Credit Score Competition Act of 2017
- Last Action
- 2/7/2017
Actions
- 2017-02-07Referred to the House Committee on Financial Services.
- 2017-02-07Introduced in House
- 2017-02-07Introduced in House
CRS Summary
As of 2017-02-07 (00)
Credit Score Competition Act of 2017
This bill amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to allow the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), when determining whether to purchase a residential mortgage, to consider a borrower's credit score only if certain procedural requirements are met with respect to the validation and approval of credit-scoring models.
The Federal Housing Finance Agency may, by regulation, establish standards and criteria for processes used by Fannie Mae and Freddie Mac to validate and approve credit-scoring models in accordance with the bill.
Cosponsors (14)
- Kyrsten Sinema (D-AZ)
- Terri Sewell (D-AL)
- GREGORY MEEKS (D-NY)
- Robert Pittenger (R-NC)
- PETE SESSIONS (R-TX)
- CAROLYN MALONEY (D-NY)
- James Himes (D-CT)
- Scott Tipton (R-CO)
- Mike Coffman (R-CO)
- Al Green (D-TX)
- Jacklyn Rosen (D-NV)
- Luke Messer (R-IN)
- Alexander Mooney (R-WV)
- SUSAN DAVIS (D-CA)
Subjects
- Administrative law and regulatory procedures
- Consumer credit
- Federal Housing Finance Agency
- Government corporations and government-sponsored enterprises
- Housing finance and home ownership
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.