The Independent Community Bankers of America (ICBA) applauded Congress following today’s House passage of the bipartisan Homebuyers Privacy Protection Act (H.R. 2808), which will help protect the financial privacy of mortgage applicants. With today’s vote on H.R. 2808 following the Senate’s unanimous passage of its version of the bill (S. 1467) earlier this month, ICBA encourages Congress to quickly resolve minor differences between the two bills and send a final version of the legislation to President Donald Trump to be signed into law.
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 would 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 the House and Senate for swiftly passing their versions of the Homebuyers Privacy Protection Act, which will give consumers more control over their private financial information and shield them from unwanted solicitations,” ICBA President and CEO Rebeca Romero Rainey said. “We look forward to final passage of this important bipartisan legislation to restrict the sale of trigger leads and support the privacy of U.S. consumers.”
Recent ICBA polling conducted by Morning Consult demonstrates public support for the policy change. According to this month’s polling of U.S. adults, 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 ahead of this month’s House Financial Services Committee markup, during testimony before the committee earlier this year, and via ICBA’s “Repair, Reform, and Thrive” plan and open letter to the 119th Congress. ICBA looks forward to continuing to work with lawmakers to advance this legislation to the president’s desk.
About ICBA
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.
As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.