HR 4112
117th Congress
House
Finance and Financial Sector
Clarity in Credit Score Formation Act of 2021
Introduced: June 24, 2021
Introduced by:
Lynch, Stephen F.
Democratic
· Massachusetts
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 24, 2021
Referred to the House Committee on Financial Services.
Jun 24, 2021
Introduced in House
Plain-English summary
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.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1