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Alternative Data (10)
Credit scores (9)
The House Financial Services Committee issued a report Alternative Data for Additional Credit FHA Pilot Program
On January 3, 2019, Rep. Al Green introduced H.R. 123, the ‘‘Alternative Data for Additional Credit FHA Pilot Program Reauthorization Act,’’ which would reauthorize the Department of Housing and Urban Development’s (HUD) statutory authority to implement a pilot program under the Federal Housing Administration (FHA) to increase credit access for borrowers with thin or no credit files through the use of additional credit data. The ANS would also require HUD to report pilot program findings.
The committee held a hearing on this legislation in July 2019. The hearing materials included a committee memorandum, a link to the webcast, and a link to H.R. ___, the Credit Access and Inclusion Act of 2019 [DRAFT]. Also online is the witness list and their written testimony: Chi Chi Wu, Attorney, National Consumer Law Center; Aaron Rieke, Managing Director, Upturn; Kristin Johnson, McGlinchey Stafford Professor of Law, Tulane University Law School; Lawrence Evans, Managing Director of Financial Markets & Community Investment, Government Accountability Office (“GAO”); and Dave Girouard, Founder & CEO, Upstart.