House bank panel clears fair-credit reporting bill.

WASHINGTON -- A House Banking subcommittee appears ready to approve fair-credit reporting legislation opposed by banks, following an agreement between the panel's chairman and a key Democrat.

Rep. Larry LaRocco, D-Idaho, had planned to offer a substitute bill that was considered less onerous than the measure Rep. Joseph P. Kennedy 2d, D-Mass., the panel's chairman, wanted it to consider.

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However, Rep. LaRocco told lobbyists at a morning fund-raiser Thursday that he had decided to support Rep. Kennedy after the panel chairman said he understood that some issues needed compromise.

"His feeling was that he was a little shy of the votes," said Stephen J. Verdier, a lobbyist for the Independent Bankers Association of America.

The four Democratic votes needed to move the LaRocco substitute were out of reach, Mr. Verdier said.

Rep. Kennedy was scheduled to caucus with committee Democrats yesterday afternoon, and still could decide to postpone the vote until next year. But he was reported by a number of sources to be determined to proceed today.

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