WASHINGTON--By unanimous consent, the Senate has passed legislation to ban abusive mortgage trigger leads, America's Credit Unions reported.
A House companion to the bipartisan Homebuyers Privacy Protection Act (S. 1467) was also advanced by the House Financial Services Committee in a markup last week.
“Purchasing a home is a tremendous milestone for many Americans, as it has long been a core pillar of the American Dream,” said Jim Nussle, America’s Credit Unions president/CEO. “Credit union members who are looking to buy a home trust that their credit union has their best interests in mind when making these decisions. America’s Credit Unions thanks Senators Bill Hagerty and Jack Reed for prioritizing the privacy and financial well-being of homebuyers across the country. The Homebuyers Privacy Protection Act will stop the abusive use of trigger leads and protect the privacy of buyers, as well as preserve the special member relationship credit unions have in serving their members. As the House Financial Services Committee just advanced its companion bill, we urge the House to swiftly pass the measure.”
Introduced in April by Sens. Bill Hagerty (R-TN) and Jack Reed (D-RI), S. 1467 would curb the abusive use of mortgage credit “trigger leads” in all but a limited set of circumstances. It would also prohibit credit reporting agencies from furnishing a trigger lead to a third party unless the third party has certified:
- A consumer explicitly consents to such solicitations
- It has originated the current residential mortgage loan of the consumer
- It is the servicer of the current residential mortgage loan of the consumer
- It is an insured depository institution or insured credit union and holds a current account for the consumer
DCUC Responds
Defense Credit Union Council Chief Advocacy Officer Jason Stverak said DCUC is pleased to see the Senate unanimously pass "this critical legislation to ban abusive mortgage trigger leads, and we applaud the strong bipartisan support behind it. For defense credit unions, protecting our members—especially military families—from unwanted solicitations and data exploitation is not just good policy, it’s part of our mission. We look forward to the House advancing this measure and to seeing it signed into law, so we can ensure that all consumers receive the privacy, respect, and transparency they deserve when navigating one of the most important financial decisions of their lives.”