Government Update
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By Shaun Petersen Senior Vice President Legal & Government Affairs NIADA
IADA is your voice in Washington D.C.,
advocating for independent dealers, the used vehicle industry and small business. Here’s a look at the latest news and NIADA efforts regarding legislative, regulatory, PAC and grass roots activities.
LEGISLATIVE FCRA bills advance in House: Just before the end of 2019, the House Financial Services Committee reported two bills that would amend the Fair Credit Reporting Act for consideration by the full House of Representatives. The bills were among a series of proposals designed to overhaul the credit reporting process that were passed by the committee earlier in the year. The Restoring Unfairly Impaired Credit and Protecting Consumers Act (H.R.3622) would shorten the amount of time negative credit information
stays on consumer credit reports and would quickly delete fully paid or settled debt from reports. It would also grant credit relief for student borrowers who took education loans when the lender engaged in fraudulent activity. The Improving Credit Reporting for All Consumers Act (H.R.3642) would impose new requirements for conducting reinvestigations of consumer disputes and allow consumers to appeal the results of reinvestigations, as well as requiring furnishers to retain records to substantiate the accuracy and completeness of furnished information. It would also ban misleading and deceptive marketing of credit scoring products and services as well as automatic renewals for promotional consumer reporting products or services. United States-Mexico-Canada Agreement: After more than a
14 | the Front Row | wsiada.com | November/December 2019
Editor’s Note: I sit on the Legislative and Regulatory Affairs Committee of NIADA. This article from Shaun Peterson will appear in the next issue of the NIADA magazine: UCD. As WSIADA members, you should all be receiving a copy of the NIADA Magazine. Bottom line, you will see this article twice, but I did not want you to miss it. ~ Todd Elliott year of debate and negotiation, the USMCA – President Trump’s replacement for the North American Free Trade Agreement – was approved by the House in an overwhelming 385-41 vote. The Administration’s signature trade deal now heads to the Senate, which is expected to ratify it. If it does, it will deliver on one of Trump’s major campaign promises – updating NAFTA. The deal earned bipartisan support and was praised by business leaders and labor unions. “This is the first-ever trade coalition of workers, farmers, Republicans, Democrats, business and agriculture groups, organized labor and much more,” U.S. trade representative Robert Lighthizer said. USMCA tightens rules of origin for auto parts and requires a larger share of cars to be made by workers earning at least $16 per hour, a provision intended to keep American