FTC, Treasury Secretary Back Extension of FCRA Provision

Share this article:
Federal Trade Commission and U.S. Treasury officials testified before a House committee yesterday to advocate the renewal of a provision of the Fair Credit Reporting Act that pre-empts state laws.


The provision, set to expire Jan. 1, prevents state and local governments from enacting stronger protections for credit data.


In his testimony before the House Financial Services Committee, FTC chairman Timothy J. Muris supported making the provision permanent.


"The commission believes that the national character of our credit markets is a powerful argument for retaining the uniform standards," Muris said in part. "The current system functions well, and we believe there is no compelling justification for fundamental changes. The FCRA forms the baseline of consumer protections that the marketplace has now incorporated into its thinking and behavior."


Treasury Secretary John W. Snow also testified in favor of renewing the provision.


"The FCRA, with its uniform national standards for information sharing, operates to expand the opportunity for consumers to access credit and financial services; they make your reputation as a borrower portable, so that you don't have to establish your good name from scratch in every city you visit or every store where you shop," he said in part.


Snow proposed other additions to strengthen the FCRA, which were backed by Muris in his testimony. They included implementing a national security alert system to combat identity theft, providing expanded access to free credit reports to consumers and making opt-out notices easier to understand.


Share this article:

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in News

News Byte: Comcast Expanding Global Ad Delivery Through Partnership

News Byte: Comcast Expanding Global Ad Delivery Through ...

Through a partnership with Adstream , Comcast's AdDelivery Service expands its footprint across the globe.

40 Under 40 2014: Nominations Are Now Open!

40 Under 40 2014: Nominations Are Now Open!

It's time to nominate the 2014 crop of young marketing luminaries for Direct Marketing News's 40 Under 40 Awards. The deadline is Friday, June 6, 2014.

News Byte: MediaCrossing Partners with ASL Marketing on Youth Marketing Tool

News Byte: MediaCrossing Partners with ASL Marketing on ...

The digital media trading firm and marketing database company aim to help marketers target 13 to 34 year olds.