HR 4112 · 117th Congress · Finance and Financial Sector

Clarity in Credit Score Formation Act of 2021

Introduced 2021-06-24· Sponsored by Rep. Lynch, Stephen F. [D-MA-8]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Financial Services.(2021-06-24)

Plain Language Summary

[AI summary unavailable — showing source text] 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.…

Summarized by Claude AI · Non-partisan · For informational purposes only