Over the weekend, the Senate passed—by unanimous consent—the credit union-supported bill, the Homebuyers Privacy Protection Act (H.R. 2808).
The bill, dubbed the “trigger leads” bill, aims to stop the abusive practice of trigger leads, in which a prospective homebuyer’s information is sold to third-party lenders and businesses, resulting in relentless spam emails, calls, and texts. Under the new act, credit reporting bureaus would be prohibited from providing a consumer’s data from their credit report to third parties—save for a few specific scenarios such as:
- The third party provides documentation verifying consumer consent; or
- The third party has originated a mortgage on behalf of the consumer, is a current mortgage loan servicer to the consumer, or has a current specified banking relationship with the consumer.
Representative John Rose of Tennessee, a primary sponsor of the House bill, noted, “The Homebuyers Privacy Protection Act would dramatically reduce the number of unwanted calls and messages that millions endure during the homebuyer process.”
America’s Credit Unions has been a staunch supporter of the bill since its introduction. At the news of its passing the Senate, ACU President and CEO Jim Nussle released a statement thanking Congress for the swift action and encouraged the president to be just as fast in his signing of the bill.
“America’s Credit Unions thanks our Senate and House partners for passing the Homebuyers Privacy Protection Act. Consumers looking to purchase a home deserve to have their privacy respected and their data secured,” said Nussle. “This bill ensures that they are protected from the abusive use of trigger leads and preserves the positive relationship members want from their trusted credit unions. We call on President Trump to quickly sign this legislation into law and further protect consumers seeking their American Dream.”
Once Trump signs the bill into law, there will be a 180-day waiting period, after which these provisions will take effect.
