US S1685

Bill

US S1685

Credit Score Competition Act of 2017

Introduced
08/01/2017

In Committee
08/01/2017

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) Acts to allow these entities to consider a borrower's credit score when purchasing a residential mortgage, but only if certain procedural requirements are met. Specifically, the credit score must be derived from a model that has been validated and approved by the respective entity, and the entity must establish and publicly disclose the process it will use to validate and approve credit scoring models. The Federal Housing Finance Agency may also establish standards and criteria for these validation and approval processes. The bill sets timelines for entities to make determinations on credit scoring model applications and provide notice to applicants.

Committee Categories

Housing and Urban Affairs

Sponsors (6)

Tim Scott (R)*, Tammy Duckworth (D), Doug Jones (D), Tim Kaine (D), Claire McCaskill (D), Mark Warner (D),

Last Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 08/01/2017)

Official Document

https://www.congress.gov/bill/115th-congress/senate-bill/1685/all-info

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/senate-bill/1685/all-info
BillText	https://www.congress.gov/115/bills/s1685/BILLS-115s1685is.pdf
Bill	https://www.congress.gov/115/bills/s1685/BILLS-115s1685is.pdf.pdf

Bill	Bill Name	Last Action	Type
HR898	Credit Score Competition Act of 2017	Referred to the House Committee on Financial Services.	Related
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
S2155	Economic Growth, Regulatory Relief, and Consumer Protection Act	Became Public Law No: 115-174.	Related

Bill > S1685

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (6)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary