WASHINGTON--President Donald Trump has signed the Homebuyers Privacy Protection Act (H.R. 2808) into law, a win for credit unions’ continued efforts to protect the privacy of their members, America's Credit Unions said.
America’s Credit Unions President/CEO Jim Nussle said the bill ensures credit union members “are protected from the abusive use of trigger leads and preserves the positive relationship members want from their trusted credit unions.”
The bill prohibits a credit reporting agency from providing a consumer's credit report to a third party in connection with a residential mortgage transaction unless the transaction consists of a firm offer of credit or insurance and:
- The third party provides documentation verifying consumer consent
- The third party has originated a mortgage on behalf of the consumer, is a current mortgage loan servicer to the consumer, or has a current specified banking relationship with the consumer
These requirements provisions will take effect in 180 days, per the bill’s text, ACU noted.