ICBA and other groups expressed strong support for bipartisan legislation to help protect the financial privacy of mortgage applicants ahead of a Senate hearing set for today.
The Problem: After consumers apply for a residential mortgage, credit reporting agencies sell their contact information, leading to an influx of solicitations. The current process for a consumer to opt out of these “trigger leads” can be confusing and does not take effect immediately, which can cause consumer confusion.
Legislative Fix: Introduced by Sens. Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.) and Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.), the Homebuyers Privacy Protection Act (S. 3502/H.R. 7297) would bar credit reporting agencies from selling consumers’ contact information when they apply for a residential mortgage unless the consumer has opted into the creation and sale of such leads or if certain exceptions apply.
ICBA Advocacy: In a joint letter, the groups urged the leaders of the Senate Banking Committee and House Financial Services Committee to advance the bills as soon as possible. In a previous news release, ICBA said the bill would give consumers more control over their private financial information and shield them from unwanted solicitations.
Hearing Today: Reed and Hagerty will include the legislation as part of today’s Senate Banking Committee hearing on proposals to address housing affordability, availability, and other community needs.
Grassroots Alert: ICBA is calling on community bankers to use its Be Heard grassroots action center to urge their members of Congress to co-sponsor the bipartisan measure.
