H.R. 3621 - Student Borrower Credit Improvement Act [Comprehensive CREDIT Act of 2020]

Bill Text

    Rules Committee Print 116-47 PDF XML

    Showing the text of H.R. 3621, H.R. 3614, H.R. 3618, H.R. 3622, H.R. 3629, and H.R. 3642, as reported by the Committee on Financial Services, with modifications.

    Text of H.R. 3621 PDF XML

    (as reported)

    Reports on Incorporated Bills

        H. Rept. 116-331  PDF
            ::  Report from the Committee on Financial Services to accompany H.R. 3621

        H. Rept. 116-305  PDF
            ::  Report from the Committee on Financial Services to accompany H.R. 3614   

        H. Rept. 116-306  PDF
            ::  Report from the Committee on Financial Services to accompany H.R. 3618

        H. Rept. 116-362  PDF
            ::  Report from the Committee on Financial Services to accompany H.R. 3622

        H. Rept. 116-307  PDF
            ::  Report from the Committee on Financial Services to accompany H.R. 3629

        H. Rept. 116-363  PDF
            ::  Report from the Committee on Financial Services to accompany H.R. 3642

     

Rule Information

COMMITTEE ACTION:
REPORTED BY A RECORD VOTE OF 8-4 on Monday, January 27, 2020.

FLOOR ACTION ON H. RES. 811: 
Agreed to by record vote of 223-189, after agreeing to the previous question by record vote of 227-184, on Tuesday, January 28, 2020.

MANAGERS: Raskin/Woodall

1. Structured rule for H.R. 3621.
2. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.
3. Waives all points of order against consideration of the bill.
4. Provides that an amendment in the nature of a substitute consisting of the text of Rules Committee Print 116-47, modified by the amendment printed in Part A of the Rules Committee report, shall be considered as adopted and the bill, as amended, shall be considered as read.
5. Waives all points of order against provisions in the bill, as amended.
6. Makes in order only those further amendments printed in Part B of the Rules Committee report. Each such amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
7. Waives all points of order against the amendments printed in Part B of the report.
8. Provides one motion to recommit with or without instructions.
9. Provides for the consideration of the Senate amendment to H.R. 550.
10. Makes in order a motion offered by the chair of the Committee on Foreign Affairs or his designee that the House concur in the Senate amendment with two House amendments:
• Amendment #1 consisting of the text of Rules Committee Print 116-48 (No War Against Iran Act).
• Amendment #2 consisting of the text of Rules Committee Print 116-49 (To repeal the Authorization for Use of Military Force Against Iraq Resolution of 2002).
11. Provides one hour of debate on each House amendment, equally divided and controlled by the chair and ranking minority member of the Committee on Foreign Affairs.
12. Waives all points of order against consideration of the motion and provides that the Senate amendment and the motion shall be considered as read.
13. Provides that the question shall be divided between the two House amendments. No further division of the question is in order.
14. Provides that the divided question shall be considered in the order specified by the chair.
15. Provides that if only one amendment is adopted, that amendment shall be engrossed as an amendment in the nature of a substitute to the Senate amendment to H.R. 550.

Amendments (click headers to sort)

#Version #Sponsor(s)PartySummaryStatus
1Version 4DeSaulnier (CA)DemocratRevised Requires the GAO to study how credit scores are used in rental housing and mortgage determinations, including information on treatment of different demographic populations.Made in Order
2Version 1Riggleman (VA)RepublicanPrior to issuing any final rule, directs the Bureau of Consumer Financial Protection to carry out a cost-benefit analysis of the anticipated effect of the final rule, including an analysis of whether the final rule will increase the cost of credit or decrease access to credit.Submitted
3Version 3Waters (CA)DemocratMANAGER’S AMENDMENT Revised Updates definitions, amends requirements for issuance of final rules, includes protections for workers affected by a federal shutdown, and makes other technical changes.Considered as Adopted
4Version 2Tipton (CO)RepublicanRevised Requires the Office of Cost Benefit Analysis at the CFPB to carry out a cost-benefit analysis of the components of H.R. 3621 before they are allowed to take effect, and includes a budgetary offset.Revised
5Version 1Moore (WI)DemocratAllows the reporting of alternative data, such as rent and utility payments, to credit agencies and requires a GAO study on the impact of these changes on access to credit.Submitted
6Version 3Brown (MD)DemocratRevised Reaffirms Congressional efforts to enhance cybersecurity and implement routine security updates of databases maintained by nationwide consumer reporting agencies that contain sensitive consumer data as critical to the national security of the United States. Additionally, consumer reporting agencies will have to meet minimum training and ongoing certification requirements as established by the Director of The Bureau of Consumer Financial Protection, and the amendment includes a budgetary offset.Made in Order
7Version 2McHenry (NC)RepublicanSUBSTITUTE Revised Strikes the text of the Comprehensive Credit Act of 2020 and replaces it with text on the regulation of CRAs and protect consumers, and includes a budgetary offset.Revised
8Version 2Panetta (CA)DemocratRevised Adds the term homelessness (as defined by the Secretary of Housing and Urban Development) as an unusual extenuating life circumstance or event that results in severe financial or personal barriers and demonstrates undue hardship.Made in Order
9Version 1Krishnamoorthi (IL)DemocratRequires consumer agency websites to be secure.Submitted
10Version 2Kildee (MI)DemocratRevised Expands those impacted by major disasters and emergencies to include those working in the areas. Also, extends the grace period for individuals affected by a major disaster or emergency to up to 6 months.Made in Order
11Version 2Timmons (SC)RepublicanRevised Requires GAO to carry out a study of the compliance by consumer reporting agencies that compile and maintain files on consumers and the impact such compliance has on consumers.Made in Order
12Version 1Waters (CA)DemocratWithdrawn Protects workers affected by a federal shutdown from having their creditworthiness impaired and requires that information be provided to employees on their rights as workers affected by a shutdown.Withdrawn
13Version 2Cohen (TN)DemocratLate Revised Creates a time period for their credit report to change after making the consecutive payments.Made in Order
14Version 2Cohen (TN)DemocratLate Revised Clarifies that credit reports cannot be used solely as the reason for denial of employment.Made in Order
15Version 2Norcross (NJ)DemocratLate Revised Requires a GAO study detailing the total number members of the armed forces, veterans, their spouses, and children who has rehabilitated their respective credit with respect to a private education loan by making 9 on-time monthly payments during a period of 10 consecutive months on such loan after the date on which the delinquency or default occurred. The study will also include the total number of members of the armed forces, veterans, their spouses, and children who are in delinquency or has defaulted from a private education loan.Revised
16Version 2Steil (WI), McAdams (UT)Bi-PartisanLate Revised Clarifies that a person’s credit report may be used if the report is obtained in connection with a background check or related investigation of financial information that is required by a federal, state, or local law or regulation.Made in Order
17Version 1Takano (CA)DemocratLate Prohibits the inclusion of arrest records on a consumer report if the consumer was not convicted for the arrest.Made in Order
18Version 2Sánchez (CA)DemocratLate Revised Allows for extended active duty uniformed consumers, including members of the National Guard, to dispute an adverse action or inaction on their credit report that occurred while they were in a combat zone or aboard a U.S. vessel. If a credit reporting agency has knowledge that the consumer was an extended active duty uniformed consumer at the time such action or inaction occurred, the credit reporting agency would have to promptly notify the consumer and inform them how to dispute the adverse information, and includes a budgetary offset.Made in Order
19Version 2Jackson Lee (TX)DemocratLate Revised Requires a GAO study to see how credit scores are used in auto and homeowners insurance, including information on treatment of different demographic populations and to see how adverse credit scores diminish students' access to credit and impact the credit scores of student borrowers.Revised
20Version 2Clay (MO)DemocratLate Revised Clarifies Federal law for reporting certain positive consumer credit information to CRAs, and seeks to expand access to credit through use of alternative data.Made in Order
21Version 1Shalala (FL), Horn (OK)DemocratLate Requires the GAO to study how credit scores adversely impacted by a student borrowers defaulted or delinquent private education loan further impacts applying for future loans, including information on treatment of different demographic populations.Made in Order
22Version 1Horn (OK)DemocratLate Withdrawn Requires a GAO study on how private student loan debt affects a person’s future credit growth and ability to reinvest in the economy.Withdrawn
23Version 1King, Steve (IA)RepublicanLate Amends the date for relief on major disaster and emergency declarations to begin on the initial date of the incident period of the major disaster or emergency.Made in Order
24Version 1King, Steve (IA)RepublicanLate Requires that the CFPB establish specific factors that are used to determine whether an individual is demonstrating hardship. After these factors are established, the Director of the Bureau must report them to Congress.Submitted
25Version 1King, Steve (IA)RepublicanLate Requires a GAO study on the impact of this legislation on the delinquency and default rates of borrowers demonstrating hardship.Submitted
26Version 1Gottheimer (NJ)DemocratLate Stipulates that if a credit scoring agency changes their model such 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.Made in Order

Committee Votes

Rules Committee Record Vote No. 235

Motion by Mr. Cole to provide an open rule for H.R. 3621 and the Senate Amendment to H.R. 550. Defeated: 4–8

Majority Member
Vote
Mr. Hastings
No Vote
Mrs. Torres
Nay
Mr. Perlmutter
Nay
Mr. Raskin
Nay
Ms. Scanlon
Nay
Mr. Morelle
Nay
Ms. Shalala
Nay
Mr. DeSaulnier
Nay
Mr. McGovern, Chairman
Nay
Minority Member
Vote
Mr. Cole
Yea
Mr. Woodall
Yea
Mr. Burgess
Yea
Mrs. Lesko
Yea
Rules Committee Record Vote No. 238

Motion by Mr. Raskin to report the rule. Adopted: 8–4

Majority Member
Vote
Mr. Hastings
No Vote
Mrs. Torres
Yea
Mr. Perlmutter
Yea
Mr. Raskin
Yea
Ms. Scanlon
Yea
Mr. Morelle
Yea
Ms. Shalala
Yea
Mr. DeSaulnier
Yea
Mr. McGovern, Chairman
Yea
Minority Member
Vote
Mr. Cole
Nay
Mr. Woodall
Nay
Mr. Burgess
Nay
Mrs. Lesko
Nay