House holds hearing on bill to limit consumer remedies against credit reporting agencies

The House of Representatives Financial Services subcommittee is holding a hearing this morning on HR 2359, entitled the "FCRA Liability Harmonization Act," which would reduce consumer remedies for credit reporting abuses. It would impose a $500,000 cap on damages in class actions brought under the Fair Credit Reporting Act and eliminate punitive damages in individual FCRA cases.

The National Association of Consumer Advocates issued this press release opposing the bill.

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