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 credi-
tors to consider certain additional credit information 
when making mortgage loans, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Expanding Access to 
Credit through Consumer-Permissioned Data Act’’. 
SEC. 2. FINDINGS. 
The Congress finds the following: 
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(1) Using alternative data in mortgage lending 
(either through alternative credit scores or in under-
writing) has the potential to increase access to credit 
for individuals with little or no credit history with 
the national credit reporting agencies (NCRAs), ac-
cording to a review of alternative data use in mort-
gage lending by the Government Accountability Of-
fice in December 2021. 
(2) Approximately 45 million consumers do not 
have any credit history with the NCRAs or did not 
have enough credit history to be scored, according to 
a 2015 report by the Bureau of Consumer Financial 
Protection (CFPB), entitled ‘‘Data Point: Credit 
Invisibles’’. The CFPB also reported that this popu-
lation disproportionately included low-income con-
sumers, younger consumers, and consumers of color. 
(3) The use of alternative data to establish a 
low- or moderate-income borrower’s credit history 
for the purpose of extending mortgage credit can 
help lenders meet goals of the Community Reinvest-
ment Act. 
(4) Mortgage underwriting systems that allow 
lenders to use consumer-permissioned alternative 
credit information may help expand access to mort-
gages for borrowers with lower credit scores and 
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communities of color. On September 21, 2021, 
Fannie Mae updated its automated underwriting 
system so that it notifies lenders that a borrower 
may benefit from the inclusion of consistent rental 
payment information, and with the consumer’s per-
mission, the underwriting system will automatically 
identify rental payments within bank statement data 
and include this in its credit assessment. According 
to a fair lending and credit risk analysis by Fannie 
Mae and the Federal Housing Finance Agency, the 
populations most likely to benefit from this change 
are applicants with lower credit scores, who are dis-
proportionately consumers of color. 
(5) In October of 2024, the CFPB finalized a 
rule that would accelerate a shift toward open bank-
ing, where consumers would have control over data 
about their financial lives and would gain new pro-
tections against companies misusing their data. 
(6) Under the final Personal Financial Data 
Rights rule, people would have the power to share 
data about their use of checking and prepaid ac-
counts, credit cards, and digital wallets. This would 
allow them to access competing products and serv-
ices without worrying that their data might be col-
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lected, used, or retained to serve commercial inter-
ests over their own. 
(7) The final rule will implement section 1033 
of the Consumer Financial Protection Act, which 
charged the CFPB with implementing personal fi-
nancial data sharing standards and protections. 
SEC. 3. REQUIREMENT TO CONSIDER ADDITIONAL CREDIT 
INFORMATION WHEN MAKING MORTGAGE 
LOANS. 
(a) IN GENERAL.—The Equal Credit Opportunity 
Act (15 U.S.C. 1691 et seq.) is amended by inserting after 
section 701 the following: 
‘‘§ 701A. Requirement to consider additional credit 
information when making mortgage loans 
‘‘(a) IN GENERAL.—A creditor extending a mortgage 
loan shall, in evaluating the creditworthiness of an appli-
cant, consider credit information not reported through a 
nationwide consumer reporting agency, if— 
‘‘(1) the applicant— 
‘‘(A) requests such consideration; 
‘‘(B) authorizes the provision of the credit 
information to be considered; and 
‘‘(C) states that the applicant does not be-
lieve that credit information reported through 
consumer reporting agencies fully or accurately 
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reflects the applicant’s creditworthiness in the 
absence of such information; and 
‘‘(2) the credit information relates to the types 
of information that the creditor would consider if 
otherwise reported and includes current payment 
and transaction information, such as bank statement 
information or rental payment information. 
‘‘(b) TREATMENT OF ADDITIONAL INFORMATION.— 
A creditor shall treat any information provided pursuant 
to subsection (a) in the same manner and with the same 
weight as the creditor would treat the same information 
if it were provided by a consumer reporting agency, as 
defined through regulations by the Director of the Bureau 
of Consumer Financial Protection, unless the creditor rea-
sonably determines that the information is the result of 
a material misrepresentation, according to regulations 
provided by the Director of the Bureau. 
‘‘(c) NOTICE TO APPLICANTS.— 
‘‘(1) IN GENERAL.—A creditor described under 
subsection (a) shall provide each applicant for a 
mortgage loan with a notice that includes— 
‘‘(A) an explanation of the applicant’s 
right under this section to authorize the provi-
sion of additional credit information to the 
creditor for consideration, including examples of 
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such additional information, as well as the ben-
efits of providing such information; and 
‘‘(B) the right of the creditor to disregard 
any such information if the creditor determines, 
according to regulations provided by the Direc-
tor of the Bureau, that the information is the 
result of a material misrepresentation. 
‘‘(2) NOTICE
LANGUAGES.—Notices required 
under paragraph (1) shall be made available in each 
of the 8 languages most commonly spoken by indi-
viduals with limited English proficiency, as deter-
mined by the Director of the Bureau using informa-
tion published by the Director of the Bureau of the 
Census. 
‘‘(3) FORM LANGUAGE.—The Director of the 
Bureau shall establish form language, which shall be 
used by each creditor when providing the notices re-
quired under this subsection, providing— 
‘‘(A) the examples described under para-
graph (1)(A); 
‘‘(B) the description of the benefits de-
scribed under paragraph (1)(A); and 
‘‘(C) the non-English language versions of 
the notices described under paragraph (2). 
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‘‘(d) CONSIDERATION OF ALTERNATIVE DATA.—A 
creditor shall ensure that the alternative data provided 
under the requirements of subsection (a) shall be consid-
ered as part of the decisioning process. 
‘‘(e) TREATMENT OF UNDERWRITING SYSTEMS.— 
‘‘(1) IN GENERAL.—Any person, including any 
Federal agency that insures, guarantees, supple-
ments, or assists a federally backed single-family or 
multifamily mortgage loan, who develops or main-
tains an underwriting system for mortgage loans 
shall ensure such system complies with the require-
ments described under subsection (a). 
‘‘(2) RULEMAKING.—The Director of the Bu-
reau (in consultation with the Director of the Fed-
eral Housing Finance Agency, the Secretary of 
Housing and Urban Development, and any other 
Federal agency that insures, guarantees, supple-
ments, or assists a federally backed single-family or 
multifamily mortgage loan) may issue such regula-
tions as, in the judgement of the Director, may be 
necessary to capture consumer-permissioned data in 
automated underwriting systems. 
‘‘(f) CONSUMER REPORTING AGENCY DEFINED.—In 
this section, the term ‘consumer reporting agency’ has the 
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meaning given that term under section 603 of the Fair 
Credit Reporting Act.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Equal Credit Opportunity Act is amended by in-
serting after the item relating to section 701 the following: 
‘‘701A. Requirement to consider additional credit information when 
making mortgage loans. ’’. ...........................................
(c) RULEMAKING; APPLICATION DATE.—Not later 
than the end of the 18-month period beginning on the date 
of enactment of this Act, the Director of the Bureau of 
Consumer Financial Protection shall issue final rules to 
carry out the amendments made by this section, and such 
amendments shall apply to creditors on and after the ef-
fective date of such final rules. 
Æ 
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