Executive Letter: WBA Advocacy Pays Off as the Trigger Lead Bill and ACRE Advance
By Rose Oswald Poels
This week brought encouraging news from Washington, D.C. as the Senate began taking steps on legislation to end predatory “trigger lead” practices. The Homebuyers Privacy Protection Act (S. 1467) seeks to prevent credit reporting agencies from selling consumers’ personal information after they apply for a mortgage. The House Financial Services Committee has already advanced an identical version of the bill (H.R. 2808), and with the Senate’s latest action, the measure is gaining strong momentum to move forward.
WBA has served as a persistent advocate for this legislation over the past two congressional sessions. Put simply: The bill champions consumer privacy. The measure aims to prevent credit bureaus from selling loan applicant data without consent, which leads to an influx of invasive solicitations from competing lenders. A mortgage application should be considered private information. Unwanted solicitations fatigue and confuse borrowers, which ultimately erodes trust in the mortgage process.
WBA has lobbied in support of trigger lead reform, and our message remains consistent: Borrowers deserve control over their personal data, and lenders should be able to serve their communities without interference from a relentless barrage of third-party offers.
Additionally, we are pleased to report progress on another top WBA priority: the Access to Credit for our Rural Economy (ACRE) Act. Yesterday, section 70435 of the Senate’s proposed budget reconciliation bill set forth a federal tax exemption for interest income derived from certain rural and agricultural real estate loans. In general, 25% of interest income earned on qualified real estate loans would be excluded from gross income at the federal level—a powerful step forward in reducing the cost of credit in rural areas.
All to say: ACRE eases the tax burden on interest income, which allows banks to reinvest more directly into rural communities—in turn supporting farmers, small businesses, and economic prosperity across our state.
Both developments mark important wins for Wisconsin banks and the clients we serve. We will continue our efforts to advance policies that protect borrowers. We encourage all members to join us on future advocacy trips to our nation’s capital. Thank you to all the bankers who have joined the chorus of support—your advocacy makes a difference!
