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Senate Holds Final FCRA Hearing

The Senate Banking, Housing and Urban Affairs Committee held its final hearing on renewal of the Fair Credit Reporting Act (FCRA) on Thursday July 31....
August 5, 2003

The Senate Banking, Housing and Urban Affairs Committee held its final hearing on renewal of the Fair Credit Reporting Act (FCRA) on Thursday July 31. PIA National attended the hearing.

Secretary of the Treasury John W. Snow testified that permanent reauthorization of the FCRA is a priority of the Bush Administration. The extension would make permanent uniform national credit reporting standards that are set to expire January 1, 2004. Snow has said national standards in FCRA protect consumer interests by expanding opportunities for consumers to access credit and financial services and ensure personal information is more accurate and secure. Other witnesses at the hearing included Edmund Miezwinski of the consumer organization U.S. Public Interest Research Group, and Michael McEnerney of the U.S. Chamber of Commerce. The witnesses also discussed issues related to identity theft, consumer choice and information, and accuracy in credit reporting.

On July 24, the House Financial Services Committee overwhelmingly approved a bill to renew a key provision of the Fair Credit Reporting Act (FCRA) permanently extending the exemption provisions that maintain uniform national standards on credit reporting. The next step for the Senate is to draft legislation, likely to occur during the August recess, followed by a committee mark-up during September and then a floor debate. The House of Representatives will likely debate its FCRA bill sometime in September.

What it Means for 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.

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