The House Financial Services Committee voted to advance ICBA-advocated bills to ban trigger leads, change threshold requirements for small bank holding companies, and support small financial institutions.
Details: The committee voted to advance:
The Homebuyers Privacy Protection Act (H.R. 2808), introduced by Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.), which would amend the Fair Credit Reporting Act to prohibit a credit reporting agency from selling “trigger leads” when a consumer applies for a residential mortgage.
The Small Bank Holding Company Relief Act (H.R. 2835), introduced by Rep. Byron Donalds (R-Fla.), would raise the asset threshold to qualify as a Small Bank Holding Company from $3 billion to $25 billion.
The Advancing the Mentor-Protégé Program for Small Financial Institutions Act (H.R. 3709), introduced by Rep. Joyce Beatty (D-Ohio), which would establish a Treasury Financial Agent program enabling partnerships between minority depository institutions, rural community banks, and other financial institutions.
ICBA Support: Ahead of Tuesday’s markup, ICBA sent a letter of support for the bills to members of the committee. ICBA and other groups also sent a coalition letter expressing strong support for H.R. 2808.
Ongoing Advocacy:
ICBA in April expressed support for the reintroduction of legislation to protect the financial privacy of mortgage applicants by banning trigger leads. Similar legislation passed the Senate in the previous Congress.
ICBA has for years advocated increasing the Small Bank Holding Company threshold, including during the last Congress.
ICBA last week said H.R. 3709 reinforces and supports the critical role MDIs and rural community banks play as a lifeline in their communities.
