Facilitating Access to Credit Act of 2014

Facilitating Access to Credit Act of 2014 - Amends the Credit Repair Organizations Act to exempt from its coverage any consumer reporting agency (or affiliate or subsidiary) described under the Fair Credit Reporting Act as:

• one that compiles and maintains files on consumers on a nationwide basis; or
• any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers in order to furnish consumer reports to third parties, if the person is subject to supervision and examination by the Consumer Financial Protection Bureau (CFPB).

Preempts state law and regulations concerning a credit repair organization to the extent they would apply to consumer reporting agencies subject to this Act.

Directs the Federal Trade Commission (FTC) to study whether, in addition to these persons, any other person should be exempt from the Credit Repair Organizations Act.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5446 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 5446

To amend the Credit Repair Organizations Act to exempt certain consumer 
              reporting agencies, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 10, 2014

Mr. Royce (for himself and Mr. Hinojosa) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Credit Repair Organizations Act to exempt certain consumer 
              reporting agencies, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Facilitating Access to Credit Act of 
2014''.

SEC. 2. TREATMENT OF CERTAIN CONSUMER REPORTING AGENCIES.

    The Credit Repair Organizations Act (15 U.S.C. 1679 et seq.) is 
amended--
            (1) in section 403(3)(B)--
                    (A) in clause (ii), by striking ``or'' at the end;
                    (B) in clause (iii), by striking the period and 
                inserting ``; or''; and
                    (C) by adding at the end the following:
                            ``(iv) any consumer reporting agency--
                                    ``(I) described under section 
                                603(p) of the Fair Credit Reporting 
                                Act, or any affiliate or subsidiary of 
                                such a consumer reporting agency; or
                                    ``(II) described under section 
                                603(f) of the Fair Credit Reporting 
                                Act, or any affiliate or subsidiary of 
                                such a consumer reporting agency, if 
                                such consumer reporting agency is 
                                subject to supervision and examination 
                                by the Bureau of Consumer Financial 
                                Protection pursuant to section 
                                1024(a)(1)(B) of the Consumer Financial 
                                Protection Act of 2010.''; and
            (2) in section 412--
                    (A) by striking ``This title'' and inserting the 
                following:
    ``(a) In General.--This title''; and
                    (B) by adding at the end the following:
    ``(b) Exemption for Entities That Are Not Credit Repair 
Organizations.--Notwithstanding subsection (a), this title supersedes 
any law or regulation of any State with respect to the subject matter 
of this Act to the extent that the State law or regulation would apply 
to any person described in section 403(3)(B).''.

SEC. 3. FTC STUDY.

    (a) Study.--The Federal Trade Commission shall conduct a study to 
determine whether, in addition to those persons listed under section 
403(3)(B) of the Credit Repair Organizations Act, any other person 
should be exempt from the Credit Repair Organizations Act.
    (b) Report.--Not later than one year after the date of enactment of 
this Act, the Chairman of the Federal Trade Commission shall submit a 
report to the Committee on Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Financial Services of the House of 
Representatives containing a detailed summary of the findings and 
conclusions of the study under this section, together with such 
recommendations for legislative or administrative actions as may be 
appropriate.
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