The HFSC Taskforce on Financial Technology’s consideration of two draft bills today signals that Chairwoman Waters (D-CA) intends to treat the committee’s FinTech and AI Task Forces as de facto subcommittees, quickly moving legislation to mark-up once formally introduced. Rep. Gottheimer’s (D-NJ) bill is a modified version of legislation passed in the House last Congress that would allow rent and utility payments to be reported to the credit bureaus without preempting state law. Rep. Green’s (D-TX) bill would reauthorize an FHA pilot program to permit borrowers to opt-in to credit-scoring models that incorporate alternative data in concert with a HUD study of demographics and borrower cost implications. Testifying to present a December 2018 report, a GAO official called on the CFPB and the banking agencies to provide joint guidance on the appropriate use of alternative data.
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