FCRA Liability Harmonization Act

This bill amends the Fair Credit Reporting Act (FCRA) to modify civil liability requirements, specifically for class action lawsuits. For cases of willful noncompliance , the bill introduces new limitations, prohibiting courts from applying a minimum amount of damages for each class member. The total recovery for a class in willful noncompliance cases, excluding attorney's fees, is capped at the lesser of $500,000 or 1 percent of the defendant's net worth . Furthermore, the costs and reasonable attorney's fees are limited to the lesser of $100,000 or 40 percent of awarded damages, or the sum of costs and fees not exceeding the lower of $100,000 or 40 percent of actual damages. For class actions involving negligent noncompliance with FCRA requirements, the bill also imposes new liability limits. The total recovery for the class, excluding attorney's fees, cannot exceed the lesser of $500,000 , 1 percent of the defendant's net worth , or the sum of costs and reasonable attorney's fees not exceeding the lower of $100,000 or 40 percent of actual damages. These amendments aim to standardize and cap financial exposure in FCRA class actions.