summary
Introduced
04/10/2025
04/10/2025
In Committee
04/10/2025
04/10/2025
Crossed Over
06/17/2025
06/17/2025
Passed
Dead
Introduced Session
119th Congress
Bill Summary
AN ACT To amend the Fair Credit Reporting Act to prevent consumer reporting agencies from furnishing consumer reports under certain circumstances, and for other purposes.
AI Summary
This bill amends the Fair Credit Reporting Act to add new restrictions on how consumer reporting agencies can share consumer reports related to residential mortgage loans. Specifically, the bill limits when a consumer reporting agency can furnish a consumer report to another party after receiving a report request. The agency can only share the report if the transaction involves a firm offer of credit or insurance, and the requesting party meets one of three specific conditions: they have obtained the consumer's authorization, they currently originate or service the consumer's residential mortgage loan, or they are an insured depository institution or credit union that holds a current account for the consumer. The bill defines key terms like "residential mortgage loan," "credit union," and "insured depository institution" to provide clarity. The changes will take effect 180 days after the bill's enactment, giving financial institutions time to adapt to the new requirements. The primary goal of the bill appears to be protecting consumer privacy by limiting the circumstances under which their credit information can be shared in the context of mortgage-related transactions.
Committee Categories
Housing and Urban Affairs
Sponsors (46)
Jack Reed (D)*,
Angela Alsobrooks (D),
Tammy Baldwin (D),
Jim Banks (R),
Michael Bennet (D),
Richard Blumenthal (D),
Katie Boyd Britt (R),
Shelley Moore Capito (R),
Bill Cassidy (R),
Susan Collins (R),
Catherine Cortez Masto (D),
Kevin Cramer (R),
Mike Crapo (R),
Dick Durbin (D),
John Fetterman (D),
Deb Fischer (R),
Ruben Gallego (D),
Bill Hagerty (R),
Martin Heinrich (D),
John Hickenlooper (D),
John Hoeven (R),
Cindy Hyde-Smith (R),
Tim Kaine (D),
Mark Kelly (D),
Angus King (I),
Amy Klobuchar (D),
Ed Markey (D),
Jeff Merkley (D),
Bernie Moreno (R),
Gary Peters (D),
Pete Ricketts (R),
Jim Risch (R),
Jacky Rosen (D),
Mike Rounds (R),
Brian Schatz (D),
Rick Scott (R),
Jeanne Shaheen (D),
Tina Smith (D),
Dan Sullivan (R),
Thom Tillis (R),
Tommy Tuberville (R),
Chris Van Hollen (D),
Peter Welch (D),
Sheldon Whitehouse (D),
Roger Wicker (R),
Ron Wyden (D),
Last Action
Held at the desk. (on 06/17/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/senate-bill/1467/all-info |
| BillText | https://www.congress.gov/119/bills/s1467/BILLS-119s1467es.pdf |
| BillText | https://www.congress.gov/119/bills/s1467/BILLS-119s1467is.pdf |
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