We have received text from H.R. 5775: FCRA Liability Harmonization Act. This bill was received on 2025-10-17, and currently has 5 cosponsors.
Here is a short summary of the bill:
This bill, known as the FCRA Liability Harmonization Act, proposes amendments to the Fair Credit Reporting Act (FCRA), specifically targeting the civil liability standards that apply in class action lawsuits. The key components of the bill are as follows:
1. Changes to Willful Noncompliance Liability
The bill modifies the penalties for entities that willfully do not comply with the FCRA in class action lawsuits. Key points include:
-
The previous language regarding damages determined by the court is adjusted to specify that the amount cannot exceed the lesser of:
- $100,000, or
- 40% of any damages awarded under the FCRA.
- It establishes that in class action cases, there are no minimum damage amounts per class member, providing courts the discretion to set the total damages without a predefined minimum.
-
The overall recovery amount for a class in such cases is capped at the lesser of:
- $500,000, or
- 1% of the defendant’s net worth.
- Limits are also set on the costs and attorney fees, capping them at either $100,000 or a certain percentage of damages awarded, depending on which is lower.
2. Changes to Negligent Noncompliance Liability
The bill also addresses entities that negligently fail to comply with FCRA requirements. The amendments include:
-
Similar caps on damages for negligent noncompliance as those for willful noncompliance, where the total damages cannot exceed:
- $100,000, or
- 40% of any actual damages determined by the court.
- In class action lawsuits regarding negligent actions, the recoverable amount is based on actual damages plus attorney fees and costs, with caps remaining the same as mentioned above.
3. General Implications
The amendments aim to streamline and clarify the liability framework under the FCRA, particularly in the context of class actions. The caps on damages and limits on legal fees are intended to reduce excessive claims against credit reporting entities and harmonize the liability standards across different types of compliance failures.
Relevant Companies
- CRNC - Cerence Inc.: As a company involved in AI and connected automotive solutions, changes in liability under the FCRA could impact how they manage consumer data.
- INTU - Intuit Inc.: As a provider of financial and credit reporting services, changes to compliance costs could affect their operations and legal risk management.
- EQIX - Equinix: Operating in the data center space, impacts on data handling compliance could influence their legal liabilities in credit reporting contexts.
Representative Barry Loudermilk Bill Proposals
Here are some bills which have recently been proposed by Representative Barry Loudermilk:
- H.R.5775: FCRA Liability Harmonization Act
- H.R.5644: Catastrophic Specialty Hospital Act of 2025
- H.R.5520: Portal for Appraisal Licensing Act of 2025
- H.R.5362: To name the Department of Veterans Affairs multispecialty clinic in Marietta, Georgia, as the "Colonel Michael H. Boyce Department of Veterans Affairs Multispecialty Clinic".
- H.R.3402: To amend the Securities Exchange Act of 1934 to require certain disclosures by institutional investment managers in connection with proxy advisory firms, and for other purposes.
- H.R.3380: TAILOR Act of 2025
You can track bills proposed by Representative Barry Loudermilk on Quiver Quantitative's politician page for Loudermilk.
Representative Barry Loudermilk Net Worth
Quiver Quantitative estimates that Representative Barry Loudermilk is worth $107.5K, as of October 22nd, 2025. This is the 462nd highest net worth in Congress, per our live estimates.
Loudermilk has approximately $0 invested in publicly traded assets which Quiver is able to track live.
You can track Representative Barry Loudermilk's net worth on Quiver Quantitative's politician page for Loudermilk.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
