On April 16, the House Financial Services Subcommittee on Financial Institutions held a legislative hearing focused on expanding access to credit, with lawmakers examining several bills intended to reshape credit reporting rules and consumer protections. A central topic of the hearing was H.R. 5775, the FCRA Liability Harmonization Act, legislation supported by NIADA.
The bill would align the Fair Credit Reporting Act with other federal consumer financial protection laws by capping statutory damages in class action lawsuits, eliminating punitive damages, and limiting attorney’s fees. Together, these reforms are intended to curb abusive litigation practices while preserving strong consumer protections and maintaining an effective dispute resolution process.
NIADA is encouraged to see this important legislation continue to move through the legislative process. H.R. 5775 will be among the measures independent dealers will advocate for during NIADA’s 2026 National Policy Conference in Washington, DC, this September.
NIADA welcomes this constructive dialogue and will continue working closely with the FTC and the broader regulatory community to ensure its members remain well informed about their compliance obligations.
