ICBA continues calling on community bankers to urge their senators to attach a bipartisan mortgage-privacy bill to must-pass legislation.
State of Play: Sens. Bill Hagerty (R-Tenn.) and Jack Reed (D-R.I.) have filed the ICBA-advocated Homebuyers Privacy Protection Act (S. 3502) as an amendment to the National Defense Authorization Act.
Grassroots Push: With deliberations on the defense bill underway, community bankers can use ICBA’s Be Heard grassroots action center to urge their senators to support the amendment.
ICBA Advocacy: In a letter to the Senate this week, ICBA said mortgage applications should not be public information and urged support for the amendment.
Background: After consumers apply for a residential mortgage, credit reporting agencies sell their loan application and contact information to third parties, leading to an influx of solicitations. S. 3502 would bar credit reporting agencies from selling consumers’ information when they apply for a residential mortgage unless the consumer consents or the lender has an existing relationship with the applicant.
