Letter to Representative Steny Hoyer regarding the Fair Credit Reporting Act reauthorization
July 30, 2003
The Honorable Steny Hoyer
U.S. House of Representatives
H-306 The Capitol
Washington, D.C. 20515
Dear Minority Whip Hoyer:
On behalf of the Credit Union National Association (CUNA) and the nation's nearly 10,000 credit unions and 83 million credit union members, I would like to commend Chairman Mike Oxley, Ranking Member Barney Frank and the entire Financial Services Committee for taking swift action to develop legislation to reauthorize the expiring uniform national standards provisions of the Fair Credit Reporting Act. (FCRA).
As you may know, FCRA is responsible for bringing the consumer reporting industry under federal regulation, providing consumers with certain rights and protections and imposing duties and obligations on the industry and financial services providers that supply and use this information. As of January 1, 2004, if the broad set of preemptions that apply to the seven key provisions of FCRA are not reauthorized, the resulting potential problems for financial institutions and consumers could consist of: slower credit approval; higher cost of credit; additional paperwork; and less confidence in credit reports, among many other unintended and unforeseen difficulties.
That is why it is so crucial that H.R. 2622, the "Fair and Accurate Credit Transactions Act of 2003," be placed on the House floor agenda as soon as possible. This bi-partisan measure strikes a balance between consumer privacy protection and the interests of the industry for efficiency, accuracy and convenience. It also addresses the increasing problem of identity theft as well as employee misconduct investigations. The overwhelming approval of the Financial Services Committee of H.R. 2622, by a vote of 61-3 on July 24, 2003, demonstrates strong support on both sides of the aisle.
America's credit unions wholeheartedly support permanent reauthorization of the expiring uniform national standards of the Fair Credit Reporting Act (FCRA). Making these national standards permanent is a critical element in assuring that our nation's consumers have easy access to credit and they receive fair and appropriate protections of their personal and financial information.
Once again, I urge you to do all you can to ensure swift floor action on H.R. 2622, the "Fair and Accurate Credit Transactions Act of 2003." It is critical that the House and Senate act as soon as possible so that the bill can be sent to President Bush for a signature before the first session of the 108th Congress adjourns. If you have any questions or if I can be of further assistance on this important matter, please call Gary Kohn of my staff at (202) 508-6721.
Daniel A. Mica
President & CEO
|CC:||Chairman Michael Oxley|
Ranking Member Barney Frank