TO AMEND CONSUMER CREDIT PROTECTION ACT S. 968

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP74B00415R000200010075-3
• Release Decision: RIPPUB
• Original Classification: C
• Document Page Count: 1
• Document Creation Date: December 16, 2016
• Document Release Date: May 10, 2005
• Sequence Number: 75
• Publication Date: March 22, 1971
• Content Type: MFR

Approved For Release 2005/05/
22 March 1971
MEMORANDUM FOR THE RECORD
SUBJECT: To Amend Consumer Credit Protection Act
S. 968
1. 1 --J Office of Security, called to express concern
to S. 968, a legislative proposal to amend the Subject law which was
passed last session. The law controls dissemination of credit
information and though restrictive, it was felt the Office of Security
could conduct their investigations. The amendments now proposed
do present problems.
2. Under the amendment to Section 604 "Permissible purposes
of reports" all grounds for releasing reports are struck and no reports
can be released without a court order or without written instructions
from the consumer. Further, if a report is released, a copy must be
furnished to the consumer. This would mean that an employment
credit check could not be made without express permission of the
consumer or a court order.
3. Under the amendments to Section 606 "Disclosure of
investigative consumer reports," a report may not be furnished
without the written instructions of the consumer and a copy must be
furnished to the consumer..
4. Senator Hatfield is sponsoring S. 968, but was not one of
the sponsors of the prior bills which became law. The amendments
are very far reaching and will undoubtedly be strongly opposed by the
credit agencies.
25X1
Assistant Legislative Counsel
Distribution:
Orig. - Subject
X- Chrono ,
Approved For Release 2005/0
0415R000200010075-3
TM,
OLC/PLC:mmc (22 March 1971)