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Volume 25 - Number 19

September 15, 2014

Waters’ Bill Would Task CFPB With Multiple Credit-Reporting Reforms

The CFPB would have a handful of new oversight responsibilities for the credit-reporting sector under a discussion draft of possible legislation entitled the “Fair Credit Reporting Improvement Act of 2014,” circulated last week by Rep. Maxine Waters, D-CA, the ranking member of the House Financial Services Committee.

Among the draft’s provisions is a directive for the bureau to set standards for validating the accuracy and predictive value of credit score algorithms, formulas, models, programs, and mechanisms…

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