Comprehensive Consumer Credit Reporting Reform Act of 2016
Latest action. Referred to the House Committee on Financial Services.
Comprehensive Consumer Credit Reporting Reform Act of 2016
This bill amends the Fair Credit Reporting Act to revise requirements for reinvestigations of disputed information by a consumer reporting agency (CRA), establishing a new right to appeal, free of charge, completed disputes adverse to the consumer.
The bill prescribes requirements for:
dispute procedures for furnishers of information and CRAs, as well as meaningful disclosures to consumers about investigations and reinvestigations; and
CRA action when notified of inaccurate or incomplete information from furnishers.
The Consumer Financial Protection Bureau (CFPB) shall issue a final rule establishing reasonable procedures CRAs must maintain to ensure maximum possible accuracy and completeness of the information concerning the individual to whom a consumer report relates.
Any CRA that furnishes a consumer report containing public record data shall include its source.
Courts may award injunctive relief to consumers against any person found liable for either willful or negligent noncompliance with the requirements of the Act.
The bill limits the circumstances in which a CRA may furnish a consumer report for employment purposes.
No CRA may furnish a consumer report containing any adverse item of information relating to:
a delinquent or defaulted private education loan of a borrower who has rehabilitated his or her credit regarding the loan by making 9 on-time monthly loan payments over 10 consecutive months after the delinquency or default occurred, or
a covered residential mortgage loan if the action or inaction to which the item of information relates resulted from specified predatory lending practices.
The bill shortens the respective time periods that specified adverse credit information remains on consumer reports, and gives deadlines for removing from them fully paid or settled medical debt.
A CRA must remove from a consumer report any adverse information about:
a private education loan regarding a proprietary educational institution or career education program which the consumer alleges engaged in fraudulent, discriminatory, or illegal practices; and
a consumer who is the victim of intentionally abusive or harmful financial behavior by an acquaintance or family member.
The summary continues for 18 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on May 19, 2016. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on May 19, 2016: Referred to the House Committee on Financial Services.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 114th Congress (2015-16), 329 of the 10,233 bills and joint resolutions introduced became law, about 3.2 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
MAXINE WATERS (D-CA) introduced it on May 19, 2016, and 8 members have since signed on as cosponsors.
They are 8 Democrats.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on May 19, 2016, 3766 days ago. The most recent recorded action was 3766 days ago, on May 19, 2016.
Measures do not carry over. Anything the 114th Congress has not finished by January 3, 2017 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers