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1 H.R. 3629, Clarity in Credit Score Formation Act of 2019 1 (October 7, 2019)

handle is hein.congrec/cbocltycs0001 and id is 1 raw text is: Congressional Budget Office \ /Cost Estimate October 7, 2019 By Fiscal Year, Millions of Dollars 2020 2020-2024 2020-2029 Direct Spending (Outlays) 2 5 10 Revenues Deficit Effect 0 2 0 5 0 10 Under H.R. 3629, the Consumer Financial Protection Bureau (CFPB) would establish standards for validating the accuracy and predictive value of credit scoring models. The bill would require the CFPB to conduct a biannual review of credit scoring models and would authorize the agency to prohibit the use of certain of those models. H.R. 3629 also would require the CFPB to study and report to the Congress about the effects of using traditional versus alternative modeling techniques to analyze nontraditional consumer report data as defined in the bill. Finally the bill would require the CFPB to assess the effects of including nontraditional data in consumer reports. Using information from the CFPB, CBO estimates that enacting H.R. 3629 would increase direct spending by $10 million over the 2020-2029 period. The cost of the legislation, detailed in Table 1, falls within budget function 370 (advancement of commerce). By Fiscal Year, Millions of Dollars 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Budget Authority 2 1 0 1 Estimated Outlays 2 1 0 1 0 0 2 2 0 0 2 2 0 0 2029 2 2 See also CBO's Cost Estimates Explained, www.cbo.gov/publication/54437; How CBO Prepares Cost Estimates, www.cbo.gov/publication/53519; and Glossary, www.cbo.gov/publication/42904.

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