Consumer-Permissioned Data for Credit Access

Current understanding

The Expanding Access to Credit through Consumer-Permissioned Data Act (HR9380) was introduced in the 119th Congress and referred to the House Committee on Financial Services. The bill would allow consumers to voluntarily permission their own financial data (e.g., bank account, cash-flow, or payment records) for use by lenders and credit decisioning systems, positioned as a way to expand credit access for consumers with thin or no traditional credit files. Specific data-holder obligations, permissioning mechanics, and interactions with FCRA/CFPB Section 1033 open-banking rules have not yet been characterized. Status: introduced/referred; no committee action reported.

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