Sec. 503. Requires a Bureau study and report to Congress on the impact of using non-traditional data
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The Bureau of Consumer Financial Protection shall carry out a study of the impact on the availability and affordability of credit by the inclusion of non-traditional data on a consumer report (as defined in section 603 of the Fair Credit Reporting Act ( 15 U.S.C. 1681a )) used in connection with a credit transaction involving the extension of credit to, or review or collection of an account of, the consumer, including a review of the advantages or disadvantages to consumers with minimal traditional credit history, traditionally underserved communities and populations, and racial and ethnic minorities.
Not later than the end of the 1-year period following the date of the enactment of this Act, the Bureau shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing all findings and determinations made in carrying out the study required under subsection (a). For purposes of this section, the term non-traditional data means data related to telecommunications, utility payments, rent payments, remittances, wire transfers, and such other items as the Bureau determines appropriate.
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Sec. 503
Requires a Bureau study and report to Congress on the impact of using non-traditional data
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