You are here:HomeIssuesPrivacy2003Mark-Up of FCRA Bill Scheduled This Week

Mark-Up of FCRA Bill Scheduled This Week

The Financial Services Subcommittee on Financial Institutions and Consumer Credit has scheduled a mark-up of Fair Credit Reporting Act (FCRA) legislation, H.R. 2622, for Wednesday,...
July 15, 2003

The Financial Services Subcommittee on Financial Institutions and Consumer Credit has scheduled a mark-up of Fair Credit Reporting Act (FCRA) legislation, H.R. 2622, for Wednesday, July 16. The mark-up comes shortly after a full committee hearing on H.R. 2622 in which Members discussed issues surrounding the legislation, their concerns with items in the bill, and their concerns with items left out of the bill.

H.R. 2622 basically reauthorizes and makes permanent key expiring provisions of the FCRA. The bill address a number of consumer concerns such as identity theft, accuracy of credit information, and access to a free credit report as well. These issues were the focus of the recently held full committee hearing.

Treasury Secretary John Snow, during his testimony, called identity theft, "the most serious threat to financial consumers today." He also called access to free credit reports a basic tool for the consumer to help fight identity theft. Secretary Snow also reaffirmed the Administration's support for H.R. 2622.

Representative Barney Frank (D-Massachusetts), Ranking Member on the House Financial Services Committee, said there are sufficient votes in the House to pass legislation maintaining uniform national standards on credit reporting but he hopes the overall bill will gain enough of a margin of passage in the House to encourage the Senate to follow suit.

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.

Filed under: