House Shows BiPartisan Efforts to Improve Credit Reporting System

The Subcommittee on Financial Institutions and Consumer Credit, chaired by Rep. Spencer Bachus (R-Ala.), held a hearing late last week on the importance of the national uniform credit system to consumers and the U.S. economy.

“The National Association of Independent Insurers (NAII) applauds Rep. Bachus and the subcommittee for their bipartisan efforts in recognizing the critical need for both the Fair Credit Reporting Act (FCRA) and the reauthorization of expiring standards. This hearing made clear the vast impact our national credit system has on our nation’s overall economic well-being and the daily lives of each and every individual,” Carl Parks, senior vice president, government relations, said. “It allows day care centers to check for past criminal convictions of potential employees, for you to drive a new car off the lot in less than a day, and for countless more Americans to become homeowners.”

Assistant Secretary for Financial Institutions, Wayne Abernathy, testified that the Administration’s goals included consumer access to credit and other financial services, and an interest in the security of their personal financial information, especially when it comes to uniform national standards and the fight against identity theft.

Recently, Financial Services Committee Chairman Mike Oxley (R-Ohio) and Ranking Member Barney Frank (D-Mass.) announced their intention to hold hearings and work together to develop bipartisan FCRA legislation.

Last week’s hearing was the first of these hearings that will focus on the FCRA and the security of consumers’ personal information. Oxley stated that FCRA is the committee’s top legislative priority.