Expanding Access to Credit through Consumer-Permissioned Data Act

Where This Stands

Introduced

Committee

Floor Vote

Passed

Signed

Currently IN_COMMITTEE. The next step in the legislative lifecycle is Floor Vote.

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

The Frame

What this does

This legislation changes how mortgage lenders evaluate applicants by mandating the inclusion of non-traditional financial data, potentially increasing loan eligibility for the estimated 45 million Americans with little or no credit history.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Mortgage applicants with limited credit history

These individuals gain the legal right to have alternative financial data considered during their mortgage application process.

Mortgage lenders

Lenders must update their underwriting systems and provide specific notices to applicants regarding the use of alternative data.

Underwriting system developers

Developers must ensure their systems are capable of capturing and processing consumer-permissioned alternative data.

What changed

Current stage: IN_COMMITTEE.

What's next

Floor Vote.

Background

The Equal Credit Opportunity Act is a federal law that prohibits creditors from discriminating against applicants on the basis of race, color, religion, national origin, sex, marital status, or age. context
The Bureau of Consumer Financial Protection (CFPB) is an independent agency responsible for protecting consumers in the financial marketplace. context

Summary

This bill requires mortgage lenders to consider alternative credit information, such as rental or bank statement data, if a borrower requests it and provides permission. It aims to help individuals with limited credit history qualify for home loans by allowing them to supplement their traditional credit reports.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

Will lenders be forced to approve my loan if I provide alternative data?

No. The bill requires lenders to consider the data as part of the decisioning process, but it does not mandate loan approval.

Can a lender ignore the alternative data I provide?

A lender can only disregard the information if they determine it is the result of a , according to regulations set by the Bureau of Consumer Financial Protection.

What kind of information counts as 'alternative credit information'?

It includes current payment and transaction information, such as bank statement information or rental payment information.

Why It Matters

This legislation changes how mortgage lenders evaluate applicants by mandating the inclusion of non-traditional financial data, potentially increasing loan eligibility for the estimated 45 million Americans with little or no credit history.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift95% confidence

Integration of Open Banking

The bill explicitly links mortgage underwriting to the broader 'open banking' movement and the CFPB's recent Personal Financial Data Rights rule.

Bureau of Consumer Financial Protection

Connected Entities

organizationCongress“Body enacting the bill”Map →

personMs. Norton“Co-sponsor”Map →

bill_numberConsumer Financial Protection Act“Charged the CFPB with implementing personal financial data sharing standards”Map →

personMr. Green of Texas“Co-sponsor”Map →

organizationFannie Mae“Updated its automated underwriting system”Map →

personMrs. Beatty“Co-sponsor”Map →

personMr. Cleaver“Co-sponsor”Map →

organizationFederal Housing Finance Agency“Conducted fair lending analysis”Map →

personMs. Garcia of Texas“Co-sponsor”Map →

bill_numberEqual Credit Opportunity Act“Law being amended”Map →

personMrs. Ramirez“Co-sponsor”Map →

organizationBureau of Consumer Financial Protection (CFPB)“Published a report on credit invisibles”Map →

organizationU.S. Government Publishing Office“Source of the bill”Map →

personMs. Williams of Georgia“Introduced the bill”Map →

organizationGovernment Accountability Office“Provided a review of alternative data use”Map →

personMr. Lynch“Co-sponsor”Map →

Analysis Score

0–100

Significance85
How much this matters to a regular citizen
Controversy40
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz30
Current news / social attention level