NIADA joined a coalition of 14 other trade associations Dec. 15 in signing a letter in support for H.R. 5775, the FCRA Liability Harmonization Act, introduced by Representative Barry Loudermilk (GA).
The letter was addressed to Representative French Hill (AR), Chairman of the House Financial Services Committee (HFSC), and Representative Andy Barr (KY), Chairman of the HFSC Subcommittee on Financial Institutions and Consumer Credit.
H.R. 5775 seeks to introduce commonsense tort reform into financial services oversight by aligning the Fair Credit Reporting Act (FCRA) with other federal consumer financial protection statutes. The bill would establish reasonable limits on liability in class action lawsuits by capping statutory damages, eliminating punitive damages, and limiting attorneys’ fees. These reforms would bring the FCRA into parity with laws such as the Equal Credit Opportunity Act, the Electronic Fund Transfer Act, and the Truth in Lending Act, all of which impose compliance obligations on independent dealers.
NIADA looks forward to continuing its work with coalition partners in 2026 to advance this important legislation.
