Following the Senate’s 95‑2 approval of S 1753, the Alliance of American Insurers urged quick action to resolve differences between the House and Senate versions of the Fair Credit Reporting Act (FCRA) renewal.
“Senate passage of legislation permanently reauthorizing those provisions of the Fair Credit Reporting Act that provide uniform national consumer protection standards for the use of credit reports is a significant step forward,” said Kenneth Schloman, Washington counsel for the Alliance of American Insurers. “These provisions expire January 1, 2004, and it is imperative that Congress reauthorize the provisions before adjourning for the year.
“The business community as a whole, including the insurance industry needs uniform national standards in order to conduct business in an efficient manner. Doing business in national and international commerce means that it is no longer appropriate for each individual jurisdiction to adopt its own set of unique rules to govern the use and flow of the information a business needs to serve its customers in an efficient manner. There are many issues in which we strongly support the states ability to regulate but this is not one of them.”
The legislation now moves to a House Senate Conference committee to resolve differences between the House and Senate passed bills.
The measure also reportedly contains a number of provisions dealing with questions of consumer education, medical data, and identity theft.
“These are issues that we will be looking at closely as the conferees work out the final version of the legislation,” added Schloman.