An amendment numbered 6 printed in Part B of House Report 116-383 to stipulate that if a credit scoring agency changes their model s uch that it may negatively impact the credit scores for a group of consumers, then the Consumer Financial Protection Bureau has the option to review the new model and prohibit the change if they find the change is inappropriate.

1. Adds SEC. 503. REVIEW OF CHANGES TO CREDIT SCORING MODELS at the end of title V

   Adds a section

   Inserted: SEC. 503. REVIEW OF CHANGES TO CREDIT SCORING MODELS.

   Inserted: Section 631 of the Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as added by section 502, is amended by adding at the end the following:

   Inserted: "(c) Review of Changes to Credit Scoring Models.--With respect to a person that creates credit scoring models used in making credit decisions, if such person creates a new credit scoring model (including a revision to an existing scoring model) that would, when compared to previous credit scoring models created by such person, lower the credit scores of a class of consumers, the Director of the Bureau may review such new credit scoring model and, if the Director determines that such new credit scoring model is inappropriate (including, with respect to a revision to an existing scoring model, if such revision does not enhance or contribute to the accuracy and predictive value of the existing scoring model), the Director may prohibit such new credit scoring model.".

   Original wording

   In title V, add at the end the following:

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As printed