Speedy Efforts Expected On FCRA Reauthorization

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Treasury Secretary John Snow said last week the Bush administration will support efforts to reauthorize the seven exemptions from state laws in the Fair Credit Reporting Act.

The White House endorsement is widely expected to speed action to reauthorize the FCRA in Congress, which has been waiting for a sign from the president.

"A lot of people have been waiting for Treasury and the administration to come along," said CUNA lobbyist Gary Kohn. "This will probably change the complexion of the (drafting) and will help shape what goes into the Senate bill."

The House Financial Services Committee is expected to hold a formal drafting session for the bill later this summer.

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