ICBA expressed support for legislation to give mortgage applicants more control over their private financial information.
Bill Details: Introduced by Rep. Ritchie Torres (D-N.Y.), the Trigger Leads Abatement Act of 2023 (H.R. 2656) would amend the Fair Credit Reporting Act to prohibit credit reporting agencies from selling “trigger leads” when a consumer applies for a residential mortgage unless the consumer has opted into the creation and sale of such leads.
ICBA View: In a letter to Torres, ICBA said consumers are inundated with unwanted and invasive solicitations after they apply for a mortgage, yet the current process for consumers to opt out is confusing and leads many to believe their accounts have been hacked. Mortgage applications should not be public information, ICBA said.
