Clarity in Credit Score Formation Act of 2019

United States116th CongressHR-3629House of Representatives
Updated: Nov 21, 2019

Summary

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.

Bill texts

Available versions
View official text

2 versions available

All available records shown.

Timeline

  1. Committee Consideration and Mark-up Session Held.

    House of Representatives

  2. Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 25.

    House of Representatives

  3. Placed on the Union Calendar, Calendar No. 248.

    House of Representatives

  4. Reported (Amended) by the Committee on Financial Services. H. Rept. 116-307.

    House of Representatives