erik
11-10-2003, 06:07 PM
Two steps forward and one HUGE step back.
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Federal changes to the FCRA to reduce individual privacy and make state credit law irrelevant!
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"The Senate on Wednesday agreed to give Americans new weapons against identity theft, including access to their credit scores, a free e-mailed copy of their credit report annually and one-call-for-all fraud reporting.
But the bill approved by the Senate 95-2 also pre-empts tougher state privacy laws that prevent businesses from sharing their customers' financial information with other companies, consumers groups complain.
Business owners say that keeps the economy working smoothly under one national set of privacy laws rather than 50 state ones.
At issue are changes to the Fair Credit Reporting Act, which created a national credit reporting standard to make it easier for people to get credit cards, loans and mortgages.
''I believe we have achieved the difficult objective of striking the proper balance between enhancing the rights of consumers and improving the efficient operation of our credit markets,'' said Sen. Richard Shelby, R-Ala., chairman of the Senate Banking, Housing and Urban Affairs Committee.
The House had passed its version by a 392-30 vote.
Reauthorizing the law, which expires at year's end, is a congressional priority. Members of both parties agree that the current national credit reporting system helps the economy by offering consumers quick credit.
Lawmakers also are pushing stronger protections against identity theft, the fraudulent use of another person's private information, credit cards and such for personal gain. The law also would give all Americans free credit reports annually from credit bureaus to help them understand their credit scores and reasons for denial or approval of credit.
The bill also would stop states from setting separate rules on how businesses use, share and report data on consumers. That ban comes amid much CONSTERNATION IN STATES SUCH AS CALIFORNIA, WHICH JUST PASSED A TOUGHER CONSUMER PRIVACY LAW.
The California statute requires most affiliated companies to give consumers notice of their intent to share their data for any purpose. Consumers also must get the chance to opt out of this sharing.
But the Senate legislation would pre-empt that law. The measure requires affiliates of banks, securities and insurance companies to tell customers only when they plan to share data for solicitation and marketing purposes and to give them the option to block or limit such sharing."
''If my amendment is workable for California, why shouldn't it be the national standard?'' said Sen. Dianne Feinstein, D-Calif., who lost an attempt to expand her state's law to the nation.
Feinstein and Sen. Barbara Boxer, D-Calif., did get the Senate to agree to limit company affiliate marketing to customers who have a financial relationship with the company going back up to 18 months, or customers who have asked about a product or service within the previous three months.
http://www.my-smileys.de/madgo.gif
http://www.dominionpost.com/a/news/2003/11/06/aa
http://smilies.sofrayt.com/%5E/j0/writer.gif
Federal changes to the FCRA to reduce individual privacy and make state credit law irrelevant!
http://www.my-smileys.de/fitCyberm.gifhttp://www.my-smileys.de/cry2.gifhttp://smilies.sofrayt.com/%5E/4/eek4.gifhttp://smilies.sofrayt.com/%5E/q/rotz.gif
http://smilies.sofrayt.com/%5E/t/splat.gifhttp://www.my-smileys.de/camper.gif
"The Senate on Wednesday agreed to give Americans new weapons against identity theft, including access to their credit scores, a free e-mailed copy of their credit report annually and one-call-for-all fraud reporting.
But the bill approved by the Senate 95-2 also pre-empts tougher state privacy laws that prevent businesses from sharing their customers' financial information with other companies, consumers groups complain.
Business owners say that keeps the economy working smoothly under one national set of privacy laws rather than 50 state ones.
At issue are changes to the Fair Credit Reporting Act, which created a national credit reporting standard to make it easier for people to get credit cards, loans and mortgages.
''I believe we have achieved the difficult objective of striking the proper balance between enhancing the rights of consumers and improving the efficient operation of our credit markets,'' said Sen. Richard Shelby, R-Ala., chairman of the Senate Banking, Housing and Urban Affairs Committee.
The House had passed its version by a 392-30 vote.
Reauthorizing the law, which expires at year's end, is a congressional priority. Members of both parties agree that the current national credit reporting system helps the economy by offering consumers quick credit.
Lawmakers also are pushing stronger protections against identity theft, the fraudulent use of another person's private information, credit cards and such for personal gain. The law also would give all Americans free credit reports annually from credit bureaus to help them understand their credit scores and reasons for denial or approval of credit.
The bill also would stop states from setting separate rules on how businesses use, share and report data on consumers. That ban comes amid much CONSTERNATION IN STATES SUCH AS CALIFORNIA, WHICH JUST PASSED A TOUGHER CONSUMER PRIVACY LAW.
The California statute requires most affiliated companies to give consumers notice of their intent to share their data for any purpose. Consumers also must get the chance to opt out of this sharing.
But the Senate legislation would pre-empt that law. The measure requires affiliates of banks, securities and insurance companies to tell customers only when they plan to share data for solicitation and marketing purposes and to give them the option to block or limit such sharing."
''If my amendment is workable for California, why shouldn't it be the national standard?'' said Sen. Dianne Feinstein, D-Calif., who lost an attempt to expand her state's law to the nation.
Feinstein and Sen. Barbara Boxer, D-Calif., did get the Senate to agree to limit company affiliate marketing to customers who have a financial relationship with the company going back up to 18 months, or customers who have asked about a product or service within the previous three months.
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http://www.dominionpost.com/a/news/2003/11/06/aa