CREDIT REPORTING
Fair and Accurate Credit
Transaction Act of 2003
(H.R. 2622)
On November 21, 2003, the US House and Senate conferees reached an agreement on the Fair and Accurate Credit Transaction Act of 2003 (H.R. 2622). The legislation reauthorizes expiring provisions of the Fair Credit Reporting Act (FCRA) and adds protection against identity theft,among other provisions.
Treasury Secretary John Snow earlier indicated the Bush Administration strongly supports renewing the act and a strengthening of consumer protections.
The conference committee, consisting of selected members of the House and Senate banking panels, was convened in early November to resolve the differences in legislation passed in the Senate (S. 1753, the National Consumer Credit Reporting System Improvement Act of 2003) and in the House (H.R. 2622, the Fair and Accurate Credit Transactions Act of 2003). The Senate approved S. 1753 on September 23 on a 95-2 vote. The House approved H.R. 2622 on September 10.
The legislation was introduced in the House in June 2003 by Rep. Spencer Bachus (R-AL) and 33 co-sponsors. Bachus is chairman of the House Financial Services Financial Institutions Subcommittee. The legislation had bipartisan support as evidenced by both Republicans and Democrats co-sponoring the bill.
American Bankers Association Executive Vice President Edward L. Yingling said in a news release, “This legislation ensures the stability of our credit markets by permanently reauthorizing the Fair Credit Reporting Act (FCRA), which created the most efficient credit reporting system in the world. ...We applaud these Members for moving the legislation quickly with overwhelming bipartisan support.”
On January 1, 2004, seven provisions of FCRA are set to expire. As this issue goes to press, the specific legislation coming out of the conference committee was unavailable. The details will be reported in a future issue.
However, by acting swiftly, Congress has permanently reauthorized the uniform credit reporting standards in the FCRA that ensure the availability of credit necessary for economic growth.
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