Congress expands mortgage access for 32 million unbanked Americans
H.R. 9380 — Expanding Access to Credit through Consumer-Permissioned Data Act · Filed by Nikema Williams (D-GA) · 4 cosponsors · Introduced Jun 18, 2026 · Referred to committee
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What it does
This bill requires mortgage lenders to consider alternative credit information (like rental payment history or bank statements) when evaluating borrowers, if the borrower requests it and authorizes its use. The lender must treat this alternative data the same way as traditional credit-bureau data, unless it appears fraudulent. The bill aims to help the roughly 32 million Americans without traditional credit histories—disproportionately low-income, younger, and people of color—access mortgages by showing lenders evidence of creditworthiness beyond standard credit scores.
Why we flagged it
The bill's core mechanism is straightforward: it creates a statutory right for mortgage applicants to submit alternative credit data and mandates lenders consider it equally. This is a consumer-protection and access measure, not a deregulation or industry carve-out.
What the text implies
- Lenders may face operational costs integrating alternative data into underwriting systems, which could be passed to consumers through higher fees or stricter qualification standards elsewhere.
- The bill's effectiveness depends entirely on CFPB rulemaking (18-month timeline); weak regulations could render the mandate toothless.
The full analysis lists 4 implications of this text.
Who stands to gain
mortgage lenders (expanded customer base, lower-risk borrowers with alternative data); mortgage insurers (Fannie Mae, Freddie Mac, FHA); fintech/alternative credit-data providers