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EconomyH.R. 5775Not Yet VotedComments

FCRA Liability Harmonization Act

Official title: To amend the civil liability requirements under the Fair Credit Reporting Act to include requirements relating to class actions, and for other purposes.

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How Congress Voted

What Happened in Congress?

Pending

Not yet voted on the floor.

Where the Bill Stands

  1. Introduced, done
  2. Committee, current stage
  3. Floor Vote, not yet
  4. Outcome, not yet

What This Bill Does

This bill limits the amount of damages and costs consumer credit reporting agencies must pay for violations of the Fair Credit Reporting Act (FCRA), which regulates the use of consumer information for credit reporting purposes. Under FCRA, consumer credit reporting agencies may be found civilly liable to consumers for willful or negligent noncompliance.

The bill eliminates the ability of courts to award unlimited punitive damages to a consumer for a consumer credit reporting agency’s willful noncompliance with FCRA.

Regarding a consumer credit reporting agency’s willful or negligent noncompliance with FCRA, the bill limits the amount that may be awarded to consumers

  • for court costs, and
  • in class action lawsuits, specifically by prohibiting the court from applying a minimum amount of damages for each class member and by limiting the total recovery amount of the class.

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Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. House committee actionsCommittee Consideration and Mark-up Session Held
  2. Library of CongressIntroduced in House
  3. House floor actionsReferred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
  4. Introduced
  5. Committee

Comments

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