Senate Banking Committee members discussed ICBA-advocated legislation to protect the financial privacy of mortgage applicants during a hearing on housing policy.
Senate Hearing: At the hearing, Sen. Jack Reed (D-R.I.) urged support for his bipartisan bill to bar credit reporting agencies from selling consumers’ contact information when they apply for a residential mortgage without a consumer opt-in.
Bill Details: The Homebuyers Privacy Protection Act (S. 3502/H.R. 7297)—introduced along with Sen. Bill Hagerty (R-Tenn.) and Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.)—would reform the current process for opting out of these “trigger leads.”
ICBA Advocacy: In a joint letter ahead of the hearing, ICBA and other groups urged the leaders of the Senate panel and the 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.
Grassroots Alert: ICBA continues calling on community bankers to use its Be Heard grassroots action center to urge their members of Congress to co-sponsor the bipartisan measure.
