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Financial Planning > Behavioral Finance

ACLI Objects To Senate Version Of Credit Act Reauthorization Bill

By Allison Bell

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NU Online News Service, Nov. 6, 2003, 5:55 p.m. EST – The Senate voted 95-2 Tuesday to pass H.R. 2622, a bill that seeks to reauthorize the federal Fair Credit Reporting Act.

A conference committee now must hammer out the differences between the House and Senate versions of the bill, which was sponsored by Rep. Spencer Bachus, R-Birmingham, Ala.

Frank Keating, president of the American Council of Life Insurers, Washington, put out a statement praising the concept of reauthorizing the credit act and the idea of creating uniform, national privacy safeguards.

But Keating is objecting to a section of the Senate bill that could restrict the sharing of some information among affiliated companies for marketing purposes. The House bill did not include the provision.

The “ACLI believes the House got it right on this topic,” Keating says in the statement. “Responsible information sharing has served our nation and its people very well, providing consumers with unparalleled access to credit and innovative financial products that meet consumers’ financial needs. Restrictions of responsible information sharing ultimately serve to deprive consumers of products and services they want and need.”

Links to the text of the bill and other information about the bill are on the Web at http://thomas.loc.gov/cgi-bin/bdquery/z?d108:HR02622:

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