House Bill 8485
117th Congress(2021-2022)
Expanding Access to Credit through Consumer-Permissioned Data Act
Introduced
Introduced in House on Jul 22, 2022
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
8485
Congress
117
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
Expanding Access to Credit through Consumer-Permissioned Data Act
This bill requires the consideration of additional credit information by a mortgage lender when evaluating a consumer's creditworthiness if a consumer requests that this information be considered. This additional information includes current payment and transaction information such as bank statements and rental payment history.
Mortgage lenders must provide notice to mortgage applicants of their rights under this bill.
Additionally, federal agencies that insure, guarantee, supplement, assist, or underwrite federally backed mortgage loans must also comply with these requirements.
July 22, 2022
07/27/2022
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 23.
07/27/2022
Committee Consideration and Mark-up Session Held.
07/22/2022
Referred to the House Committee on Financial Services.
07/22/2022
Introduced in House
Public Record
Record Updated
Sep 1, 2023 2:15:19 PM