League supports legislation curbing mortgage “trigger leads”
Published by: Jared Weiser
April 17, 2024 | Regulatory
Providing your members with the best lending experience possible is critical to maintaining loyal members. That’s why the League is supporting federal legislation to ban the practice of credit bureaus selling mortgage “trigger leads” to third parties.
The Homebuyers Privacy Protection Act (S. 3502 & H.R. 7297) would amend the Fair Credit Reporting Act to prevent consumer reporting agencies from furnishing consumer reports to third parties, except under certain circumstances. This pro-consumer legislation will protect potential borrowers from the barrage of unwanted phone calls, texts, emails, and letters and would limit trigger leads except for legitimate uses, such as existing customer relationships.
The League sent letters to Senators Sherrod Brown and JD Vance asking for their support of this crucial legislation. As this bill moves through the legislative process, we will issue action alerts and ask that Ohio credit unions engage members of Congress when the time is right.
