LA Times’s David Lazarus: Despite Equifax hack, GOP lawmakers want to deregulate credit agencies

Here.  The whole column is definitely worth a read, but here's an excerpt:

The FCRA Liability Harmonization Act is particularly noxious. Authored by Rep. Barry Loudermilk (R-Ga.), the bill would cap actual and statutory damages for class actions involving credit agencies at $500,000, and completely eliminate punitive damages.

Loudermilk said Friday that his bill “is aimed at curbing frivolous class action lawsuits against businesses under the Fair Credit Reporting Act,” which contains many of the rules for credit agencies.

When he introduced the legislation in May, he said that “a small technical error, turned into a lawsuit, can affect everyone in a business, including employees, customers and vendors.”

What Loudermilk ignores, however, is that a “small technical error” by a credit agency can have disastrous consequences for consumers — particularly if the agency, as is so often the case, shows little interest in fixing things.

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Just as Wells Fargo’s assorted scandals highlight the absurdity of Republican efforts to do away with the Consumer Financial Protection Bureau, the Equifax breach shows the foolishness of deregulating credit agencies.

As a dog owner, I know that you encourage good behavior with treats.

Nobody should get a Milk Bone for peeing on the floor.

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