The Senate Banking Committee will hold a mark-up on a draft bill to reauthorize and update the Fair Credit Reporting Act (FCRA) on Tuesday, September 23. The National Consumer Credit Reporting System Improvement Act of 2003, introduced by Banking Committee Chairman Richard Shelby (R-Alabama) has significant differences with a bill (H.R. 2622) passed on September 10 by the House. The House bill provides consumers with greater identity theft protection, establishes permanent national credit reporting standards and reauthorizes key preemption provisions. Shelby said he hopes to pass a Senate version with even greater emphasis on consumer protection. His draft puts new limits on sharing information among affiliates but says nothing about preempting conflicting state laws. The Senate legislation is also subject to amendment; there are 37 potential amendments now circulating, many of which may be made part of a manager's amendment which will be voted on at the September 23 markup. PIA will attend the markup session and provide an update.

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.

September 23, 2003