Late on Friday, Sept. 5, President Trump signed into law the bipartisan and League-supported Homebuyers Privacy Protection Act (H.R. 2808), more commonly known as the “Trigger Leads” bill.
Trigger leads happen when a consumer applies for a mortgage, and their information is sold by consumer reporting agencies to other lenders. This usually results in a flood of unwanted calls and mailers—something none of us (or our members) enjoy.
Congressman John Rose contacted Sarah Waters, chief advocacy officer at the Tennessee Credit Union League, to ask where credit unions stand on this issue. With overwhelming support from our members, Sarah worked with the Tennessee delegation, other leagues and the national association to push Congressman Rose’s bill forward.
The bill was introduced by Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.) in the House, and Sens. Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.) in the Senate. The House and Senate passed the bill earlier this summer. The law will take effect 180 days after the bill’s enactment on September 5.
Here’s what the new law does:
- Stops CRAs from selling mortgage trigger leads to third parties.
- Requires consent before reports can be shared, even when there’s a firm credit or insurance offer.
- Keeps commonsense exceptions like allowing your existing servicer, credit union or bank to still access what they need.
Why this matters:
- It protects consumers from annoying and invasive solicitations.
- It shows the power of credit unions speaking with one voice.
