Letter to all members of the U.S. House of Representatives regarding H.R. 2622, the FACT Act
September 8, 2003
U.S. House of Representatives
Washington, D.C. 20515
On behalf of the Credit Union National Association (CUNA) and the nearly 10,000 credit unions and 84 million credit union members, I am writing to urge you to support H.R. 2622, the "Fair and Accurate Credit Transactions Act of 2003," (the FACT Act) when it is considered on the House floor later this week.
The Financial Services Committee reported the FACT Act by an overwhelming 61-3 bipartisan vote. This important measure makes permanent the uniform national credit reporting standards of the Fair Credit Reporting Act (FCRA). Credit unions rely on and use these standards every day to meet the credit needs of their members quickly and effectively. As of January 1, 2004, if these standards are not reauthorized, the resulting problems for credit unions and their members would include: slower credit approval; higher cost of credit; and less confidence in credit reports. Furthermore, consumers' personal information would be less accurate and secure in a balkanized, patchwork credit reporting system.
This legislation also provides significant new protections to consumers. H.R. 2622 gives consumers full access to their credit histories and strengthens their ability to remove or correct fraudulent or inaccurate information in their credit reports. The bill also attacks the very serious problem of identity theft by providing consumers with a number of tools to protect the security of their financial information. Finally, failure to pass this bill would prove disruptive to our nation's economy.
For these reasons, America's credit unions wholeheartedly support permanent reauthorization of these standards as contained in the FACT Act. On behalf of our 84 million members, I urge you to support H.R. 2622, the FACT Act, and defeat any amendments that would sunset or eliminate the preemption provisions.
Daniel A. Mica
President & CEO