Expanding Access to Credit through Consumer-Permissioned Data Act
- Bill Number
- H.R. 9380
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-06-18: Referred to the House Committee on Financial Services.
- Last Updated
- 2026-07-06T21:24:57Z
AI-Generated Summary
Purpose This legislation amends the Equal Credit Opportunity Act to require mortgage creditors to consider certain consumer-permissioned alternative credit information when evaluating applicants. The goal is to expand mortgage access for individuals with limited or no traditional credit history reported by nationwide consumer reporting agencies.
Key Provisions
- Creditors must consider additional credit data (such as rental payments or bank statement information) if the applicant requests it, authorizes its use, and states that standard credit reports do not fully reflect their creditworthiness.
- Creditors must treat this information with the same weight as data from a consumer reporting agency, unless they determine it involves a material misrepresentation.
- Creditors must provide applicants with a notice explaining the right to submit such data, including examples and benefits, available in the eight most common languages for individuals with limited English proficiency.
- Automated underwriting systems used for mortgage loans must incorporate this consumer-permissioned data.
- The Bureau of Consumer Financial Protection (CFPB) must issue final rules within 18 months of enactment, after which the requirements apply to creditors.
Significant Changes to Existing Law The bill adds a new Section 701A to the Equal Credit Opportunity Act, creating an affirmative requirement for creditors to evaluate alternative credit information upon applicant request. It also imposes new notice and language-access obligations on creditors and mandates compliance by entities that develop or maintain mortgage underwriting systems.
Potential Impacts
- Citizens: Individuals with thin credit files, including low-income, younger, or minority borrowers, may gain improved access to mortgage loans.
- Government Agencies: The CFPB gains rulemaking authority and must develop form notices; agencies involved in federally backed mortgages (such as the Federal Housing Finance Agency and Department of Housing and Urban Development) must ensure their underwriting systems comply.
- Creditors and Lenders: Mortgage originators and automated systems must update processes to accept and weigh consumer-permissioned data.
Main Stakeholders Affected
- Mortgage applicants and consumers without sufficient traditional credit histories.
- Mortgage creditors and lenders.
- Developers of automated underwriting systems.
- Federal agencies that insure or guarantee mortgages.
- The CFPB as the primary rulemaking and oversight body.
Notable Legal, Constitutional, or Political Implications The measure expands the scope of the Equal Credit Opportunity Act by mandating consideration of non-traditional data, which could affect how creditors demonstrate compliance with fair lending standards. It introduces specific multilingual notice requirements and limits on disregarding information only for material misrepresentations, as defined by regulation.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Rep. Williams, Nikema [D-GA-5]
Cosponsors (4)
Rep. Garcia, Sylvia R. [D-TX-29], Rep. Watson Coleman, Bonnie [D-NJ-12], Rep. Adams, Alma S. [D-NC-12], Rep. Moore, Gwen [D-WI-4]
Recent Actions
- 2026-06-18: Referred to the House Committee on Financial Services.
- 2026-06-18: Introduced in House
- 2026-06-18: Introduced in House
Bill Versions
- Expanding Access to Credit through Consumer-Permissioned Data Act — issued 2026-06-18 — PDF (7 pages)