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ICBA is calling on community bankers to urge their members of Congress to co-sponsor bipartisan legislation designed to help protect the financial privacy of mortgage applicants.
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.
Legislative Details: Introduced by Sens. Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.), the Homebuyers Privacy Protection Act (S. 3502) 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.
Grassroots Alert: Community bankers can use ICBA’s Be Heard grassroots action center to call on their lawmakers to support the measure to give consumers more control over their private financial information and shield them from unwanted solicitations.