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Financial Services Roundtable Says Failure to Renew FCRA Would Cost $90 Billion a Year

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...
May 12, 2003

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. Steve Bartlett, President of the Roundtable, said May 7 that making FCRA permanent is key to access to credit for all. The study found that allowing states the right to override federal standards governing the right of financial institutions to share information with affiliates would drive prices for financial products higher, limit affordability and slow down the mortgage market. Bartlett said allowing FCRA to sunset would be "the number one threat to the economy." The Financial Services Roundtable plans to release its full study on May 14, one day before a hearing on FCRA before the Senate Banking Committee.

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