Clarity in Credit Score Formation Act of 2021
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.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jun 2021
Committee Review
Floor Vote
President
Introduced Jun 24, 2021
Last action Jun 24, 2021
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Jun 24, 2021
Committee
Referred to the House Committee on Financial Services.
lower
Jun 24, 2021
Introduced
Introduced in House
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Stephen F. Lynch
DDemocratic
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