US HR898

Bill

US HR898

Credit Score Competition Act of 2017

Introduced
02/07/2017

In Committee
02/07/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

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.

AI Summary

This bill amends the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) charters to allow them to consider a borrower's credit score when purchasing a residential mortgage, but only if certain procedural requirements are met. The bill requires Fannie Mae and Freddie Mac to establish and make publicly available a process for validating and approving credit-scoring models, which must comply with standards and criteria set by the Director of the Federal Housing Finance Agency. The bill also gives the Director authority to establish regulations for the use of credit scores by Fannie Mae and Freddie Mac.

Committee Categories

Business and Industry

Sponsors (15)

Edward Royce (R)*, Mike Coffman (R), Susan Davis (D), Al Green (D), Jim Himes (D), Carolyn Maloney (D), Gregory Meeks (D), Luke Messer (R), Alex Mooney (R), Robert Pittenger (R), Jacky Rosen (D), Pete Sessions (R), Terri Sewell (D), Kyrsten Sinema (I), Scott Tipton (R),

Last Action

Referred to the House Committee on Financial Services. (on 02/07/2017)

Official Document

https://www.congress.gov/bill/115th-congress/house-bill/898/all-info

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/house-bill/898/all-info
BillText	https://www.congress.gov/115/bills/hr898/BILLS-115hr898ih.pdf
Bill	https://www.congress.gov/115/bills/hr898/BILLS-115hr898ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HRes905	Providing for consideration of the bill (H.B. 5515) to authorize appropriations for fiscal year 2019 for military activities of the Department of Defense and for military construction, to prescribe military personnel strengths for such fiscal year, and for other purposes; providing for consideration of the bill (S. 204) to authorize the use of unapproved medical products by patients diagnosed with a terminal illness in accordance with State law, and for other purposes; and providing for consider	Motion to reconsider laid on the table Agreed to without objection.	Similar To
S1685	Credit Score Competition Act of 2017	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.	Related
S2155	Economic Growth, Regulatory Relief, and Consumer Protection Act	Became Public Law No: 115-174.	Related

Bill > HR898

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (15)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary