Magazine article American Banker

House Banking Panel Gearing Up to Revisit Fair Credit Reporting Bill

Magazine article American Banker

House Banking Panel Gearing Up to Revisit Fair Credit Reporting Bill

Article excerpt

WASHINGTON - The House Banking Committee is preparing to resume consideration of amendments to the Fair Credit Reporting Act, and could take the bill up again as early as next week. If the panel's chairman, Rep. Henry B. Gonzalez, D-Tex., decides to move, Fair Credit could come up for a vote on Thursday, when the panel is also expected to consider interstate branching legislation.

However, Rep. Gonzalez could delay votes on both bills out of consideration to Rep. Joseph P. Kennedy 2d, D-Mass., chairman of a major subcommittee.

Key Player Out of Town

Rep. Kennedy is expected to be in Ireland next week, attending the trial of his brother-in-law, Paul Hill, one of four Irishmen wrongly imprisoned in the bombing made famous in the new movie "In the Name of the Father."

As chairman of the panel's consumer credit and insurance subcommittee, Rep. Kennedy oversaw the drafting of the Fair Credit amendments, and he is playing a major role on the interstate bill.

Rep. Kennedy is particularly concerned that the interstate bill include provisions requiring banks that branch interstate to invest in local communities.

In a recent letter to Rep. Stephen L. Neal, D-N.C., chairman of the House Banking subcommittee on financial institutions, Rep. Kennedy said the bill should incorporate a community reinvestment amendment he crafted in 1991.

That amendment would have required institutions to make specific forward commitments of money for community reinvestment before being allowed to branch across state lines. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.