Has anyone read through the proposed changes to the bankruptcy laws which are going through Congress right now? Banks must be giving half their revenue to re-election campaigns for these types of changes!!! This year's version of the bill (H.R. 975) was just approved by the House Judiciary Committee and I think it's going to be voted on by the full House tomorrow. Also, serious FCRA changes may lie ahead this year as well, although aside from altering the provisions which preempt state laws, I'm not sure what the banking industry has in store for us. Anyone else following this stuff?
I've been trying to follow it but there doesn't really seem to be a lot of concrete information. Not that I have found anyway.
I looked on the legislation tracker and I couldn't find any new legislation being proposed effecting the FCRA. Do you have any more info on that?
I don't know that a bill has been submitted but I know that the provisions of the FCRA which prohibit states from passing laws in the same area are set to expire as of 12/31/03. As of 1/1/04, states could conceivably change the time limits that CRAs have to investigate from 30 days to 14, for example. The banks are pushing for Congress to not only keep that provision from expiring, but also to broaden the scope of what states can't do. http://www.cdt.org/privacy/ccp/overview1.shtml
The bankruptcy reform act will completely change the "fresh start" provisions of the old laws. Gone will be the days of an easy 7 and hello to the days of only 13s. I posted months ago about the new bk laws and no one was listening. These changes will affect all of us credit hungry, overburdened taxpayers. It has been 6 years in the making and it is being pushed hard by credit card companies and banks...so beware as the "sky is falling". clc, jd2b
