ACU, Banking Groups Seek Lame-Duck Vote On Bill To Curb FCRA Litigation
By CU Today Staff —
WASHINGTON--When lawmakers return to Capitol Hill in November for the lame duck session, America’s Credit Unions and other trade groups are asking representatives to bring the FCRA Liability Act to the House floor.
The bill would align the Fair Credit Reporting Act (FCRA) with other financial consumer protection laws, ensuring that individuals harmed by FCRA violations can still receive appropriate compensation while maintaining consumers' right to file individual or class action lawsuits and recover fair and reasonable attorney’s fees and litigation costs, ACU explained.
The bill would cap damages and eliminate punitive damages in private litigation, while also placing reasonable limits on the fees that attorneys may be awarded in these cases.
“These FCRA lawsuits affect a wide range of industries—including consumer reporting agencies, auto finance, lenders, banks and credit unions, retailers, restaurant chains, insurers, and employers of all sizes—and have real-world consequences,” wrote the group, which includes the American Bankers Association and Consumer Bankers Association.
America’s Credit Unions wrote in support of the bill ahead of a House Financial Services Committee markup in June. The committee advanced the bill, along with several other key pieces of legislation.
Originally reported by CU Today.