ICBA, other groups affirm support for legislation to prohibit mortgage trigger leads

ICBA and other groups expressed support for the reintroduction of legislation in the House and Senate to protect the financial privacy of mortgage applicants.

Details: The Homebuyers Privacy Protection Act (H.R. 2808/S. 1467) would amend the Fair Credit Reporting Act to prohibit credit reporting agencies from selling “trigger leads” when a consumer applies for a residential mortgage unless the consumer has opted into the creation and sale of such leads or if certain exceptions apply.

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. Similar ICBA-advocated legislation passed the Senate during the last Congress.

More Support: In House and Senate letters, ICBA last week thanked Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.) and Sens. Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.) for introducing the legislation, noting it would address unwanted and invasive solicitations.

ICBA Advocacy: In testimony before the House Financial Services Committee earlier this year, ICBA President and CEO Rebeca Romero Rainey called on Congress to protect consumers by ending mortgage trigger leads harassment. The issue is a key component of ICBA’s “Repair, Reform, and Thrive” plan and open letter to the 119th Congress.

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