Congressman Rose Continues Push for Homebuyer Privacy Protection
WASHINGTON, DC—On Thursday, U.S. Representative John Rose (R-TN) reintroduced H.R. 2808, the “Homebuyers Privacy Protection Act”. The legislation, which is being co-led by Rep. Ritchie Torres (D-NY), would dramatically reduce the number of unwanted calls and messages potential homeowners across the country experience during the homebuying process.
Credit bureaus are typically notified when a consumer applies for financing,. That information (which is commonly referred to as a trigger lead) is then often sold by the credit bureaus to data brokers (including other lenders) without the consumer's knowledge or approval. Consumers are then often bombarded with hundreds of unwanted solicitations.
The “Homebuyers Privacy Protect Act” would amend the Fair Credit Reporting Act (FCRA) to prohibit a consumer reporting agency from furnishing a trigger lead unless an individual chooses to opt-in while also preserving the use of trigger leads in appropriately limited circumstances.
Rep. Rose released the following statement:
“The Homebuyers Privacy Protection Act strikes the right balance in my view,” Rep. Rose said. “It protects potential homebuyers from unsolicited, predatory, sales tactics while preserving fair competition. Once signed into law, it will make a big difference for those Tennesseans who are attempting to buy a home.
Rep. Torres released this statement:
“The Homebuyers Privacy Protection Act will serve as a crucial and transformative step in safeguarding American consumers from unwanted and invasive credit solicitations,” Rep. Torres said. Too often, homebuyers find themselves bombarded with unsolicited offers beginning the moment they apply for a mortgage that persist indefinitely. This bill will ensure that consumers maintain greater control over their personal financial information, preventing predatory practices and strengthening data privacy. I am proud to join Congressman Rose in reintroducing this bipartisan legislation, which will provide much-needed protections for American homebuyers.”
Rep. Rose and Torres were joined in sponsoring the bill by Reps. Gabe Amo (D-RI-01), Mark E. Amodei (R-NV-02), Jack Bergman (R-MI-01), Stephanie Bice (R-OK-05), Julia Brownley (D-CA-26), Emanuel Cleaver (D-MO-05), Cleo Fields (D-LA-06), Brian Fitzpatrick (R-PA-01), Scott Franklin (R-FL-18), Andrew R. Garbarino (R-NY-02), Michael Guest (R-MS-03), Dusty Johnson (R-SD-AL), Trent Kelly (R-MS-01), David Kustoff (R-TN-08), Frank D. Lucas (R-OK-03), John Moolenaar (R-MI-02), Joe Neguse (D-CO-02), Eleanor Holmes Norton (D-DC-AL), Zach Nunn (R-IA-03), Andy Ogles (R-TN-05), Brittany Pettersen (D-CO-07), Adrian Smith (R-NE-03), Bryan Steil (R-WI-01), Tom Suozzi (D-NY-03), William Timmons (R-SC-04), Rob Wittman (R-VA-01)
The legislation also has overwhelming bicameral support. In fact, a Senate version of Rep. Rose’s legislation, introduced by Sens. Bill Hagerty (R-TN) and Jack Reed (D-RI), passed just last December. Sens. Hagerty and Reed also reintroduced their bill on Thursday.
Senator Hagerty released this statement:
“Unsolicited phone calls caused by trigger leads have become an intolerable nuisance to many Tennesseans,” said Senator Hagerty. “I’m pleased to join this bipartisan, bicameral legislation that will protect Americans’ data and help reduce endless spam calls.”
Senator Reed released this statement:
“Buying a home is already a complex and stressful process. Consumers should not get needlessly ‘spammed’ with unsolicited, predatory offers just because they take a necessary step in the homebuying process. This bill would halt abusive trigger leads,” said Senator Reed. “The Homebuyers Privacy Protection Act will put consumers back in the driver’s seat and help cut down on the spam. It will help reduce predatory practices and provide much needed relief from unwanted industry calls, texts, and emails.”
The ”Homebuyers Privacy Protection Act” is supported by a broad coalition of financial trades and consumer groups, including the Independent Community Bankers of America, Mortgage Bankers Association, National Association of Mortgage Brokers, American Bankers Association, and the Broker Action Coalition.
“The National Association of Mortgage Brokers (NAMB) would like to thank Congressmen John Rose and Ritchie Torres for reintroducing trigger leads legislation. We believe this bill is tailored to give consumers more control over the information they receive as part of the homebuying process and eliminates trigger lead abuses while preserving their use in appropriately limited circumstances. As President of NAMB, I will always support any legislation that ensures the protection and privacy of homebuyers, and I applaud Congress for leading this effort,” said Jim Nabors, NAMB President.
“The Broker Action Coalition (BAC) applauds Congressmen John Rose and Ritchie Torres, as well as Senators Hagerty and Reed, for reintroducing this vital legislation to improve data privacy standards. Consumers should have complete control over their financial data, and the Homebuyers Privacy Act is a huge step in the right direction.” said Brendan McKay, Chief Advocacy Officer & Co-Founder of the Broker Action Coalition.
U.S. Representative John Rose is currently serving his fourth term representing Tennessee’s Sixth Congressional District and resides on his family farm in Lancaster with his wife, Chelsea, and their two sons, Guy and Sam. The Sixth District includes Cannon, Clay, Cumberland, DeKalb, Fentress, Jackson, Macon, Overton, Pickett, Putnam, Smith, Sumner, Trousdale, Van Buren, and White counties as well as portions of Davidson, Scott, Warren, and Wilson counties. Representative Rose is an eighth-generation farmer, small business owner, and attorney.
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