H.R. 4112 · 117th Congress
Clarity in Credit Score Formation Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LynchSponsorNo cosponsors.
This bill requires the Consumer Financial Protection Bureau (CFPB) to 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.
What it does: CRS summary · Introduced in House · Jun 24, 2021
Clarity in Credit Score Formation Act of 2021
This bill requires the Consumer Financial Protection Bureau (CFPB) to 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Clarity in Credit Score Formation Act of 2021
Latest action (Jun 24, 2021): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jun 24, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.