,,ii #aaf? ,,congress #a/ ,session ,s4 #bfhe ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,octob] #bc1 #bjai,mr4 ,re$ 7= himself & ,mr4 ,van ,holl57 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,fair ,cr$it ,report+ ,act to require t a consum] au?orize ! release ( c]ta9 in=mation4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,consum] ,cr$it ,control ,act ( #bjai4 #b4 ,p]missible purposes ( reports 7a7 ,9 g5]al ,! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha et seq47 is am5d$-- 7#a7 9 section #fjd 7#ae ,u4,s4,c4 #afha;b7-- 7,a7 by /rik+ subsections 7c7 ?r\gh 7e7 & ins]t+ ! foll[+3 7c7 ,conditions = furni%+ c]ta9 consum] reports 7#a7 ,9 g5]al ,a consum] report+ ag5cy may furni% a consum] report = ! foll[+ purposes only if ! consum] report+ ag5cy obta9s affirmative in=m$ cons5t ( ! consum] to furni% ! consum] report & ! consum] report+ ag5cy v]ifies ! id5tity ( ! consum] by review+ ! prop] id5tification requir$ "u section #faj3 7,a7 ,an ext5sion ( cr$it pursuant to subsection 7a77#c77;,a74 7,b7 ,! und]writ+ ( insurance pursuant to subsection 7a77#c77;,c74 7#b7 ,additional reports2 election ,aft] ! consum] report+ ag5cy obta9s affirmative in=m$ cons5t ( ! consum] & v]ifies ! id5tity ( ! consum] "u p>agraph 7#a71 ! consum] report+ ag5cy may cont9ue to furni% consum] reports solely = ! purposes ( review+ or collect+ on an acc\nt describ$ 9 subp>agraphs 7,a7 & 7,c7 ( subsection 7a77#c74 7#c7 ,furni%+ reports 9 connection ) cr$it or insurance transactions t are n initiat$ by consum] 7,a7 ,9 g5]al ,a consum] report+ ag5cy may furni% a consum] report to a p]son 9 connection ) any cr$it or insurance transaction "u subp>agraph 7,a7 or 7,c7 ( subsection 7a77#c7 t is n initiat$ by ! consum] only if-- 7i7 ! consum] report+ ag5cy obta9s affirmative in=m$ cons5t ( ! consum] to furni% ! consum] report & ! consum] report+ ag5cy v]ifies ! id5tity ( ! consum] by review+ ! prop] id5tification requir$ "u section #faj2 & 7ii7 ! transaction consi/s ( a firm (f] ( cr$it or insurance4 7,b7 ,election ,! consum] may elect to-- 7i7 h ! consum]'s "n & addresses includ$ 9 li/s ( names & addresses provid$ by ! consum] report+ ag5cy pursuant to subp>agraphs 7,a7 & 7,c7 ( subsection 7a77#c7 9 connection ) any cr$it or insurance transaction t is n initiat$ by ! consum] only if-- 7,i7 ! consum] report+ ag5cy obta9s affirmative in=m$ cons5t ( ! consum] to furni% ! consum] report & ! consum] report+ ag5cy v]ifies ! id5tity ( ! consum] by review+ ! prop] id5tification requir$ "u section #faj2 & 7,,ii7 ! transaction consi/s ( a firm (f] ( cr$it or insurance2 & 7ii7 revoke at any "t ! election pursuant to clause 7i7 to h ! consum]'s "n & address includ$ 9 li/s provid$ by a consum] report+ ag5cy4 7,c7 ,in=mation reg>d+ inquiries ,except z provid$ 9 section #fji7;a77#e71 a consum] report+ ag5cy %all n furni% to any p]son a record ( inquiries 9 connection ) a cr$it or insurance transaction t is n initiat$ by a consum]4 7#d7 ,disclosures 7,a7 ,9 g5]al ,a p]son may n procure a consum] report = any purpose pursuant to subp>agraphs 7,d71 7,f71 & 7,g7 ( subsection 7a77#c7 unless-- 7i7 a simple & easy to und]/&1 z def9$ 9 section #ajbb4ed7;b7 ( title #ab1 ,code ( ,f$]al ,regulations1 z 9 effect on ! date ( enactm5t ( ! ,consum] ,cr$it ,control ,act ( #bjai1 disclosure has be5 made to ! consum] at any "t be=e ! report is procur$ or caus$ to be procur$1 t consi/s solely ( ! disclosure & ! opportunity to provide ! cons5t describ$ 9 clause 7ii71 t a consum] report may be obta9$ = su* purposes2 & 7ii7 ! p]son has obta9$ affirmative in=m$ cons5t ( ! consum] = ! procurem5t ( ! consum] report by t p]son4 7,b7 ,au?orizations ,! cons5t describ$ 9 subp>agraph 7,a77ii7 %all be provid$ on ! disclosure describ$ "u subp>agraph 7,a77i74 7#e7 ,rule mak+ ,n lat] ?an #bgj days aft] ! date ( enactm5t ( ! ,consum] ,cr$it ,control ,act ( #bjai1 ! ,director ( ! ,bureau %all promulgate regulations t-- 7,a7 implem5t ?is subsection2 7,b7 e/abli% a model =m = ! disclosure docum5t pursuant to p>agraph 7#d72 7,c7 p]mit consum]s to provide affirmative in=m$ cons5t requir$ by p>agraph 7#a7 = a specific "t p]iod = multiple us]s = ! specifi$ purpose dur+ t "t p]iod2 7,d7 require a consum] report+ ag5cy-- 7i7 to provide to ea* consum] a secure1 conv5i5t1 accessible1 & co/-free me?od1 includ+ by toll-free telephone or secure electronic means1 by :i* a consum] may-- 7,i7 provide or revoke any affirmative in=m$ cons5t pursuant to ?is subsection2 & 7,,ii7 make or revoke any election pursuant to p>agraph 7#c77;,b72 7ii7 to implem5t any provision or revocation ( affirmative in=m$ cons5t pursuant to ?is subsection n lat] ?an #a bus9ess day aft] ! date on :i* a consum] provides or revokes affirmative in=m$ cons5t2 & 7iii7 to implem5t any election or revocation ( any election pursuant to p>agraph 7#c77;,b7 n lat] ?an #a bus9ess day aft] ! date on :i* a consum] makes or revokes an election2 & 7,e7 def9e :at con/itutes affirm$ in=mative cons5t 9 ! mann] t provides ! greate/ protection to consum]s4 7#f7 ,prohibitions 7,a7 ,9 g5]al ,! me?od describ$ 9 p>agraph 7#e77;,d7 %all n be us$ to-- 7i7 collect any in=mation on a consum] t is n necess>y = ! purpose ( ! consum] to all[ or disall[ ! furni%+ ( consum] reports2 or 7ii7 adv]tise any product or s]vice4 7,b7 ,no waiv] ,9 ! (f]+ ( a me?od describ$ 9 p>agraph 7#e77;,d71 a consum] report+ ag5cy %all n require a consum] to waive any rights nor indemnify ! consum] report+ ag5cy f any liabilities aris+ f ! (f]+ ( su* me?od4 7#g7 ,reports 7,a7 ,,cfpb 7i7 ,recomm5dation ,n lat] ?an #bgj days aft] ! date ( enactm5t ( ! ,consum] ,cr$it ,control ,act ( #bjai1 ! ,director ( ! ,bureau %all1 aft] consultation ) ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 ! ,consum] ,advisory ,bo>d1 & o!r ,f$]al & ,/ate regulators z ! ,director ( ! ,bureau det]m9es are appropriate1 submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives recomm5dations on h[ to provide consum]s great] transp>5cy & p]sonal control ov] _! consum] reports furni%$ = p]missible purposes "u subsections 7a77#c77;,e7 & 7a77#f74 7ii7 ,report ,! ,director ( ! ,bureau %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives an annual report t includes-- 7,i7 recomm5dations on h[ ?is subsection may be improv$2 7,,ii7 a description ( ef=ts to educate consum]s ( _! rights "u ?is subsection2 7,,iii7 a description ( en=cem5t actions tak5 to demon/rate compliance ) ?is subsection2 7,,iv7 recomm5dations on h[ to improve ov]sight ( consum] report+ ag5cies & us]s ( consum] reports2 & 7,v7 any o!r recomm5dations conc]n+ h[ consum]s may be provid$ great] transp>5cy & control ov] _! p]sonal in=mation4 7,b7 ,,gao 7i7 ,/udy ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy on :at additional protections or re/rictions may be ne$$ to ensure t ! in=mation collect$ 9 consum] files is secure & does n adv]sely impact consum]s4 7ii7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ! ,consum] ,cr$it ,control ,act ( #bjai1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on ! results ( ! /udy "u clause 7i71 :i* %all include-- 7,i7 to ! greate/ ext5t possible1 ! pres5tation ( unambigu\s conclusions & specific recomm5dations = fur!r legislative *anges ne$$ to ensure t ! in=mation collect$ 9 consum] files is secure & does n adv]sely impact consum]s2 & 7,,ii7 if no recomm5dations = fur!r legislative *anges are pres5t$1 a detail$ explanation ( :y no su* *anges are recomm5d$4 2 7,b7 by r$esignat+ subsections 7f7 & 7g7 z subsections 7d7 & 7e71 respectively2 & 7,c7 by add+ at ! end ! foll[+3 7f7 ,no fees ,no consum] report+ ag5cy may *>ge a consum] any fee = any activity pursuant to or z a result ( ?is section4 2 7#b7 9 section #fjg7;a7 7#ae ,u4,s4,c4 #afha;e7a77-- 7,a7 9 ! ?ird s5t5ce1 by /rik+ make a reasonable ef=t & ins]t+ use comm]cially reasonable ef=ts2 & 7,b7 by ins]t+ ,e consum] report+ ag5cy %all use comm]cially reasonable ef=ts to avoid unau?oriz$ access to consum] reports & in=mation 9 ! file ( a consum] ma9ta9$ by ! consum] report+ ag5cy1 includ+ comply+ ) any appropriate /&>ds e/abli%$ "u section #eja7;b7 ( ! ,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4 #fhja7;b774 aft] ! end ( ! ?ird s5t5ce2 7#c7 9 section #fji 7#ae ,u4,s4,c4 #afha;g71 by /rik+ subsection 7b7 & ins]t+ ! foll[+3 7b7 ,scope ( disclosure ,! ,director ( ! ,bureau %all promulgate regulations to cl>ify t any disclosure requir$ by subsection 7a7 %all be made to ! consum] :5 a consum] makes a reque/1 irrespective ( :e!r ! in=mation requir$ to be disclos$ is held by ! p>5t1 subsidi>y1 or affiliate ( a consum] report+ ag5cy4 2 & 7#d7 9 section #faj7;a77#a7 7#ae ,u4,s4,c4 #afha;h7a77#a77-- 7,a7 by ins]t+ 1 implem5t+ ! provision or revocation ( any affirmative in=m$ cons5t1 or implem5t+ any election or revocation ( any election aft] disclosures2 & 7,b7 by /rik+ section #fji & ins]t+ sections #fjd & #fji4 7b7 ,te*nical & con=m+ am5dm5ts ,! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha et seq47 is am5d$-- 7#a7 9 section #fjc7;d77#c7 7#ae ,u4,s4,c4 #afha;a7d77#c771 9 ! matt] prec$+ subp>agraph 7,a71 by /rik+ #fjd7;g77#c7 & ins]t+ #fjd7;e77#c72 7#b7 9 section #fje;,a 7#ae ,u4,s4,c4 #afha;c-#a7-- 7,a7 by /rik+ subsections 7i7 & 7j72 & 7,b7 by r$esignat+ subsection 7k7 z subsection 7i72 7#c7 9 section #fae7;d7 7#ae ,u4,s4,c4 #afham7d77-- 7,a7 9 p>agraph 7#a7-- 7i7 9 ! matt] prec$+ subp>agraph 7,a71 by /rik+ #fjd7;c77#a77;,b7 & ins]t+ #fjd7;c77#c77;,a77ii72 & 7ii7 9 subp>agraph 7,e71 by /rik+ #fjd7;e7 & ins]t+ #fjd7;c77#e77;,d72 & 7,b7 9 p>agraph 7#b77;,a71 by /rik+ #fjd7;e7 & ins]t+ #fjd7;c77#e77;,d72 & 7#d7 9 section #fbe7;b77#a7 7#ae ,u4,s4,c4 #afhat7b77#a77-- 7,a7 9 subp>agraph 7,a71 by /rik+ subsection 7c7 or 7e7 ( section #fjd & ins]t+ #fjd7;c77#c72 7,b7 9 subp>agraph 7,i71 by add+ or at ! end2 7,c7 by /rik+ subp>agraph 7,j72 & 7,d7 by r$esignat+ subp>agraph 7,k7 z subp>agraph 7,j74 7c7 ,applicability ,! am5dm5ts made by subsections 7a7 & 7b7 %all apply to a consum] report1 z def9$ 9 section #fjc ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;a71 furni%$ aft] ! e>li] (-- 7#a7 ! date on :i* ! rules issu$ by ! ,bureau ( ,consum] ,f9ancial ,protection "u subsection 7c77#e7 ( section #fjd ( ! ,fair ,cr$it ,report+ ,act1 z am5d$ by subsection 7a7 ( ?is section1 require compliance2 & 7#b7 ! date t is #ah mon?s aft] ! date ( enactm5t ( ?is ,act4