United StatesRequires mortgage lenders to consider consumer-permissioned alternative credit data
Could change who qualifies for mortgages by allowing lenders to use bank and rental payments when consumers give permission.
What it does
Requires mortgage creditors to consider consumer-permissioned alternative credit information (e.g., bank statements, rental payments) when the applicant requests and authorizes it.
Requires creditors to treat permitted alternative information the same as information from consumer reporting agencies unless it is reasonably determined to be a material misrepresentation.
Obligates creditors to give applicants a standardized notice about the right to provide additional information, including examples and benefits, and to make notices available in the eight most common limited-English-proficiency languages.
Requires automated underwriting systems for federally backed mortgages to capture and consider consumer-permissioned data.
Directs the CFPB Director to issue final implementing rules within 18 months of enactment.
Argument forHelps expand mortgage access for people with little or no traditional credit history by allowing lenders to consider rental payments and bank statements with consumer permission.
Argument againstSharing bank statements and transaction data raises privacy and data-security risks when consumers authorize third-party data transfers.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Jun 18Introduced in HouseLatest
- Jun 18Referred to the House Committee on Financial Services.Introduced
HousingConsumer ProtectionGovernment & Ethics