Letter to members of the United States Senate regarding FCRA
October 27, 2003
Members of the United States Senate
Washington, DC 20510
On behalf of the Credit Union National Association (CUNA) and America's 84 million credit union members, I am writing to urge you to support S. 1753, the National Consumer Credit Reporting System Improvement Act of 2003, when it is considered by the Senate.
S. 1753 is critically important for our economy and for consumers. It is pro-consumer as well as pro-business because it continues and significantly improves our nation's national credit-granting standards created under the Fair Credit Reporting Act. The continuation of these uniform standards allows all consumers to access credit in all states, be it for a home, a car, a college education, or a credit card, on an expedited and cost-efficient basis. The bill also provides consumers with greater control of their finances, provides much-needed protections for consumers against identity theft, and promotes financial literacy and education. This legislation was unanimously reported by the Banking Committee - a testament to the strong bipartisan support it has.
We acknowledge that there are a number of amendments under consideration, some of which under different circumstances we might support, some of which under any circumstances we would oppose. And in each case, they deserve to be debated on the floor. Having said that, because of the critical need to ensure passage of this important legislation with a permanent extension of the federal preemptions now, we urge you to oppose all but the Manager's Amendment.
Any amendments, including those for brief extensions of the expiring preemptions, must be defeated to retain the integrity of S. 1753. With time running out in this session of Congress, any complications could dangerously delay floor debate and compromise negotiations in conference. The result could be the failure of Congress to pass this legislation. This is a risk that should be avoided at all costs.
Daniel A. Mica
President & CEO