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.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2019-11-21 | Calendars | Placed on the Union Calendar, Calendar No. 248. | House floor actions |
| 2019-11-21 | Committee | Reported (Amended) by the Committee on Financial Services. H. Rept. 116-307. | House floor actions |
| 2019-07-16 | Committee | Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 25. | House committee actions |
| 2019-07-16 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2019-07-09 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2019-07-09 | IntroReferral | Introduced in House | Library of Congress |