Fair Credit Reporting Act: A Side-By-Side Comparison of House, Senate and Conference Versions

Publication Date: December 2003

Publisher: Library of Congress. Congressional Research Service

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Research Area: Banking and finance

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Abstract:

As the preemption provisions of the Fair Credit Reporting Act (FCRA) were set to expire at the end of 2003, both the House and Senate revisited the entire Act, holding a series of hearings on divergent issues related to consumer credit, the credit reporting system, and financial privacy. Legislation emerged from these hearings.

H.R. 2622, the Fair and Accurate Credit Transactions Act of 2003, was introduced by Representative Bachus on June 26, 2003, and was passed by the House on September 10, 2003. The bill included a number of provisions aimed at preventing identity theft, ensuring the accuracy of consumer credit information, and protecting consumer privacy with respect to certain information. It would have also made the FCRA's current preemption provisions permanent.

S. 1753, the National Consumer Credit Reporting System Improvement Act of 2003, was reported as an original measure by the Senate Committee on Banking, Housing and Urban Affairs on October 17, 2003. The bill included a number of provisions similar to those in H.R. 2622 and would have also made the FCRA's preemption provisions permanent. The Senate considered S. 1753 on November 4, 2003, approving several amendments to the original version as reported by the Senate Committee on Banking, Housing and Urban Affairs, including an amendment in the nature of a substitute offered by Senator Shelby. On November 5, 2003, the Senate incorporated S. 1753, as previously amended, in H.R. 2622 as an amendment. The Senate passed H.R. 2622, as amended, in lieu of passing S. 1753. Upon passage of H.R. 2622, as amended, the Senate appointed conferees. On November 6, 2003, the House appointed conferees. A conference agreement was reached and the House approved the conference report on November 21, 2003, with the Senate approving it the following day. The President signed the legislation on December 4, 2003, and it became P.L. 108-159.

This report provides an overview of legislative proceedings in each chamber and a side-by-side comparison of the major provisions of the House and Senate bills, as well as the conference report, which became P.L. 108-159. This report will not be updated.