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At this writing, the financial services industry is holding its breath awaiting Senate action to reauthorize the several expiring sections of the Fair Credit Reporting Act (FCRA). The full Senate is poised to take up its bill sometime in October, after which a conference report must quickly be accepted by both Houses of Congress in order to pass this legislation before the time expires for the provisions on January 1, 2004.
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The efforts put forth by DC legislators this session to introduce legislation that would overhaul the regulation of Fannie Mae, Freddie Mac, and possibly that of the Federal Home Loan Banking System, has been temporarily stagnated by the postponement of a House committee hearing.
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In a speech given to the Texas Association of Bank Counsel's 27th Annual Convention, Federal Reserve governor Edward Gramlich also said "subprime lending has many desirable aspects" and "we would not want to adopt draconian policies that extinguish or greatly curtail legitimate subprime business."
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The Internal Revenue Service, the Federal Trade Commission and state regulators issued an October 14th alert for consumers seeking assistance from tax-exempt credit counseling organizations.
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