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In June 2020, CDIA sent a letter to the U.S. House Financial Services Committee opposing H.R. 5332, a bill by U.S Rep. Josh Gottheimer (D-NJ) that would, among other things, suppress the reporting of accurate information to consumer reporting agencies. This bill was the Protecting Your Credit Score Act of 2019.

CDIA’s letter focused on three main points:

  • The bill could make the cost of borrowing more expensive and limit access to credit
  • This bill could introduce new threats to consumers’ information and physical security
  • The bill introduces unnecessary and expensive burdens into the credit reporting system, making it harder for consumer disputes to be processed in a timely fashion

CDIA sent a letter to Rep. Gottheimer in December 2019.

In June 2020, U.S. Rep. Patrick McHenry (R-SC), the ranking member of the House Financial Services Committee, entered into the Congressional Record his opposition to H.R. 5332. Rep. McHenry also entered into the Congressional Record, letters against suppression from CDIA, the Credit Union National Association, the U.S. Chamber of Commerce, the American Bankers Association, the National Taxpayers Union, and the Consumer Bankers Association.  On June 29, 2020, the White House issued a Statement of Administration Policy.

The language in H.R. 5332 is similar to a proposal from Sens. John Kennedy (R-LA) and Brian Schatz (D-HI). Their proposal was an attempted amendment to S. 2155 (115th Cong.), the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The Kennedy/Schatz proposal appears in the congressional record from March 2018, SA 2208, 164 Cong. Record, March 12, 2018, at 1,640, and SA 2081, 164 Cong. Record, March 7, 2018, at 1,466.

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