The Independent Community Bankers of America (ICBA) today applauded President Trump for signing into law the bipartisan Homebuyers Privacy Protection Act (H.R. 2808), which will help protect the financial privacy of mortgage applicants.
Introduced by Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.) and Sens. Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.), the Homebuyers Privacy Protection Act will restrict credit reporting agencies from selling consumers’ contact information when they apply for a residential mortgage. These “trigger leads” result in a deluge of solicitations for prospective homebuyers, leading to hassles and confusion for consumers.
“ICBA and the nation’s community bankers applaud President Trump, Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.), and Sens. Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.) for their leadership in passing the Homebuyers Privacy Protection Act to support the privacy of U.S. consumers,” ICBA President and CEO Rebeca Romero Rainey said. “We look forward to the implementation of this important bipartisan law, which will give consumers more control over their private financial information and shield them from unwanted solicitations.”
ICBA polling conducted by Morning Consult demonstrates public support for the policy change. According to the polling of U.S. adults released earlier this year, 63% 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 has repeatedly expressed strong support for the Homebuyers Privacy Protection Act, including in a letter of support to the House Financial Services Committee, during testimony before the committee earlier this year, and via ICBA’s “Repair, Reform, and Thrive” plan and open letter to the 119th Congress.