117 STAT. 1985PUBLIC LAW 108–159—DEC. 4, 2003
scores and credit-based insurance scores and the quantifiable
risks and actual losses experienced by businesses;
(3) the extent to which, if any, the use of credit scoring
models, credit scores, and credit-based insurance scores impact
on the availability and affordability of credit and insurance
to the extent information is currently available or is available
through proxies, by geography, income, ethnicity, race, color,
religion, national origin, age, sex, marital status, and creed,
including the extent to which the consideration or lack of consid-
eration of certain factors by credit scoring systems could result
in negative or differential treatment of protected classes under
the Equal Credit Opportunity Act, and the extent to which,
if any, the use of underwriting systems relying on these models
could achieve comparable results through the use of factors
with less negative impact; and
(4) the extent to which credit scoring systems are used
by businesses, the factors considered by such systems, and
the effects of variables which are not considered by such sys-
tems.
(b) P
UBLIC
P
ARTICIPATION
.—The Commission shall seek public
input about the prescribed methodology and research design of
the study described in subsection (a), including from relevant Fed-
eral regulators, State insurance regulators, community, civil rights,
consumer, and housing groups.
(c) R
EPORT
R
EQUIRED
.—
(1) I
N GENERAL
.—Before the end of the 24-month period
beginning on the date of enactment of this Act, the Commission
shall submit a detailed report on the study conducted pursuant
to subsection (a) to the Committee on Financial Services of
the House of Representatives and the Committee on Banking,
Housing, and Urban Affairs of the Senate.
(2) C
ONTENTS OF REPORT
.—The report submitted under
paragraph (1) shall include the findings and conclusions of
the Commission, recommendations to address specific areas
of concerns addressed in the study, and recommendations for
legislative or administrative action that the Commission may
determine to be necessary to ensure that credit and credit-
based insurance scores are used appropriately and fairly to
avoid negative effects.
SEC. 216. DISPOSAL OF CONSUMER REPORT INFORMATION AND
RECORDS.
(a) I
N
G
ENERAL
.—The Fair Credit Reporting Act (15 U.S.C.
1681 et seq.), as amended by this Act, is amended by adding
at the end the following:
‘‘§ 628. Disposal of records
‘‘(a) R
EGULATIONS
.—
‘‘(1) I
N GENERAL
.—Not later than 1 year after the date
of enactment of this section, the Federal banking agencies,
the National Credit Union Administration, and the Commission
with respect to the entities that are subject to their respective
enforcement authority under section 621, and the Securities
and Exchange Commission, and in coordination as described
in paragraph (2), shall issue final regulations requiring any
person that maintains or otherwise possesses consumer
information, or any compilation of consumer information,
Deadline.
15 USC 1681w.
Deadline.
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