| Entities | |
| Topics and Issues | Class action (9) Credit repair (34) Credit Repair Organizations Act (CROA) (15) FCRA Litigation (4) |
On September 7, 2017, the U.S. House Financial Services Committee held a hearing, Legislative Proposals for a More Efficient Federal Financial Regulatory Regime. One of the bills discussed at that hearing was H.R. 2359, the FCRA Liability Harmonization Act by Rep. Barry Loudermilk (R-GA). This bill would bring the FCRA in line with other titles of the Federal Consumer Protection Act by placing a cap on class action awards and eliminating punitive damages. Also discussed was H.R. ____, the Facilitating Access to Credit Act by Red. Ed Royce (R-CA). This bill would amend the Credit Repair Organizations Act (CROA) and “creat[e] a regulatory framework for authorized credit service providers to offer personalized credit education and identity theft protection services under the watch of the Federal Trade Commission.”
The credit repair bill ultimately became H.R. 347.
Witnesses:
- Ms. Anne Fortney, Partner Emerita, Hudson Cook, LLP
- Mr. Charles Tuggle, Executive Vice President and General Counsel, First Horizon National Corporation
- Mr. Thomas Quaadman, Executive Vice President, Center for Capital Markets Competitiveness
- Ms. Chi Chi Wu, Staff Attorney, National Consumer Law Center
Legislation:
- H.R. 1849 (Rep. Trott), the Practice of Law Technical Clarification Act of 2017
- H.R. 2359 (Rep. Loudermilk), the FCRA Liability Harmonization Act
- H.R. 3312 (Rep. Luetkemeyer), the Systemic Risk Designation Improvement Act of 2017
- H.R. ____ (Rep. Royce), the Facilitating Access to Credit Act
- H.R. ____ (Rep. Tenney), the Community Institution Mortgage Relief Act of 2017
- H.R. ____ (Rep. Hill), the TRID Improvement Act of 2017
Other Resources: