[Congressional Record Volume 164, Number 40 (Wednesday, March 7, 2018)]
[Senate]
[Pages S1491-S1492]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 2127. Mr. REED submitted an amendment intended to be proposed by
him to the bill S. 2155, to promote economic growth, provide tailored
regulatory relief, and enhance consumer protections, and for other
purposes; which was ordered to lie on the table; as follows:
Strike section 301 and insert the following:
SEC. 301. PROTECTING CONSUMERS' CREDIT.
(a) In General.--The Fair Credit Reporting Act (15 U.S.C.
1681 et seq.) is amended--
(1) in section 604 (15 U.S.C. 1681b)--
(A) by striking subsections (c) through (e) and inserting
the following:
``(c) Conditions for Furnishing Certain Consumer Reports.--
``(1) In general.--A consumer reporting agency may furnish
a consumer report for the following purposes only if the
consumer provides the consumer reporting agency with
affirmative written consent to furnish the consumer report,
after furnishing proper identification under section 610:
``(A) An extension of credit pursuant to subsection
(a)(3)(A).
``(B) The underwriting of insurance pursuant to subsection
(a)(3)(C).
``(2) Additional reports; election.--After a consumer has
provided affirmative written consent and furnished proper
identification under paragraph (1) to a consumer reporting
agency, the consumer reporting agency may continue to furnish
consumer reports solely for the purposes of reviewing or
collecting on an account described in subparagraphs (A) and
(C) of subsection (a)(3).
``(3) Furnishing reports in connection with credit or
insurance transactions that are not initiated by consumer.--
``(A) In general.--A consumer reporting agency may furnish
a consumer report to a person in connection with any credit
or insurance transaction under subparagraph (A) or (C) of
subsection (a)(3) that is not initiated by the consumer only
if--
``(i) the consumer provides the consumer reporting agency
affirmative written consent to furnish the consumer report,
after furnishing proper identification under section 610; and
``(ii) the transaction consists of a firm offer of credit
or insurance.
``(B) Election.--The consumer may elect to--
``(i) have the consumer's name and addresses included in
lists of names and addresses provided by the consumer
reporting agency pursuant to subparagraphs (A) and (C) of
subsection (a)(3) in connection with any credit or insurance
transaction that is not initiated by the consumer only if--
``(I) the consumer provides the consumer reporting agency
affirmative written consent to furnish the consumer report,
after furnishing proper identification under section 610; and
``(II) the transaction consists of a firm offer of credit
or insurance; and
``(ii) revoke at any time the election pursuant to clause
(i) to have the consumer's name and address included in lists
provided by a consumer reporting agency.
``(C) Information regarding inquiries.--Except as provided
in section 609(a)(5), a consumer reporting agency shall not
furnish to any person a record of inquiries in connection
with a credit or insurance transaction that is not initiated
by a consumer.
``(4) Disclosures.--
``(A) In general.--A person may not procure a consumer
report for any purpose pursuant to subparagraphs (D), (F),
and (G) of subsection (a)(3) unless--
``(i) a clear and conspicuous disclosure has been made in
writing to the consumer at any time before the report is
procured or caused to be procured, in a document that
consists solely of the disclosure, that a consumer report may
be obtained for such purposes; and
``(ii) the consumer has authorized in writing the
procurement of the consumer report by that person.
``(B) Authorizations.--The authorization described in
subparagraph (A)(ii) may be made on the disclosure document
provided under subparagraph (A)(i).
``(5) Rule making.--Not later than 180 days after the date
of enactment of the Control Your Personal Credit Information
Act of 2018, the Director of the Bureau shall promulgate
regulations that--
``(A) implement this subsection;
``(B) establish a model form for the disclosure document
pursuant to paragraph (4) and define the term clear and
conspicuous disclosure;
``(C) establish guidelines that permit consumers to provide
a single written authorization as required by paragraph (1)
for a specific time period for multiple users for the
specified purpose during that time period;
``(D) require a consumer reporting agency to provide to
each consumer a secure, convenient, accessible, and cost-free
method by which a consumer may allow or disallow the
furnishing of consumer reports pursuant to this subsection;
and
``(E) require a consumer reporting agency not later than 2
business days after the date on which a consumer makes an
election to revoke the consumer's inclusion of the consumer's
name and address in lists provided by a consumer reporting
agency pursuant to paragraph (3)(B) to implement that
election.
``(6) Prohibitions.--
``(A) In general.--The method described in paragraph (5)(D)
shall not be used to--
``(i) collect any information on a consumer that is not
necessary for the purpose of the consumer to allow or
disallow the furnishing of consumer reports; or
``(ii) advertise any product or service.
``(B) No waiver.--In the offering of a method described in
paragraph (5)(D), a consumer reporting agency shall not
require a consumer to waive any rights nor indemnify the
consumer reporting agency from any liabilities arising from
the offering of such method.
``(7) Reports.--
``(A) CFPB.--
``(i) Recommendation.--Not later than 180 days after the
date of enactment of the Control Your Personal Credit
Information Act of 2018, the Director of the Bureau shall,
after consultation with the Federal Deposit Insurance
Corporation, the National Credit Union Administration, and
other Federal and State regulators as the Director of the
Bureau determines are appropriate, submit to the Committee on
Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of
Representatives recommendations on how to provide consumers
greater transparency and personal control over their consumer
reports furnished for permissible purposes under subsections
(a)(3)(E) and (a)(6).
``(ii) Report.--The Director of the Bureau shall submit to
the Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the House
of Representatives an annual report that includes
recommendations on how this subsection may be improved, a
description of enforcement actions taken to demonstrate
compliance with this subsection, recommendations on how to
improve oversight of consumer reporting agencies and users of
consumer reports, and any other recommendations concerning
how consumers may be provided greater transparency and
control over their personal information.
``(B) GAO.--
``(i) Study.--The Comptroller General of the United States
shall conduct a study on what additional protections or
restrictions may be needed to ensure that the information
collected in consumer files is secure and does not adversely
impact consumers.
``(ii) Report.--Not later than 1 year after the date of
enactment of the Control Your Personal Credit Information Act
of 2018, the Comptroller General of the United States shall
submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report on the results of
the study under clause (i), which shall include--
``(I) to the greatest extent possible, the presentation of
unambiguous conclusions and specific recommendations for
further legislative changes needed to ensure that the
information collected in consumer files is secure and does
not adversely impact consumers; and
``(II) if no recommendations for further legislative
changes are presented, a detailed explanation of why no such
changes are recommended.'';
(B) by redesignating subsections (f) and (g) as subsections
(d) and (e), respectively; and
(C) by adding at the end the following:
``(f) No Fees.--No consumer reporting agency may charge a
consumer any fee for any activity pursuant to this
section.'';
(2) in section 607(a) (15 U.S.C. 1681e(a)), by inserting
``Every consumer reporting agency shall use commercially
reasonable efforts to
[[Page S1492]]
avoid unauthorized access to consumer reports and information
in the file of a consumer maintained by the consumer
reporting agency, including complying with any appropriate
standards established under section 501(b) of the Gramm-
Leach-Bliley Act (15 U.S.C. 6801(b)).'' after the end of the
third sentence;
(3) in section 609 (15 U.S.C. 1681g), by striking
subsection (b) and inserting the following:
``(b) Scope of Disclosure.--The Director of the Bureau
shall promulgate regulations to clarify that any information
held by a consumer reporting agency about a consumer shall be
disclosed to the consumer when a consumer makes a written
request, irrespective of whether the information is held by
the parent, subsidiary, or affiliate of a consumer reporting
agency.''; and
(4) in section 610(a)(1) (15 U.S.C. 1681h(a)(1)), by
striking ``section 609'' and inserting ``sections 604 and
609''.
(b) Technical and Conforming Amendments.--The Fair Credit
Reporting Act (15 U.S.C. 1681 et seq.) is amended--
(1) in section 603(d)(3) (15 U.S.C. 1681a(d)(3)), in the
matter preceding subparagraph (A), by striking ``604(g)(3)''
and inserting ``604(e)(3)'';
(2) in section 615(d) (15 U.S.C. 1681m(d))--
(A) in paragraph (1)--
(i) in the matter preceding subparagraph (A), by striking
``604(c)(1)(B)'' and inserting ``604(c)(3)(A)(ii)''; and
(ii) in subparagraph (E), by striking ``604(e)'' and
inserting ``604(c)(5)(D)''; and
(B) in paragraph (2)(A), by striking ``604(e)'' and
inserting ``604(c)(5)(D)''; and
(3) in section 625(b)(1)(A) (15 U.S.C. 1681t(b)(1)(A)), by
striking ``subsection (c) or (e) of section 604'' and
inserting ``604(c)''.
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