WASHINGTON--The House voted to pass the credit union-backed Homebuyers Privacy Protection Act (H.R. 2808) Monday. Reps. John Rose (R-TN) and Brad Sherman (D-CA) both mentioned credit union support for the legislation during debate, America's Credit Unions noted.
The bill will curtail the abuse of mortgage trigger leads by limiting who can access this information. The Senate passed its version of the bill a week ago by unanimous consent. The minor differences between the two versions must now be reconciled by the two chambers.
“Consumers looking to purchase a home deserve to have their privacy respected and their data secured. We thank the House of Representatives for protecting the privacy of homebuyers by passing the Homebuyers Privacy Protection Act (H.R. 2808)," said America’s Credit Unions President/CEO Jim Nussle. "Stopping the abusive use of trigger leads will allow consumers to seek lending from their trusted credit unions without the fear of their data being sold off or receiving unsolicited calls seeking to lure them away from their trusted lender. We urge Congress to quickly reconcile the House and Senate versions and get the bill to the President to sign into law and further protect consumers seeking their American Dream.”
The Defense Credit Union Council emphasized that it stands firmly behind the Act, applauding its bipartisan passage in the House.
"We appreciate leaders like Rep. John Rose and Rep. Brad Sherman who underscored credit unions’ support during debate," said DCUC Chief Advocacy Officer Jason Stverak. "At its core, this common-sense reform puts homebuyers back in control of their personal information during the mortgage process, cutting down on unwanted spam calls, texts, and emails. This bill is a victory for every homebuyer’s right to data privacy and security. It will curb the abusive practice of mortgage 'trigger leads,' which have too often exposed consumers to unwanted solicitations and predatory offers.
"For defense credit unions, protecting our members’ personal information—especially for military families—is not just good policy, it’s part of our mission," continued Stverak. "By ensuring that sensitive homebuyer information cannot be sold off to third parties, H.R. 2808 preserves the trust-based relationship between credit unions and their members. Our servicemembers and all credit union members will be able to pursue the American Dream of homeownership with confidence that their financial privacy is guarded. We urge Congress to swiftly finalize this legislation and send it to the President’s desk, so these critical protections can become law.”