FACTA Saves FCRA Preemption
The industry's primary interest in the Fair and Accurate Credit Transactions Act is the extension of the federal preemption over state laws that restrict information sharing. The old preemption expires on January 1, 2004. The FTC and Board of Governors have issued interim rules that take effect on December 31, 2003. The speed in issuing the interim rules is due to the agencies' efforts to preserve the status quo by having the new law take effect before the old one expires. They acted in less than two weeks of the legislation becoming law. That is a significant - and difficult - accomplishment.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 14, 1/04
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