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S 1685 115th Congress Senate Housing and Community Development

Credit Score Competition Act of 2017

Introduced: August 1, 2017 Introduced by: Scott, Tim Republican · South Carolina See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 1, 2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Aug 1, 2017
Introduced in Senate
 Plain-English summary Congressional Research Service

Credit Score Competition Act of 2017

This bill amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to allow the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), when determining whether to purchase a residential mortgage, to consider a borrower's credit score only if certain procedural requirements are met with respect to the validation and approval of credit-scoring models.

The Federal Housing Finance Agency may, by regulation, establish standards and criteria for processes used by Fannie Mae and Freddie Mac to validate and approve credit-scoring models in accordance with the bill.

What's happening now August 1, 2017

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3