Instead of such as for instance borrowing from the bank-score founded criteria, a company was taught in order to replacement suitable standards to have choosing credit-worthiness
This type of provisions are included in this new transformation control limitation hence applies up until a financial transforms on financing build required in Gramm-Leach-Bliley Work (GLB Work) and you can complies to your GLB Act financial support conditions when you look at the 12 CFR region 932
This new has just passed Dodd-Honest Wall Roadway Change and User Defense Operate provides Government organizations having 1 year to examine laws that require using an assessment of your own borrowing-worthiness out-of a protection otherwise money business software and you can one sources to help you, or standards when you look at the, such laws and regulations off credit ratings, and also to lose eg sources otherwise standards. Get a hold of 939A, Public Legislation 111-203, 124 Stat. 1376 (). Brand new laws after that brings you to definitely, to your extent possible, a company is follow a good uniform amount of borrowing from the bank-worthiness to be used in its regulations, considering the agencies regulated by it and intentions which instance managed agencies would rely to your borrowing-worthiness basic.