ICBA-advocated legislation that would protect the financial privacy of mortgage applicants passed the Senate by unanimous consent.
Latest Developments: The Homebuyers Privacy Protection Act (S.3502) was initially included as an amendment to the Senate version of the National Defense Authorization Act, but it was not included in the final version of the NDAA. ICBA is urging the House to follow suit and pass the legislation.
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.
Legislative Solution: The ICBA-advocated legislation, sponsored by Sens. Jack Reed (D-R.I.), Bill Hagerty (R-Tenn.) and Reps. John Rose (R-Tenn.), and Ritchie Torres (D-N.Y.) would limit credit reporting agencies from selling consumers’ information when they apply for a residential mortgage.