Expanding Access to Credit through Consumer-Permissioned Data Act

This bill would change the Equal Credit Opportunity Act so that mortgage lenders must consider credit information not reported through national credit reporting agencies, such as bank statements or rent payments, when an applicant asks for it and authorizes it. Lenders would have to treat this information the same as credit bureau information unless they reasonably determine it is a material misrepresentation. Lenders would have to give every mortgage applicant a notice about this right, available in the 8 most common languages among people with limited English. Mortgage underwriting systems, including those of federal agencies, would have to follow these rules, and the Bureau of Consumer Financial Protection would issue final rules within 18 months.

Full text and official record on Congress.gov

Sponsors

• Nikema Williams Democrat sponsor
• 4 cosponsors