ICBA-advocated ‘trigger leads’ bill introduced in House

The House version of bipartisan legislation designed to help protect the financial privacy of mortgage applicants was introduced Thursday.

New Bill: Introduced by Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.), the ICBA-supported Homebuyers Privacy Protection Act (H.R. 7297) is the House companion to Senate legislation (S. 3502) introduced in December by Sens. Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.).

Legislative Details: The bill 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.