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Bill Introduced to Reauthorize FCRA Uniform National Standards

A bill has been introduced in the House of Representatives that would reauthorize the expiring provisions of the Fair Credit Reporting Act (FCRA) and add...
July 1, 2003

A bill has been introduced in the House of Representatives that would reauthorize the expiring provisions of the Fair Credit Reporting Act (FCRA) and add new protections to protect consumers from identity theft. H.R. 2622, the Fair and Accurate Credit Transactions Act, was introduced by House Financial Services Committee Subcommittee on Financial Institutions Chairman Spencer Bachus (R-Alabama) and 31 cosponsors.

H.R. 2622 reauthorizes preemption provisions in FCRA that set uniform national standards for credit reporting. The provisions, set to expire on January 1, 2004 unless extended by Congress, allow federal standards in the law to override conflicting state credit reporting laws. Introduction of the legislation follows five hearings and months of deliberations by lawmakers. Advocates of reauthorization of the preemption provisions say that uniform national standards for credit reporting are key to maintaining consumer access to credit. A study commissioned by the Financial Services Roundtable concluded 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.

H.R. 2622 Bill Summary and Details of Provisions

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.