[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8099 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8099

To require the Director of the Federal Housing Finance Agency to assess 
  the costs and benefits of requiring the enterprises obtain 2 rather 
    than 3 credit reports and credit scores, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 19, 2024

    Mr. Torres of New York (for himself and Mrs. Kim of California) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
To require the Director of the Federal Housing Finance Agency to assess 
  the costs and benefits of requiring the enterprises obtain 2 rather 
    than 3 credit reports and credit scores, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Credit Report Enhancement Directive 
Act'' or the ``CRED Act''.

SEC. 2. ANALYSIS OF COSTS AND BENEFITS REQUIRED.

    (a) In General.--The Director of the Federal Housing Finance Agency 
shall conduct an analysis of the costs and benefits of a requirement 
that the enterprises obtain 2 rather than 3 credit reports and credit 
scores from the national consumer reporting agencies if the enterprise 
conditions the purchase of a residential mortgage loan on the delivery 
of a borrower's credit score.
    (b) Requirements.--In conducting the analysis required under 
subsection (a), the Director should consider potential--
            (1) cost savings for mortgage borrowers;
            (2) changes in access to mortgage credit for consumers that 
        may result from reviewing two, rather than three, credit 
        reports and credit scores;
            (3) compliance and operating costs for mortgage lenders and 
        servicers, the three national credit reporting agencies, and 
        the enterprises; and
            (4) legal exposures for mortgage lenders and servicers that 
        result from selecting two, rather than three, credit reports 
        and credit scores.
    (c) Public Comment.--
            (1) In general.--The Director shall publish the analysis 
        required under this section in the Federal Register and invite 
        public comment on the analysis for 90 days.
            (2) Restriction.--The Director may not establish a 
        requirement that the enterprises obtain 2 rather than 3 credit 
        reports and credit scores from the national consumer reporting 
        agencies if the enterprise conditions the purchase of a 
        residential mortgage loan on the delivery of a borrower's 
        credit score until the public comment period is closed.
    (d) Definitions.--In this section:
            (1) Director.--The term ``Director'' means the Director of 
        the Federal Housing Finance Agency.
            (2) Consumer report.--The term ``consumer report'' has the 
        meaning given that term in section 603(d) of the Fair Credit 
        Reporting Act (15 U.S.C. 1681a(d).
            (3) Credit score.--The term ``credit score'' has the 
        meaning given that term in section 302(b)(7)(A)(i) of the 
        Federal National Mortgage Association Charter Act (12 U.S.C. 
        1717(b)(7)(A)(i)).
            (4) National consumer reporting agency.--The term 
        ``national consumer reporting agency'' means a ``consumer 
        reporting agency that compiles and maintains files on consumers 
        on a nationwide basis'' as defined in section 603(p) of the 
        Fair Credit Reporting Act (15 U.S.C. 1681a(p).
            (5) Residential mortgage.--The term ``residential 
        mortgage'' has the meaning given that term in section 302(h) of 
        the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 
        1451(h)).
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