H.R.3629 - Clarity in Credit Score Formation Act of 2019116th Congress (2019-2020)
|Sponsor:||Rep. Lynch, Stephen F. [D-MA-8] (Introduced 07/09/2019)|
|Committees:||House - Financial Services|
|Committee Meetings:||07/16/19 10:00AM 07/11/19 10:00AM|
|Committee Reports:||H. Rept. 116-307|
|Committee Prints:||H.Prt. 116-47|
|Latest Action:||House - 11/21/2019 Placed on the Union Calendar, Calendar No. 248. (All Actions)|
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Summary: H.R.3629 — 116th Congress (2019-2020)All Information (Except Text)
Reported to House (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.