ICBA publishes summary of passed trigger leads legislation

ICBA published a summary of the Homebuyers Privacy Protection Act, which would substantially limit the use of marketing products known as “trigger leads.”

About the Bill: Introduced by Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.), the Homebuyers Privacy Protection Act (H.R. 2808) would restrict “trigger leads” that result in a deluge of solicitations for prospective homebuyers, leading to hassles and confusion for consumers.

State of Play: The Senate recently passed the bill by unanimous consent following House passage by a voice vote earlier this year, sending the bill to President Donald Trump’s desk to be signed into law.

What it Means for Community Banks: The summary notes that the legislation places strict limits on when it is acceptable for a consumer reporting agency to furnish consumer reports to a third party. The bill also mandates that the comptroller general carry out a study on trigger leads.

ICBA Advocacy:

• In an alert to community bankers on Sunday, ICBA President and CEO Rebeca Romero Rainey cited the importance of the industry’s persistent advocacy and reputation in Washington to passage of the trigger leads bill.

• After House passage of the bill, ICBA in June encouraged Congress to quickly resolve minor differences between the two bills and send a final version to the president to be signed into law.

• Recent ICBA polling conducted by Morning Consult demonstrates public support for the policy change, with 63% of U.S. adults saying they support the change.

• ICBA worked closely with lawmakers in support of the legislation, including in a letter of support ahead of the House markup, during testimony before the House Financial Services Committee earlier this year, and via ICBA’s “Repair, Reform, and Thrive” plan and open letter to the 119th Congress.