Executive Letter: Trigger Lead Bill to Be Signed Into Law
By Rose Oswald Poels
I am excited to share that the Homebuyers Privacy Protection Act (H.R. 2808) — known as the “Trigger Lead” Bill — has been passed by the Senate. The bill cleared the House earlier this year and will now advance to the President’s desk to be signed into law. Passage of this legislation has been a top priority for WBA, and many members joined me in advocating for its passage over the past two congressional sessions. This milestone reflects the power of our collective voice in protecting consumers and strengthening the banking industry.
Once signed into law, credit reporting agencies will be prohibited from providing a consumer’s credit report to third parties in connection with a residential mortgage transaction unless the request meets strict criteria. A consumer’s information may only be shared if:
The transaction involves a firm offer of credit or insurance and the third party either:
- Certifies it has been obtained by the consumer’s consent, or
- Has an existing relationship with the consumer as a mortgage originator, current loan servicer, or is a bank or credit union where the consumer holds an active account.
- The provision effectively ends the practice of unsolicited “trigger leads” and will take effect 180 days after the bill’s enactment.
A success like this underscores the power of WBA advocacy. Consumers will no longer be pestered with unwanted phone calls and text messages within hours of applying for a mortgage, and — most importantly — customers will no longer experience the confusion or frustration of believing their bank improperly shared their information with a third party.
Thank you to all our members who submitted letters or spoke directly with lawmakers about the passage of this important bill and of the relevant ways it would benefit consumers. As always, we encourage you to join us on future advocacy trips to Washington, D.C. Your voice is critical — and your advocacy continues to make a powerful difference.
