Bill journey · stage 2 of 5
Under committee review
What it doesSummary reported to house (Nov 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.
What just happenedNov 21, 2019
Placed on the Union Calendar, Calendar No. 248.
Who’s behind it
Placed on the Union Calendar, Calendar No. 248.
Reported (Amended) by the Committee on Financial Services. H. Rept. 116-307.
Reported (Amended) by the Committee on Financial Services. H. Rept. 116-307.
Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 25.
Committee Consideration and Mark-up Session Held.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
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.
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.