NCISS - Legislative Committee Update 10/21/09
Colleagues,
The House Financial Services Committee is currently debating
creation of the Consumer Financial Protection Agency. The CFPA
was proposed by President Obama and would give the consumer
protection agency jurisdiction over financial products which is
now held by banking regulators and the FTC - Federal Trade
Commission.
Under the original proposal, most functions of the FTC under the
Fair Credit Reporting Act were to be transferred to the new
agency. NCISS objected to this, as have NAPBS and others,
because the FTC understands the business issues affecting
consumer reporting agencies (CRA's), which include many private
investigators.
Committee Chairman Barney Frank, (D-MA) had earlier said he
would leave the authority under the FCRA regarding consumer
reporting agencies with the FTC. However, today, he said that
was a mistake, and he offered an amendment to put CRA's under
the new agency. When one committee member pointed out that the
FCRA affects background checks and other non-financial
functions, Frank said he didn't realize that and it was not his
intention to include anything other than credit checks. He said
he'd work to make that clear before the bill goes to the floor.
The bill in all likelihood will pass the committee tomorrow
morning. Chairman Frank said it will be several weeks before it
goes to the floor, and the bill remains highly controversial.
The NCISS LegislatiI expect many changes before a floor vote.
The bill has not yet been considered in the Senate. The NCISS
Legislative Committee will continue to monitor the related
hearings and progress of this bill as well as developing a plan
of action should consumer reporting agencies be transferred to
the new agency.
Thank you for your continued loyalty and support.
Sincerely,
Jimmie Mesis
NCISS Legislative Chairman
jim@nciss.org
**********
Remember, your donations are critical to our mission and
continued success. Contributions in any amount are greatly
appreciated and may be sent to:
NCISS Legislative Fund
7501 Sparrows Point Blvd.
Baltimore, Maryland 21219
|
 |
