,i #aag? ,,congress #b;d ,session ,h4 ,r4 #hdhe ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,july #bb1 #bjbb,ms4 ,williams ( ,georgia introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to am5d ! ,equal ,cr$it ,opportunity ,act to require cr$itors to consid] c]ta9 additional cr$it in=mation :5 mak+ mortgage loans1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,exp&+ ,access to ,cr$it ?r\gh ,consum]-,p]mission$ ,data ,act4 #b4 ,f9d+s ,! ,congress f9ds ! foll[+3 7#a7 ,us+ alt]native data 9 mortgage l5d+ 7ei!r ?r\gh alt]native cr$it scores or 9 und]writ+7 has ! pot5tial to increase access to cr$it = individuals ) little or no cr$it hi/ory ) ! national cr$it report+ ag5cies 7,n,c,r,as71 accord+ to a review ( alt]native data use 9 mortgage l5d+ by ! ,gov]nm5t ,acc\ntability ,(fice 9 ,decemb] #bjba4 7#b7 ,approximately #de million consum]s d n h any cr$it hi/ory ) ! ,n,c,r,as or did n h en\gh cr$it hi/ory to be scor$1 accord+ to a #bjae report by ! ,bureau ( ,consum] ,f9ancial ,protection 7,,cfpb71 entitl$ ,data ,po9t3 ,cr$it ,invisibles4 ,! ,,cfpb also report$ t ?is population disproportionately includ$ l[-income consum]s1 y\ng] consum]s1 & consum]s ( color4 7#c7 ,! use ( alt]native data to e/abli% a l[- or mod]ate-income borr[]'s cr$it hi/ory = ! purpose ( ext5d+ mortgage cr$it c help l5d]s meet goals ( ! ,community ,re9ve/m5t ,act4 7#d7 ,mortgage und]writ+ sy/ems t all[ l5d]s to use consum]-p]mission$ alt]native cr$it in=mation may help exp& access to mortgages = borr[]s ) l[] cr$it scores & communities ( color4 ,on ,septemb] #ba1 #bjba1 ,fannie ,mae updat$ its automat$ und]writ+ sy/em s t x notifies l5d]s t a borr[] may b5efit f ! inclusion ( consi/5t r5tal paym5t in=mation1 & ) ! consum]'s p]mission1 ! und]writ+ sy/em w automatically id5tify r5tal paym5ts )9 bank /atem5t data & include ?is 9 its cr$it assessm5t4 ,accord+ to a fair l5d+ & cr$it risk analysis by ,fannie ,mae & ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 ! populations mo/ likely to b5efit f ?is *ange are applicants ) l[] cr$it scores1 :o are disproportionately consum]s ( color4 #c4 ,requirem5t to consid] additional cr$it in=mation :5 mak+ mortgage loans 7a7 ,9 g5]al ,! ,equal ,cr$it ,opportunity ,act 7#ae ,u4,s4,c4 #afia et seq47 is am5d$ by ins]t+ aft] section #gja ! foll[+3 #gja;,a4 ,requirem5t to consid] additional cr$it in=mation :5 mak+ mortgage loans 7a7 ,9 g5]al ,a cr$itor ext5d+ a mortgage loan %all1 9 evaluat+ ! cr$itwor?9ess ( an applicant1 consid] cr$it in=mation n report$ ?r\gh a consum] report+ ag5cy1 if-- 7#a7 ! applicant-- 7,a7 reque/s su* consid]ation2 7,b7 au?orizes ! provision ( ! cr$it in=mation to be consid]$2 & 7,c7 /ates t ! applicant does n believe t cr$it in=mation report$ ?r\gh consum] report+ ag5cies fully or accurately reflects ! applicant's cr$itwor?9ess 9 ! abs5ce ( su* in=mation2 & 7#b7 ! cr$it in=mation relates to ! types ( in=mation t ! cr$itor w\ld consid] if o!rwise report$ & includes curr5t paym5t & transaction in=mation1 su* z bank /atem5t in=mation or r5tal paym5t in=mation4 7b7 ,treatm5t ( additional in=mation ,a cr$itor %all treat any in=mation provid$ pursuant to subsection 7a7 9 ! same mann] & ) ! same weight z ! cr$itor w\ld treat ! same in=mation if x 7 provid$ by a consum] report+ ag5cy1 z def9$ ?r\gh regulations by ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection1 unless ! cr$itor reasonably det]m9es t ! in=mation is ! result ( a mat]ial misrepres5tation1 accord+ to regulations provid$ by ! ,director ( ! ,bureau4 7c7 ,notice to applicants 7#a7 ,9 g5]al ,a cr$itor describ$ "u subsection 7a7 %all provide ea* applicant = a mortgage loan ) a notice t includes-- 7,a7 an explanation ( ! applicant's "r "u ?is section to au?orize ! provision ( additional cr$it in=mation to ! cr$itor = consid]ation1 includ+ examples ( su* additional in=mation1 z well z ! b5efits ( provid+ su* in=mation2 & 7,b7 ! "r ( ! cr$itor to disreg>d any su* in=mation if ! cr$itor det]m9es1 accord+ to regulations provid$ by ! ,director ( ! ,bureau1 t ! in=mation is ! result ( a mat]ial misrepres5tation4 7#b7 ,notice languages ,notices requir$ "u p>agraph 7#a7 %all be made available 9 ea* ( ! #h languages mo/ commonly spok5 by individuals ) limit$ ,engli% pr(ici5cy1 z det]m9$ by ! ,director ( ! ,bureau us+ in=mation publi%$ by ! ,director ( ! ,bureau ( ! ,c5sus4 7#c7 ,=m language ,! ,director ( ! ,bureau %all e/abli% =m language1 :i* %all be us$ by ea* cr$itor :5 provid+ ! notices requir$ "u ?is subsection1 provid+-- 7,a7 ! examples describ$ "u p>agraph 7#a77;,a72 7,b7 ! description ( ! b5efits describ$ "u p>agraph 7#a77;,a72 & 7,c7 ! non-,engli% language v]sions ( ! notices describ$ "u p>agraph 7#b74 7d7 ,consid]ation ( alt]native data ,a cr$itor %all ensure t ! alt]native data provid$ "u ! requirem5ts ( subsection 7a7 %all be consid]$ z "p ( ! decision+ process4 7e7 ,treatm5t ( und]writ+ sy/ems 7#a7 ,9 g5]al ,any p]son1 includ+ any ,f$]al ag5cy t insures1 gu>antees1 supplem5ts1 or assi/s a ,f$]ally back$ s+le-family or multifamily mortgage loan1 :o develops or ma9ta9s an und]writ+ sy/em = mortgage loans %all ensure su* sy/em complies ) ! requirem5ts describ$ "u subsection 7a74 7#b7 ,rulemak+ ,! ,director ( ! ,bureau 79 consultation ) ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t1 & any o!r ,f$]al ag5cy t insures1 gu>antees1 supplem5ts1 or assi/s a ,f$]ally back$ s+le-family or multifamily mortgage loan7 may issue su* regulations z1 9 ! judgem5t ( ! ,director1 may be necess>y to capture consum]-p]mission$ data 9 automat$ und]writ+ sy/ems4 7f7 ,consum] report+ ag5cy def9$ ,9 ?is section1 ! t]m consum] report+ ag5cy has ! mean+ giv5 t t]m "u section #fjc ( ! ,fair ,cr$it ,report+ ,act4 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts = ! ,equal ,cr$it ,opportunity ,act is am5d$ by ins]t+ aft] ! item relat+ to section #gja ! foll[+3 #gja;,a4 ,requirem5t to consid] additional cr$it in=mation :5 mak+ mortgage loans4 4 7c7 ,rulemak+2 application date ,n lat] ?an ! end ( ! #ah-mon? p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection %all issue f9al rules to c>ry out ! am5dm5ts made by ?is section1 & su* am5dm5ts %all apply to cr$itors on & aft] ! effective date ( su* f9al rules4