September 7, 2017
Dear Congressman Luetkemeyer:
The undersigned organizations support H.R. 2359, the “FCRA Liability Harmonization Act,” sponsored by Representative Barry Loudermilk. We greatly appreciate your attention and look forward to the Committee’s consideration of the legislation as soon as possible.
As you know, the FCRA Liability Harmonization Act would align the Fair Credit Reporting Act (FCRA) with other financial consumer protection laws by capping the amount of statutory damages allowed in class action lawsuits at one percent of a defendant’s net worth or $500,000, whichever is less, and eliminating the possibility of punitive damages.
The bill would alleviate the uncertainty of the amount of liability that businesses face in class action lawsuits. The legislation would provide economic stability for a wide range of impacted businesses by reducing the potential for crippling and catastrophic class action damage awards.