House Financial Services Committee Chairman Michael Oxley (R-Ohio) said on June 17 that Bush Administration officials may meet within the next two weeks to work out a clear policy position on whether to renew key provisions in the Fair Credit Reporting Act (FCRA). At issue are preemption provisions in FCRA that allow federal standards in the law to override conflicting state credit reporting laws.

Congress is considering reauthorization of FCRA, which sets uniform national standards for credit reporting, and includes the preemption provisions which are set to expire on January 1, 2004 unless they are extended.

The U.S. economy would suffer a reduction of $89.6 billion in just one year if the Fair Credit Reporting Act (FCRA) is not renewed, according to a preliminary study commissioned by the Financial Services Roundtable.

What It Means to Agents: PIA supports reauthorization of the Fair Credit Reporting Act (FCRA) and is working with other associations and key Members of Congress on reauthorization of the expiring FCRA provisions.

June 24, 2003