impact of the inclusion of nontraditional data in these models.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 25.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 248.
Reported (Amended) by the Committee on Financial Services. H. Rept. 116-307.
Stephen F. Lynch
Democratic Representative
Massachusetts
Cosponsors (1)
Financial Services Committee
Finance and Financial Sector
Related Bills
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Administrative law and regulatory proceduresBanking and financial institutions regulationBusiness recordsComputer security and identity theftCongressional oversightConsumer creditConsumer Financial Protection BureauCredit and credit marketsGovernment information and archivesGovernment studies and investigationsImmigration status and proceduresLow- and moderate-income housingMinority and disadvantaged businessesRacial and ethnic relationsRefugees, asylum, displaced personsRight of privacyRural conditions and developmentSex, gender, sexual orientation discriminationUrban and suburban affairs and developmentWages and earnings