Banking and Finance Law Daily Wrap Up, FAIR CREDIT REPORTING—ICBA supports bill prohibiting credit reporting agencies from selling mortgage-based ‘trigger leads’, (Apr 25, 2023)

By Lauren Bikoff, MLS

The proposed bill will provide consumers with more control over their financial information, according to the community bankers organization.

The Independent Community Bankers of America has expressed support for the Trigger Leads Abatement Act of 2023 (H.R. 2656), which would “support mortgage applicant financial privacy.” Mortgage applications should not be public information, ICBA said.

Introduced by Rep. Ritchie Torres (D-NY) on April 17, H.R. 2656 would amend the Fair Credit Reporting Act to prohibit credit reporting agencies from selling “trigger leads” when a consumer applies for a residential mortgage unless the consumer has opted into the creation and sale of such leads.

“Today, consumers are inundated with unwanted and invasive solicitations after they apply for a mortgage, yet the current process for a consumer to opt out is confusing and does not take effect immediately,” wrote Rebeca Romero Rainey, ICBA president and CEO. “As a result, consumers may believe that their accounts have been hacked.”

The proposed bill has been referred to the House Financial Services Committee.

Companies: Independent Community Bankers of America

LegislativeActivity: BankingFinance CyberPrivacyFeed DataPrivacy GCNNews FairCreditReporting FedTracker Loans Mortgages Privacy