Facilitating Access to Credit Act of 2015

To amend the Credit Repair Organizations Act to exempt certain consumer reporting agencies, and for other purposes. 1. Short title This Act may be cited as the Facilitating Access to Credit Act of 2015 2. Treatment of certain consumer reporting agencies The Credit Repair Organizations Act ( 15 U.S.C. 1679 et seq. (1) in section 403(3)(B)— (A) in clause (ii), by striking or (B) in clause (iii), by striking the period and inserting ; or (C) by adding at the end the following: (iv) any consumer reporting agency— (I) described under section 603(p) of the Fair Credit Reporting Act, or any affiliate or subsidiary of such a consumer reporting agency; or (II) described under section 603(f) of the Fair Credit Reporting Act, or any affiliate or subsidiary of such a consumer reporting agency, if such consumer reporting agency is subject to supervision and examination by the Bureau of Consumer Financial Protection pursuant to section 1024(a)(1)(B) of the Consumer Financial Protection Act of 2010. ; and (2) in section 412— (A) by striking This title (a) In general This title ; and (B) by adding at the end the following: (b) Exemption for entities that are not credit repair organizations Notwithstanding subsection (a), this title supersedes any law or regulation of any State with respect to the subject matter of this Act to the extent that the State law or regulation would apply to any person described in section 403(3)(B). . 3. FTC Study (a) Study The Federal Trade Commission shall conduct a study to determine whether, in addition to those persons listed under section 403(3)(B) of the Credit Repair Organizations Act, any other person should be exempt from the Credit Repair Organizations Act. (b) Report Not later than one year after the date of enactment of this Act, the Chairman of the Federal Trade Commission shall submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives containing a detailed summary of the findings and conclusions of the study under this section, together with such recommendations for legislative or administrative actions as may be appropriate.

Summary: Facilitating Access to Credit Act of 2015 Amends the Credit Repair Organizations Act to exempt from its coverage any consumer reporting agency (or affiliate or subsidiary) described under the Fair Credit Reporting Act as: one that compiles and maintains files on consumers on a nationwide basis; or any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers in order to furnish consumer reports to third parties, if the person is subject to supervision and examination by the Consumer Financial Protection Bureau. Preempts state law and regulations concerning a credit repair organization to the extent they would apply to consumer reporting agencies subject to this Act. Directs the Federal Trade Commission to study whether, in addition to these persons, any other person should be exempt from the Credit Repair Organizations Act.