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FCRA Bill Introduced in Senate

Sen. Tim Johnson (D-SD) has introduced a bill that would extend and make permanent the federal preemption provisions of the Fair Credit Reporting Act (FCRA)....
March 31, 2003

Sen. Tim Johnson (D-SD) has introduced a bill that would extend and make permanent the federal preemption provisions of the Fair Credit Reporting Act (FCRA). Currently a provision in FCRA permits banks to provide affiliates with data from loan applications and credit reports, as long as consumers are given the opportunity to "opt out." FCRA prohibits states from enacting stricter privacy regulations in this regard until 2004. S. 660 would permanently extend this preemption. Senate Banking Committee Chairman Richard Shelby (R-AL) supports stronger privacy protections, and may ask the banking industry to accept a stricter, "opt-in" procedure. Shelby will hold hearings on privacy later this year.

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