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ACLI Welcomes House Fair Credit Act Vote

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NU Online News Service, Sept. 11, 2003, 4:32 p.m. EDT – The U.S. House of Representatives voted 392-30 Wednesday to reauthorize the Fair Credit Reporting Act.

H.R. 2622, the reauthorization bill, was co-sponsored by Rep. Michael Oxley, R-Findlay, Ohio, and Rep. Barney Frank, D-Brookline, Mass.

The American Council of Life Insurers, Washington, put out a statement welcoming the House vote and calling on the Senate to follow suit.

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The ACLI is praising a provision of the bill that would leave treatment of customer information under the jurisdiction of the federal government.

“National standards ensure affordable, accessible credit with strong protections for consumers,” the ACLI says. “Without national standards, we run the risk of developing a patchwork system, where differing states’ laws on the treatment of customer information would stunt the progress achieved as a result of the FCRA.”

More information about the bill is available at http://thomas.loc.gov/cgi-bin/bdquery/z?d108:H.R.2622: