The House of Representatives passed ICBA-advocated legislation to restrict credit reporting agencies from selling consumers’ contact information when they apply for a residential mortgage.
Background: Introduced by Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.), the Homebuyers Privacy Protection Act (H.R. 2808)—which passed on a voice vote—would restrict “trigger leads” that result in a deluge of solicitations for prospective homebuyers, leading to hassles and confusion for consumers.
State of Play: The passage of H.R. 2808 follows the Senate’s unanimous passage of its version of the bill (S. 1467) earlier this month. In a national news release, ICBA encouraged Congress to quickly resolve minor differences between the two bills and send a final version of the legislation to President Donald Trump to be signed into law.
Statement: “We look forward to final passage of this important bipartisan legislation to restrict the sale of trigger leads and support the privacy of U.S. consumers,” ICBA President and CEO Rebeca Romero Rainey said.
Public Support: Recent ICBA polling conducted by Morning Consult demonstrates public support for the policy change. According to the polling conducted earlier this month, 63% of U.S. adults said they support preventing credit reporting agencies from sharing or selling consumers’ contact information to other companies when they apply for a home mortgage loan.
ICBA Support: ICBA has worked closely with lawmakers in support of the legislation, including in a letter of support ahead of last week’s House markup, during testimony before the House Financial Services Committee earlier this year, and via ICBA’s “Repair, Reform, and Thrive” plan and open letter to the 119th Congress.
