Magazine article American Banker

Expected Deal on Fair Credit May Ease Way for Bill in House

Magazine article American Banker

Expected Deal on Fair Credit May Ease Way for Bill in House

Article excerpt

WASHINGTON -- The House appears likely to take up amendments to the Fair Credit Reporting Act Monday under a procedure that almost guarantees passage.

The compromise that is expected to be offered for a vote is based on a Senate version of the measure. However, the compromise yields a little more ground to lenders on the key issue of whether states should be preempted from passing tougher laws of their own.

The Senate bill would bar states from passing their own laws, but only for six years after passage. The House bill "will probably end up at seven or eight years," said one House aide who is working on the measure.

Preemption at Issue

Bankers and other credit providers have made preemption a top issue. Their businesses are nationwide, they say, and it is impossible to deal with a patchwork quilt of 50 different sets of laws.

House Republicans, led by Rep. Jim Leach of Iowa, had proposed preempting the states for 10 years. Democrats countered this week with eight years and Hill aides said the final deal will probably include a number close to the Democratic counter-offer.

An agreement between Democrats and Republicans would make it possible to move the bill Monday under "suspension of the rules," a procedure reserved for noncontroversial legislation.

Because the bill is so close to the Senate version, the two bodies could avoid the lengthy process of negotiating a final measure in a House-Senate conference and instead bat the bill back and forth until agreement was reached. …

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