Insurance Journal

House Shows BiPartisan Efforts to Improve Credit Reporting System
May 12, 2003


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.