H.R. 8099 — Introduced in House

I 118th CONGRESS 2d Session H. R. 8099 IN THE HOUSE OF REPRESENTATIVES April 19, 2024Mr. Torres of New York (for himself and Mrs. Kim of California) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Director of the Federal Housing Finance Agency to assess the costs and benefits of requiring the enterprises obtain 2 rather than 3 credit reports and credit scores, and for other purposes. 1. Short title This Act may be cited as the Credit Report Enhancement Directive Act or the CRED Act. 2. Analysis of costs and benefits required (a) In general The Director of the Federal Housing Finance Agency shall conduct an analysis of the costs and benefits of a requirement that the enterprises obtain 2 rather than 3 credit reports and credit scores from the national consumer reporting agencies if the enterprise conditions the purchase of a residential mortgage loan on the delivery of a borrower’s credit score. (b) Requirements In conducting the analysis required under subsection (a), the Director should consider potential— (1) cost savings for mortgage borrowers; (2) changes in access to mortgage credit for consumers that may result from reviewing two, rather than three, credit reports and credit scores; (3) compliance and operating costs for mortgage lenders and servicers, the three national credit reporting agencies, and the enterprises; and (4) legal exposures for mortgage lenders and servicers that result from selecting two, rather than three, credit reports and credit scores. (c) Public comment (1) In general The Director shall publish the analysis required under this section in the Federal Register and invite public comment on the analysis for 90 days. (2) Restriction The Director may not establish a requirement that the enterprises obtain 2 rather than 3 credit reports and credit scores from the national consumer reporting agencies if the enterprise conditions the purchase of a residential mortgage loan on the delivery of a borrower’s credit score until the public comment period is closed. (d) Definitions In this section: (1) Director The term Director means the Director of the Federal Housing Finance Agency. (2) Consumer report The term consumer report has the meaning given that term in section 603(d) of the Fair Credit Reporting Act (15 U.S.C. 1681a(d). (3) Credit score The term credit score has the meaning given that term in section 302(b)(7)(A)(i) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1717(b)(7)(A)(i)). (4) National consumer reporting agency The term national consumer reporting agency means a consumer reporting agency that compiles and maintains files on consumers on a nationwide basis as defined in section 603(p) of the Fair Credit Reporting Act (15 U.S.C. 1681a(p). (5) Residential mortgage The term residential mortgage has the meaning given that term in section 302(h) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1451(h)).