ETA Submits a Statement for the Record to the House Financial Services Committee Supporting Liability Harmonization in the Fair Credit Reporting Act
September 7, 2017
ETA submitted a statement for the record in support of H.R. 2359, the FCRA Liability Harmonization Act to the House Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit to be entered into the hearing record.
The subcommittee held a hearing examining legislative proposals for a more efficient federal financial regulatory regime.
As part of the hearing, the subcommittee discussed the FCRA Liability Harmonization Act which would align the Fair Credit Report Act (FCRA) with other financial consumer protection laws such as the Electronic Funds Transfer Act, Fair Debt Collection Practices Act, Expedited Funds Availability Act, Homeowner’s Protection Act, and Truth in Lending Act by capping the amount of statutory damages allowed in class action lawsuits and eliminating the possibility of punitive damages.
ETA believes harmonization of these federal laws is important to decrease the number of frivolous class action lawsuits against businesses where consumer harm is not at issue.