Are access and use of public and private information at risk?

Article Abstract:

There are numerous laws in the US that aim to protect the privacy of consumers. Two examples of these are the Equal Credit Opportunity Act and the Fair Credit Reporting Act, the first federal legislation to impose restrictions on the use of personal information maintained by the private sector. The public and lawmakers are continuously examining such legislation, resulting in the creation of more laws that introduce new ways of protecting consumer information. The impact of these laws on the information industry is immense. New limits on the free, competitive flow of information are bound to change the way business is done by credit bureaus, credit card companies, direct marketers, public record suppliers and users of real estate information services. The effects of further restrictions on information use are also expected to be felt by consumers, particularly those who have grown accustomed to accessing readily available data.

Database Vendors, Consumer Protection Laws, Economic aspects, Database industry, Consumer protection, Information services, Privacy, Right of, Right of privacy, Information services industry, Information law

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FCRA reform

Article Abstract:

Revisions to the Fair Credit Reporting Act (FCRA) have been introduced in 1996. When amendment proposals were made by Rep. Richard Lehman in 1990, the credit industry vehemently rejected his recommendations. However, the reform scheme has been significantly altered since then, the Lehman Bill becoming a Esteban Torres Bill in 1991, a Kennedy Bill in 1993 and, finally, a Bryan Bill in 1996. In contrast to its reaction to the first proposal, the industry lauded the FCRA amendments for being a fair and balanced law that eschews extreme regulatory measures, and addresses real consumer and congressional concerns. Changes were made to such FCRA areas as affiliating sharing, permissible purposes, employment reports, pre-screening, fairness and consumer disclosure. Revisions were also made on reinvestigations, disclosure charges, pre-screening offers, furnisher obligations, liability and preemption.

Credit and debit card industry, Credit card industry

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St. Louis chapter wins Legislative Award; state legislation; Canadian report

Article Abstract:

Recent developments concerning the credit industry are reported. One of these is the granting of the International Credit Assn's 1997 Legislative Award to its Greater St Louis chapter. It was in recognition of the chapter's excellent work in educating members, encouraging their participation in the legislative process, and drawing the attention of state and local politicians to issues relevant to the industry. Another notable development is the passage of a new law on credit reporting in Colorado and the consideration of similar bills in California and other states. In Canada, significant developments relevant to the industry include the growth in the number of personal and business bankruptcies, the introduction of a new benefit plan for seniors, the formation of the Real Estate Council of Ontario and changes to the Employer Health Payroll Tax.

Commercial Banks, Commercial Banking, Consumer Lending, Personal credit institutions, Consumer Finance Institutions, Business Financing, Canada, Financial services industry, Financial services, Reports, Consumer finance companies, Achievements and awards, International Credit Association

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