House Bill 3629
116th Congress(2019-2020)
Clarity in Credit Score Formation Act of 2019
Introduced
Introduced in House on Jul 9, 2019
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3629
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
No House votes have been held for this bill.
Summary
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.
11/21/2019
Placed on the Union Calendar, Calendar No. 248.
11/21/2019
Reported (Amended) by the Committee on Financial Services. H. Rept. 116-307.
07/16/2019
Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 25.
07/16/2019
Committee Consideration and Mark-up Session Held.
07/09/2019
Referred to the House Committee on Financial Services.
07/09/2019
Introduced in House
Public Record
Record Updated
Nov 1, 2022 1:50:45 PM