The legislation establishes national rules on the use of credit information and preempts state laws that are inconsistent with the federal standard.

The insurance industry strongly supported FCRA reauthorization, but it appears that the bill, H.R. 2622, contains at least one provision about which the insurance industry has expressed concerns.

Final legislative language was not available at this writing, but according to a statement from the Financial Services Committee, the final bill provides a simplified way for consumers to limit unsolicited marketing offers.

This appears to reflect language that was in the Senate version of the legislation, but not the House version, which would require financial institutions to notify their customers of any information sharing among institution affiliates and opt out of marketing and solicitation efforts based on shared information.

Industry groups were trying to either eliminate or modify this provision in the final bill, but it is uncertain at this writing whether the language was changed.

In addition, both the House and the Senate versions of the legislation called for a Federal Trade Commission study on the use of credit scoring by insurance companies and its impact on the availability of credit.

The Financial Services Committee's summary of the final bill does not mention this provision, but it likely remains in the legislation.