Pub. L. 102-550, tit. XIII, subtit. A, pt. 2, subpt. A, sec. 1328 (as amended)
REGULATIONS FOR USE OF CREDIT SCORES.
SEC. 1328. [12 U.S.C. 4548] REGULATIONS FOR USE OF CREDIT SCORES.
The Director shall—
(1) by regulation, establish standards and criteria for any process used by an enterprise to
validate and approve credit scoring models pursuant to section 302(b)(7)
of the Federal National Mortgage Association Charter Act (12 U.S.C.
1717(b)(7)) and section
305(d) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C.
1454(d)); and
(2) ensure that any credit scoring model that is validated and approved by an enterprise under
section 302(b)(7) (12 U.S.C. 1717(b)(7)) of the Federal National Mortgage
Association Charter Act
or section 305(d) of the Federal Home Loan Mortgage Corporation Act (12
U.S.C. 1454(d)) meets
the requirements of clauses (i), (ii), and (iii) of section 302(b)(7)(C)
of the Federal National Mortgage Association Charter Act and subparagraphs
(A), (B), and (C) of section 305(d)(3) of the Federal Home Loan Mortgage
Corporation Act, respectively.
- Cross-references to the US Code
- 12 U.S.C. 4548