WASHINGTON–A “Unity Task Force” created by Democratic presidential candidate Joe Biden and former candidate and Sen. Bernie Sanders (I-VT) has put forth a list of recommendations for the Democratic Party platform that includes a new type of credit reporting platform.
To build a “stronger, fairer economy” and to “expand access to credit,” the task force is recommending the establishment of a public credit reporting agency that it said will provide a nondiscriminatory credit reporting alternative to the private agencies. The group further recommended all federal lending programs, including home lending and student loans, be required to use the proposed credit reporting agency.
In addition, the task force is also recommending the Consumer Financial Protection Bureau be “reinvigorated” to ensure consumers are protected from predatory lenders and banks, and it also wants to see legislative options that would limit predatory interest rates on nonresidential consumer lending.
The task force also wants Congress to guarantee "affordable, transparent, trustworthy" banking services for low- and middle-income families, including bank accounts and real-time payment systems through the Federal Reserve and easily accessible service locations, like postal banking.
Additional details can be found in the 110-page report .