The U.S. Senate passed the credit union-supported Homebuyers Privacy Protection Act (H.R. 2808) by unanimous consent last weekend, sending the bill to President Donald Trump’s desk. The House passed the bill last month, which would curtail the abuse of mortgage trigger leads by limiting who can access the information.
Consumers looking to purchase a home deserve to have their privacy respected and their data secured, with the bill ensuring that they are protected from the abusive use of trigger leads, preserving the positive relationship members want from their credit unions.
Specifically, the bill prohibits a credit reporting agency from providing a consumer’s credit report to a third party in connection with a residential mortgage transaction unless the transaction consists of a firm offer of credit or insurance and:
These provisions will take effect 180 days after the bill is signed into law.
The House passed the bill last month, with Reps. Brad Sherman (D-CA) and John Rose (R-TN) both mentioning credit union support for the legislation during debate.
Additionally, the California Credit Union League and Nevada’s Credit Unions’ three-day “Hike the Hill” visit to the nation’s capital provided an opportunity to meet face to face with legislators to discuss the bill in September 2024. The meetings with congressional lawmakers were a testament to grassroots engagement, as attendees brought stories from their local communities, illustrating the real-world impact of policy decisions on their members.
