I 

118TH CONGRESS 

2D SESSION H. R. 10316 

To amend the Equal Credit Opportunity Act to require creditors to consider 

certain additional credit information when making mortgage loans, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 5, 2024 

Ms. WILLIAMS of Georgia (for herself, Ms. NORTON, Mrs. RAMIREZ, Mr. 

LYNCH, Mr. CLEAVER, Mr. GREEN of Texas, Ms. GARCIA of Texas, and 

Mrs. BEATTY) introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To amend the Equal Credit Opportunity Act to require creditors to consider certain additional credit information 

when making mortgage loans, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Expanding Access to 

5 Credit through Consumer-Permissioned Data Act’’. 

6 SEC. 2. FINDINGS. 

7 The Congress finds the following: 


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1 (1) Using alternative data in mortgage lending 

2 (either through alternative credit scores or in under3 writing) has the potential to increase access to credit 

4 for individuals with little or no credit history with 

5 the national credit reporting agencies (NCRAs), ac6 cording to a review of alternative data use in mort7 gage lending by the Government Accountability Of8 fice in December 2021. 

9 (2) Approximately 45 million consumers do not 

10 have any credit history with the NCRAs or did not 

11 have enough credit history to be scored, according to 

12 a 2015 report by the Bureau of Consumer Financial 

13 Protection (CFPB), entitled ‘‘Data Point: Credit 

14 Invisibles’’. The CFPB also reported that this popu15 lation disproportionately included low-income con16 sumers, younger consumers, and consumers of color. 

17 (3) The use of alternative data to establish a 

18 low- or moderate-income borrower’s credit history 

19 for the purpose of extending mortgage credit can 

20 help lenders meet goals of the Community Reinvest21 ment Act. 

22 (4) Mortgage underwriting systems that allow 

23 lenders to use consumer-permissioned alternative 

24 credit information may help expand access to mort25 gages for borrowers with lower credit scores and 


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1 communities of color. On September 21, 2021, 

2 Fannie Mae updated its automated underwriting 

3 system so that it notifies lenders that a borrower 

4 may benefit from the inclusion of consistent rental 

5 payment information, and with the consumer’s per6 mission, the underwriting system will automatically 

7 identify rental payments within bank statement data 

8 and include this in its credit assessment. According 

9 to a fair lending and credit risk analysis by Fannie 

10 Mae and the Federal Housing Finance Agency, the 

11 populations most likely to benefit from this change 

12 are applicants with lower credit scores, who are dis13 proportionately consumers of color. 

14 (5) In October of 2024, the CFPB finalized a 

15 rule that would accelerate a shift toward open bank16 ing, where consumers would have control over data 

17 about their financial lives and would gain new pro18 tections against companies misusing their data. 

19 (6) Under the final Personal Financial Data 

20 Rights rule, people would have the power to share 

21 data about their use of checking and prepaid ac22 counts, credit cards, and digital wallets. This would 

23 allow them to access competing products and serv24 ices without worrying that their data might be colVerDate Sep 11 2014 00:31 Jan 03, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H10316.IH H10316

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1 lected, used, or retained to serve commercial inter2 ests over their own. 

3 (7) The final rule will implement section 1033 

4 of the Consumer Financial Protection Act, which 

5 charged the CFPB with implementing personal fi6 nancial data sharing standards and protections. 

7 SEC. 3. REQUIREMENT TO CONSIDER ADDITIONAL CREDIT 

8 INFORMATION WHEN MAKING MORTGAGE 

9 LOANS. 

10 (a) IN GENERAL.—The Equal Credit Opportunity 

11 Act (15 U.S.C. 1691 et seq.) is amended by inserting after 

12 section 701 the following: 

13 ‘‘§ 701A. Requirement to consider additional credit 

14 information when making mortgage loans 

15 ‘‘(a) IN GENERAL.—A creditor extending a mortgage 

16 loan shall, in evaluating the creditworthiness of an appli17 cant, consider credit information not reported through a 

18 nationwide consumer reporting agency, if— 

19 ‘‘(1) the applicant— 

20 ‘‘(A) requests such consideration; 

21 ‘‘(B) authorizes the provision of the credit 

22 information to be considered; and 

23 ‘‘(C) states that the applicant does not be24 lieve that credit information reported through 

25 consumer reporting agencies fully or accurately 


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1 reflects the applicant’s creditworthiness in the 

2 absence of such information; and 

3 ‘‘(2) the credit information relates to the types 

4 of information that the creditor would consider if 

5 otherwise reported and includes current payment 

6 and transaction information, such as bank statement 

7 information or rental payment information. 

8 ‘‘(b) TREATMENT OF ADDITIONAL INFORMATION.— 

9 A creditor shall treat any information provided pursuant 

10 to subsection (a) in the same manner and with the same 

11 weight as the creditor would treat the same information 

12 if it were provided by a consumer reporting agency, as 

13 defined through regulations by the Director of the Bureau 

14 of Consumer Financial Protection, unless the creditor rea15 sonably determines that the information is the result of 

16 a material misrepresentation, according to regulations 

17 provided by the Director of the Bureau. 

18 ‘‘(c) NOTICE TO APPLICANTS.— 

19 ‘‘(1) IN GENERAL.—A creditor described under 

20 subsection (a) shall provide each applicant for a 

21 mortgage loan with a notice that includes— 

22 ‘‘(A) an explanation of the applicant’s 

23 right under this section to authorize the provi24 sion of additional credit information to the 

25 creditor for consideration, including examples of 


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1 such additional information, as well as the ben2 efits of providing such information; and 

3 ‘‘(B) the right of the creditor to disregard 

4 any such information if the creditor determines, 

5 according to regulations provided by the Direc6 tor of the Bureau, that the information is the 

7 result of a material misrepresentation. 

8 ‘‘(2) NOTICE LANGUAGES.—Notices required 

9 under paragraph (1) shall be made available in each 

10 of the 8 languages most commonly spoken by indi11 viduals with limited English proficiency, as deter12 mined by the Director of the Bureau using informa13 tion published by the Director of the Bureau of the 

14 Census. 

15 ‘‘(3) FORM LANGUAGE.—The Director of the 

16 Bureau shall establish form language, which shall be 

17 used by each creditor when providing the notices re18 quired under this subsection, providing— 

19 ‘‘(A) the examples described under para20 graph (1)(A); 

21 ‘‘(B) the description of the benefits de22 scribed under paragraph (1)(A); and 

23 ‘‘(C) the non-English language versions of 

24 the notices described under paragraph (2). 


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1 ‘‘(d) CONSIDERATION OF ALTERNATIVE DATA.—A 

2 creditor shall ensure that the alternative data provided 

3 under the requirements of subsection (a) shall be consid4 ered as part of the decisioning process. 

5 ‘‘(e) TREATMENT OF UNDERWRITING SYSTEMS.— 

6 ‘‘(1) IN GENERAL.—Any person, including any 

7 Federal agency that insures, guarantees, supple8 ments, or assists a federally backed single-family or 

9 multifamily mortgage loan, who develops or main10 tains an underwriting system for mortgage loans 

11 shall ensure such system complies with the require12 ments described under subsection (a). 

13 ‘‘(2) RULEMAKING.—The Director of the Bu14 reau (in consultation with the Director of the Fed15 eral Housing Finance Agency, the Secretary of 

16 Housing and Urban Development, and any other 

17 Federal agency that insures, guarantees, supple18 ments, or assists a federally backed single-family or 

19 multifamily mortgage loan) may issue such regula20 tions as, in the judgement of the Director, may be 

21 necessary to capture consumer-permissioned data in 

22 automated underwriting systems. 

23 ‘‘(f) CONSUMER REPORTING AGENCY DEFINED.—In 

24 this section, the term ‘consumer reporting agency’ has the 


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1 meaning given that term under section 603 of the Fair 

2 Credit Reporting Act.’’. 

3 (b) CLERICAL AMENDMENT.—The table of contents 

4 for the Equal Credit Opportunity Act is amended by in5 serting after the item relating to section 701 the following: 

‘‘701A. Requirement to consider additional credit information when 

making mortgage loans. ’’. ...........................................

6 (c) RULEMAKING; APPLICATION DATE.—Not later 

7 than the end of the 18-month period beginning on the date 

8 of enactment of this Act, the Director of the Bureau of 

9 Consumer Financial Protection shall issue final rules to 

10 carry out the amendments made by this section, and such 

11 amendments shall apply to creditors on and after the ef12 fective date of such final rules. 

Æ 


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